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Eventures New Zealand Announces Share Offer

Eventures New Zealand Announces Share Offer Proposal

The chairman of eVentures New Zealand Limited, Craig Heatley, today announced plans to raise up to NZ$30 million in equity through a share offer primarily targeting New Zealand institutional and retail investors.The share offer is likely to open in the next two weeks.

It is planned to offer up to 50 million shares with a subscription price of 60 cents each. Applications must be for a minimum of 2000 shares and thereafter in multiples of 1000 shares.

The equity raised from the proposed float will be used to finance intended investments in joint venture internet companies.

"eVentures is an internet accelerator company. Our primary goal is to help top ecommerce businesses get started in New Zealand by providing them with investment capital, strategic resources and management services. We will also provide investment and incubation services for both new and established internet businesses in New Zealand," said Mr Heatley.

eVentures has engaged broking firm JB Were & Son as lead manager.

ENDS

Application has been made to the New Zealand Stock Exchange for permission to list the Securities and all the requirements of the Exchange relating thereto that can be complied with on or before the date of the distribution of this media release have been complied with. However, the Exchange accepts no responsibility for any statement in this media release. For further information contact:

Cindy Mitchener, Chief Executive Officer 09 358 4103 cindym@eventures.co.nz

Paul Harris JB Were & Son 09 357 3200 pharris@jbwere.co.nz

Communications Contacts: Rachel Catanach 04 499 9111 (or 025 322 784) rachel@svl.co.nz OR Bert Aldridge 04 499 9111 (or 025 241 0352) bert@svl.co.nz B A C K G R O U N D E R

*eVentures and its major shareholders*

-About eVentures (U.S. general partnership)-

· eVentures US is a partnership between SOFTBANK and epartners. It was established in July 1999 with a $US50 million investment fund.

· One of eVentures' missions is to introduce U.S. internet companies to new markets. It has already launched in the U.K., Australia and India, and now in New Zealand.

-About eVentures New Zealand-

· The company is a joint venture between local pay television pioneer Craig Heatley, SOFTBANK Corporation and News Corporation subsidiary, epartners.

· SOFTBANK Corporation and epartners each indirectly holds a 40% shareholding in eVentures New Zealand through their respective half shares in the US partnership. The Heatley Family interests hold the remaining 20%.

· eVentures New Zealand will launch top international eCommerce brands into New Zealand, offering competitive pricing and ease of access to sophisticated eCommerce products.

· It will also provide investment and internet accelerator services - capital, location and facilities - for both new and established internet businesses.

· eVentures New Zealand's website can be located at www.eventures.co.nz

· Key personnel:

· Chief Executive Officer Cindy Mitchener

· Executive Assistant Victoria Upton

· Chief Marketing Officer Annemarie Browne

· Chief Technical Officer Tim Mew

· Launch Director Su Cammell

· Cheif Financial Officer Craig Manning

· Directors:

· Craig Heatley Chairman

· Mark Booth

· Robert Bryden

· Roderick Deane

· Steven McCollam

· Bruce McWilliam

· Jesse B. R. Parker Jr

· Stephen Tindall

-About SOFTBANK Corporation-

· SOFTBANK Corporation is one of the world's leading Internet investors. It is an international business with its headquarters in Tokyo, Japan. SOFTBANK was founded in 1981 by new media entrepreneur Masayoshi Son. The company started life as a PC distributor.

· SOFTBANK has a 40% indirect shareholding in eVentures New Zealand through its half share in eVentures Partnership.

· Through its investment/interest in over 100 Internet companies and its unique management concept, SOFTBANK is able to create market synergies for its family of companies on a global scale. In Japan its activities encompass distribution, publishing, Internet media platforms, a broad range of e-commerce businesses, and joint ventures with companies including Microsoft, Cisco, Yahoo!, and other market leaders. In Europe it has established Internet joint ventures with News Corporation and Vivendi.

· SOFTBANK has financial interests in Yahoo, E*Trade, messagemedia, E-LOAN, broadcast.com, buy.com, and ZDNet. It has majority control of Ziff Davis and has launched more than 10 Japanese joint ventures with US-based Internet companies.

· In 1996 SOFTBANK bought US computer giant Ziff Davis for $US2.1 billion. It then purchased 30% of (then fledgling) search engine Yahoo for $US108 million. SOFTBANK remains the largest shareholder in Yahoo.

· SOFTBANK's business interests now include PC distribution, computer magazine publishing, computer consulting services and technical support, merchandise planning services and Internet investment.

· In 1999, SOFTBANK and US stock market operator NASDAQ unveiled a joint venture to launch an equivalent to NASDAQ in Japan.

· SOFTBANK's Net sales were 528,159 million yen for the year March 31 1999, compared with 513,364 million yen in the previous year.

· As at March 2000 market capitalisation is $US50 billion. In October 1999, SOFTBANK was ranked 9th in Japan in market capitalisation, ahead of Honda, Hitachi, NEC and Sakura Bank. As at March 2000 it is ranked 3rd in market capitalisation.

-About epartners-

· Launched in 1999, epartners is primarily owned by News Corporation and is a $US350 million venture capital fund.

· epartners has 40% indirect shareholding in eVentures New Zealand through its half share in the eVentures partnership.

· epartners is designed to be an entrepreneurial investment vehicle for News Corporation to make strategic minority investments and take equity stakes in internet, new media and eCommerce companies.

· epartners is headed by Mark Booth, formerly Chief Executive of the world's largest pay television operator British Sky Broadcasting Group (BSkyB).

· With offices in London and Silicon Valley, epartners is committed to identifying and investing in high growth digital opportunities.

· Company details:

· source of funds: News Corporation.

· joint ventures: eVentures Partnership is a joint venture with SOFTBANK with interests in the U.K., Australia, India, and now New Zealand.

· investments: Buy.com, W R Hambrecht, Guild.com, Equinix, Aristotle, NASDAQ Europe, Eyestorm.


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