05 February 2003

Multivision Secures Pilot Digital Video Surveillance Project From Macau's Elixir Group

MULTIVISION SECURES PILOT DIGITAL VIDEO SURVEILLANCE PROJECT FROM MACAU'S ELIXIR GROUP

MultiVision Intelligent Surveillance Limited ("MultiVision") today announced it has secured a contract from Macau's Elixir Group for a pilot project to provide digital video surveillance solutions as part of the security requirements for an extension of a casino in Macau (contract value to Elixir is HK$4.43 million). Based in Hong Kong, MultiVision specialises in the design, development and distribution of digital video surveillance products and solutions and has a distribution network across the world. Elixir Group is the systems integration arm of online trading solutions provider Value Convergence Holdings (formerly known as iAsia Technology Limited), which is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong.

THE CONTRACT

MultiVision will supply to Elixir Group digital video surveillance solutions for about 200 cameras which will be used in the extension of one of the casinos operated by Macau gaming company Sociedade de Jogos de Macau, S.A ("SJM"), a subsidiary of Sociedade de Turismo e Diversoes de Macau, S.A.R.L. The pilot project will form part of Elixir Group's contract from SJM to provide information technology-related services, including systems integration and network services, for the development of a real-time time transmission and monitoring security system for the casino.

Work on this pilot project is scheduled to be completed in the fourth quarter of MultiVision's Financial Year 2003 ending March 31st 2003. Any follow-on projects will depend on the successful implementation of the pilot project, and would commence in Financial Year 2004.

Gordon Yuen, Chief Executive Officer of Elixir Group said, "We have chosen MultiVision as our partner because of their experience in enterprise infrastructure projects, their local support capability as well as the excellent and highly-customisable features in their products. This is a mission critical project and we have the confidence that MultiVision's solutions will be able to satisfy the stringent requirements typical of casinos."

Added MultiVision's President and Chief Operations Officer, Mr Dennis Li said, "For us to win this project, we had to convince Elixir Group that we not only had a cutting-edge product with state-of-the-art hardware compression technology, but also a highly-skilled implementation team and the ability to meet tight deadlines. We believe that this contract underscores the quality of our digital video surveillance solutions, and we will certainly deploy all necessary resources to ensure that it is successfully implemented."

FINANCIAL IMPACT

The transaction is not expected to have a material impact on the net tangible assets and earnings per share of MultiVision for the Financial Year 2003 ending March 31st 2003.

INTEREST OF SUBSTANTIAL SHAREHOLDERS AND DIRECTORS

None of the substantial shareholders or the Directors of the Company has an interest in the transaction.

By Order of the Board
MultiVision Intelligent Surveillance Limited

Mr Dennis Li
President and Chief Operations Officer

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For media / institutional enquiries, please contact:

MultiVision Intelligent Surveillance Limited: +65 97630679

Tan Siang Peng : tan_siangpeng@multivision.com.hk
Marketing Manager (Singapore)

Gavin Anderson & Company : +65 63399110

Terence Foo : tfoo@gavinanderson.com.sg
Director

Tan Ee Ching : etan@gavinanderson.com.sg
Executive

About MultiVision (Bloomberg: MVIS SP EQUITY / Reuters: MVIS SI)

Headquartered in Hong Kong, MultiVision was established in 1986 and is a technology-based company principally engaged in the design, development and distribution of digital video surveillance products and solutions. The Company's products are adapted for use in a diverse range of industries including banking, residential, commercial, utilities, healthcare and transportation, as well as various government agencies. The end-users of MultiVision's products include companies in both the private and public sectors. MultiVision is ISO9001 certified.

MultiVision's products and solutions are marketed to distributors, OEM's of surveillance products and systems integrators for integration into the security and surveillance systems of its end-users. The Company's principal markets are in Australia, Hong Kong, Taiwan and the PRC. In addition, as at 30 September 2002, MultiVision has 26 distributors in various countries and/or places such as Hong Kong, Taiwan, Macau, the PRC, Thailand, Malaysia, Singapore, Indonesia, Australia, New Zealand, Israel, Ghana, The Middle East, Ireland, UK, Latvia and the USA.

The MultiVision range of digital video surveillance products offers digital video recording and real time monitoring of multiple locations from a central monitoring centre through the routing of signals from various cameras to a central monitoring centre.

For further information see: www.multivision.com.hk

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