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Capital Raising and AX Stock Exchange Listing

Virtual Spectator Announces Plans for a Capital Raising and AX Stock Exchange Listing

Leading sports entertainment company, Virtual Spectator International Limited, today announced a $1m capital raising. The company also announced an intended Unlisted Securities Market (USM) quotation for its shares and migration to the New Zealand Stock Exchange’s proposed AX market towards the end of the current 2003-4 financial year. Money raised in the Offer will be used for acquisition related purposes.

The Offer opens on 3 March 2003 and will be restricted to habitual and professional investors. Virtual Spectator shares will be quoted on the USM following the closing on 21 March 2003. While the Offer is not presently open to the public it is intended there will be a subsequent issue to the public at the time the Company lists on the AX.

ABN AMRO Craigs has been engaged to sponsor the USM quotation, assist Virtual Spectator with the Offer, and to advise on and manage the AX listing.

Virtual Spectator is a world leader in the provision of real time animated coverage of sporting events through both TV and the Internet. The company is best known globally for outstanding success in animating the Louis Vuitton and America’s Cup yacht races as well as the World Rally. It is looking to consolidate this position and strengthen its global reach through the strategic acquisition of a complementary business and an alliance with a large European company. The $1 million being raised in the pending Offer will be used to integrate the business being acquired into Virtual Spectator and to provide working capital for the expanded operation.

Virtual Spectator was purchased by Endeavour Capital in May 2002. The Company has substantially restructured and successfully implemented a major change to its business model. The new model departs from the previous operation of selling software products over the Internet to a strategy of brand partnering and co-branding. New technical and senior management personnel have been appointed with the proven skills to execute this new business model.

Endeavour principal and Virtual Spectator Chairman, Neville Jordan, says that Virtual Spectator is now earning the majority of its revenue and profit from the new business model. “The strategy of adding value to the brands of customers has worked particularly well in both the Louis Vuitton and America’s Cup regattas. Valuable brand equity has been gained internationally for both Virtual Spectator and branding partners,” says Jordan. “We are now in the process of rolling out this new business model to a wide range of global sports.”

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