AUSTRALIA'S VOLANTE, IPEX IT GRP TO MERGE.

AsiaPulse News, December, 2003

SYDNEY, Dec 23 Asia Pulse - Volante Group Ltd (ASX:VGL) and Ipex Information Technology Group Pty Ltd plan to merge in a move that would create the largest Australian-owned, national IT infrastructure and services company.

The companies today announced the signing of a conditional agreement to merge their operations, which have annual revenue of approximately A$480 million (US$353 million) and 850 employees.

The Australian stock exchange listed-Volante said it would issue 59.829 million shares, with a value of $70 million, to the owners of Ipex in return for all of its issued shares.

Of these, 50.854 million shares will be issued on completion and a further 8.974 million shares will be issued if certain performance benchmarks are achieved.

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