INTERCARD WIRELESS LIMITED(ITN)

company deregistered today - it has ceased to exist, shares are worthless (as they have been for most of the 10 years this company has been on death row)

a Notice of Termination of Deed of Company Arrangement and commencement of Winding Up is filed with ASIC (we note the shares were suspended from quotation in March 1999, nine years ago!!)

this month the administrator called a meeting to put the company into liquidation - at the last minute he was approached with a proposed variation to the Deed of Company Arrangement - the idea is to re float the company - if this proceeds it should be progressed over the next two months

the party originally interested in recapitalising the company has withdrawn - the deed administrator has been in discussions with another interested party but believes that the matter needs to be brought to a head and anticipates calling a meeting of Creditors with a view to resolving the way forward in the next six to eight weeks

directors are still dealing with some interested parties who would like to recapitalize the company - they are wanting to bring the matter to a conclusion one way or the other shortly

we understand directors are in discussion with a public company regarding the recapitalisation of the shell

directors advise that although a deed of company arrangement was organised (it would have cleared the company's debts and allowed for a recapitalisation of the business) the deed has not been complied with - the company is in talks with a likely funder but is uncertain whether the deed can be complied with - if it, or a variation thereof, is not complied with, the company will go into liquidation

whilst a Deed of Company Arrangement was put in place, it has not been fully effectuated - the administrators are still in discussion with the Directors as to whether they are proceeding with it or not - the outcome should be clearer over the next month or so

we understand that the administrators are intending to deal with other parties if they don't hear from the company's directors within a week

administrators report that there are no developments

administrators confirm that a Deed of Company Arrangement was put in place - it has not yet been fully effectuated - administrators say "the Deed may be completed but we are awaiting for a further proposal from the investors. It is likely that the investors in the Deed will also make a proposal to shareholders. However this is out of my control and I have no idea what that offer might be at this time."

it appears the company has entered into a deed of company arrangement

delisted following failure to pay its annual listing fee

Martin Green and Peter Krejci of GHK Green Krejci Chartered Accountants were appointed as administrators - ASIC had raised concerns with the Managing Director of Intercard, Dr Peter Solomon about the directors' responsibilities to prevent insolvent trading - ASIC commenced an investigation after a surveillance review identified concerns that Intercard was continuing to incur debts when there were reasonable grounds to suspect that it was insolvent

we understand an administrator was appointed to this company while it was still a listed company - surprising there was no notification to the market, but then again this board seemed to have a complete disregard for its shareholders

the directors of this company are clearly failing to keep the market informed - the last substantive release to the market was made more than two years ago!!

the company continues operating in the Smart Card business - requotation of its shares will only occur if the company is successful with some of the tenders it has submitted - in the meantime private placements are being made to some shareholders to raise money (these share issues have evidently been approved by all shareholders)

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

the company failed to lodge its half yearly financial statements on time and ASIC has taken action to prevent the company from using the limited disclosure regime when raising money

following an application by ASIC the Supreme Court of New South Wales has ordered Intercard Wireless Limited to lodge its 2002 annual financial reports

name changed from Intag International Limited

shares suspended from quotation