Singapore and U.S. Announce Significant Collaborations To Strengthen High Technology Partnership

Business Wire, March 9, 2000

Business/High-Tech Editors

SAN FRANCISCO--(BUSINESS WIRE)--March 9, 2000

At the Singapore TechVenture 2000 Conference today, Deputy Prime Minister Dr Tony Tan makes three announcements that underscore the significant collaboration that is being built between Singapore and the United States.

1.   The first is Singapore's commitment of US$100m (through the
     Technopreneurship Investment Fund) to the US $1billion e Planet
     Fund with Draper Fisher Jurvetson to connect the 2 regions of
     Asia and the US.

2.   Singapore Deputy Prime Minister Dr Tony Tan said, "Through such
     arrangements and partnerships, US venture capitalists would be
     better able to immerse in the opportunities available in Asia.
     Start up companies from both Asia and the US would also be able
     to access the financing as well as the networking strengths of
     the VCs to tackle the global markets. This is an excellent
     channel to bridge the two regions. We are certainly excited about
     this partnership and look forward to more such partnerships."

3.   The second announcement is the setting up of a Singapore center
     called Connect@sg in the Bay Area. The center will be a critical
     node in the US -- Singapore high tech partnership linkage.
     Located in Redwood Shore, it will:

--   Act as a one-stop shop providing business amenities such as,
     meeting rooms, broadband access as well as transitional office
     space -- incubator space for Singapore startups when they arrive
     in the US

--   Provide both the soft and hard networking infrastructure for
     technopreneurs and create entry points for Singapore startups to
     engage the Silicon Valley and for US startups keen on Asia

--   Be the confluence of the different Singapore agencies

4.   NSTB-SF will be the key tenant of Connect@sg. The
     Infocommunciations and Development Authority of Singapore,
     Contact Singapore and Singapore American Business Association
     (SABA) will also be located here. Representative offices from
     Singapore's research institutes/centres and other startups from
     Singapore are also planned for location at Connect@sg.

5.   Clustering around Connect@sg include the Singapore Economic
     Development Board, Contact Singapore, Government of Singapore
     Investment Corporation, a Singapore-style restaurant called
     Shiok, etc. Addressing the queries about working, investing,
     starting up, studying and living in Singapore, the clustering of
     these agencies and Connect@sg makes Redwood Shore a vibrant hub
     for Singapore-related agencies and companies.

6.   According to Ms Yong Ying-I, CEO of IDA "IDA Singapore will use
     Connect@sg, in Silicon Valley, to tap into the vibrant business
     and technological scene, and to market Singapore's infocomm
     capabilities. It aims to attract technology companies to partner
     Singapore in its drive to become a leading infocomm hub in Asia.
     At the same time, Connect@sg will serve as a launch pad for
     Singapore companies to enter the US market. Through Connect@sg,
     the Singapore Information Technology Federation (SITF) will
     provide assistance and advice to its members who are venturing
     into Silicon Valley. The areas of assistance will include the
     search for business partners, R&D alliances, venture funds; and
     advice on issues of taxation and law."

7.   "When we heard about Connect@sg, we immediately seized the
     opportunity. The incubation space and the contacts at Connect@sg
     are significant benefits for us. The ready infrastructure set up
     by NSTB helps start-ups like ours greatly; we need to work at the
     speed of light" said Dr Gurminder Singh, CEO, NewsTakes, Inc

8.   "The Singapore America Business Association (SABA) is a
     non-profit organization that was started here in the Silicon
     Valley Bay Area in 1992. Many of our members are formerly from
     Singapore now living and doing business here in the Valley, but
     also include Americans that are doing business with Singapore,
     and Singapore start-ups now coming to Silicon Valley. These
     members have also been active participants in the economic growth
     of Singapore especially in the high technology sector and we hope
     to continue our support for Singapore's T21 initiatives. The
     Association provides a channel for Singapore start-ups and the US
     business community to seek partnerships and the right business
     alliances. By setting up our office in Connect@sg, SABA plans to
     help play a bigger role in helping startups be successful here in
     their partnerships and the execution of their business
     strategies. We strongly believe this will help further foster the
     relationship between Singapore and the US." said Mr. John Chua,
     President, Singapore American Business Association.

9.   The third announcement made is the setting up of a Singapore
     Consulate in San Francisco to further promote the bilateral
     economic and cultural links between Singapore and Silicon Valley.
     This setup of the consulate testifies to the importance that
     Singapore attaches to critical link with the Silicon Valley and
     to encourage greater synergy and high tech partnerships between
     the 2 countries.