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Hitachi

Hitachi eBworx

November 02, 2004

eBworx Bhd Enters Into JV with SprngTrax Sdn Bhd

Move to Further Strengthen Banking and Financial Software Solutions

Kuala Lumpur, 02 November 2004 - eBworx Bhd and SpringTrax Sdn Bhd have entered into a joint venture to incorporate SpringWorx Technovations Sdn Bhd.

SpringWorx, equally owned by eBworx and SpringTrax, was set up for the purpose of undertaking the research, development and commercialization of banking and finance software solutions for the banking and financial services industry, commencing with Trade Financing. The total investment into this joint venture is RM1 million.

SpringWorx will focus on the product development while eBworx will spearhead the sales and marketing, integration and support activities.

SpringWorx will have two directors – Tan Suan Fong and Destine Lim. Tan is also the chief executive officer of eBworx. Lim has more than 20 years’ experience in the banking industry and was the Chief Information Officer of a major foreign financial institution in Malaysia before leaving to set up SpringTrax.

Lim will be the Chief Technology Officer of SpringWorx under this joint venture, and she will also be responsible for the day to day operations of SpringWorx.

Tan said SpringTrax is in the process of developing a suite of applications for the banking and finance industry with emphasis in Trade Financing. This will be commercialized within the next six months. The formation of SpringWorx will enable the injection of the capital required to fund the commercialization of the product, he added.

“eBworx is working with SpringTrax which has on-going research and development in financial software solutions. Coupled with the extensive experience of Ms.Lim and the SpringTrax team, we are confident that this joint-venture will contribute positively to our future earnings,” Tan said.

“We are eyeing the world market as we position to differentiate ourselves with a fully web-enabled, process-based Trade Finance solution, architected and designed with integrated workflow and imaging capabilities,” Lim said.