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Strathmore Takes 30% Stake in Inspar

Wednesday 23 February, 2000

Strathmore Takes 30% Stake in Inspar

Invests NZ$1.2 Million in Web Multimedia Software

Auckland - Tuesday 22 February, 2000 - Internet and technology investment company, Strathmore Group Limited (NZSE:SMR) today announced that it has acquired a 30% interest in San Francisco-based Web software developer, Inspar, Inc. for a consideration of $US 630,000. ($NZ 1.286 million) Inspar's major product offering, MediaPoster, is designed for use by Web companies such as portals, online auction sites, dating services, online greeting card companies - and their customers. MediaPoster makes it simple for users to post video and audio to a Web site. They can quickly and easily record, compress and upload multimedia messages onto a host site where they stream directly using industry-standard formats such as RealNetworks' RealSystem G2, or Microsoft's Windows Media Format. Strathmore's Chairman, Phil Norman, says that the growth in bandwidth capacity in the United States means that the demand for MediaPoster will accelerate very rapidly, enabling Internet users to enrich their email communications with video images and voice. "By supporting the delivery of standards-based video and audio, Inspar has homed in on one of the fastest growing areas of Internet usage. Discussions are already well advanced with a number of large portal and other distribution partners in the US, all of whom have endorsed the technology. This makes the Company a compelling investment proposition." "The software was originally developed in Australia and is a good example of Strathmore's strategy of investing in Australasian technology with the potential for rapid expansion in the US with financial and practical assistance from Strathmore. Inspar fits our criteria extremely well: the software is fully developed; the niche is a rapidly growing one; the competition is limited; the management team is strong and market interest is already high. Our role is to help Inspar capitalise on the great work done so far." Andrew Matlock, Co-founder and CEO of Inspar, Inc, says that the Company's development and management team has a proven record in creating critically and commercially successful multimedia software and that MediaPoster will further strengthen this position. "MediaPoster is a robust and sophisticated product. It makes the otherwise complex task of recording, editing, compressing and uploading multimedia files as easy as the clicking Record, Stop and Send buttons." Inspar, Inc. is projecting revenues in its first year of operations of $NZ 4.0 million. The projection for year two is $NZ 8.2 million. About Strathmore Group Limited Strathmore Group Limited is a technology investment company. It targets Internet, e-commerce and information technology companies with potential to deliver accelerated growth in shareholder value by competing in global markets. It provides finance, strategic advice and a network of relationships to assist technology companies to migrate internationally. It also manages a high-tech incubator fund that enables smaller companies to grow to the point where they are ready for such a migration.

ENDS

Contacts:

Phil Norman Andrew Matlock Allan Botica Chairman Co-Founder and CEO Botica Conroy & Associates Strathmore Group Limited Inspar 021 400 500 021 667 210 +1 415 595 4535 Allanb@bca.co.nz


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