InvestNet to Acquire Chinese Software Company

Business Wire, Nov 11, 2003

Business Editors

SALT LAKE CITY--(BUSINESS WIRE)--Nov. 11, 2003

InvestNet, Inc. (OTCBB:IVNE) (IWM,WKN 801479 BERLIN) today announced that it has signed an agreement to acquire up to 100% of Advance Tech (Asia) Limited ("Advance Tech"), a Hong Kong-based company engaged in providing real-time transaction solutions, customized solutions and professional IT consulting services. Under the terms of the agreement, InvestNet will issue to Advance Tech shareholders a total of 22,312,500 common shares in exchange for all of the issued and outstanding shares of Advance Tech. The parties anticipate a closing of the agreement within the next ten days.

Advance Tech is a real-time business solutions provider for businesses in Hong Kong and the Peoples Republic of China. Advance Tech is principally engaged in the provision of

(i) real-time securities trading solutions under its own brand name to securities firms which are able to support stock trading, warrant trading and trading of equity linked instruments on the Hong Kong Stock Exchange;

(ii) real-time IT solutions to handle inbound and outbound route calls on telephone networks under its own brand Advance Switch to telecommunications institutions. Users of Advance Switch can route the traffic to gain either better quality or lower prices according to the customers preference;

(iii) real-time IT software solutions for inventory, accounting and payroll data control under its own brand Advance Enterprise to customers in specific industries; and

(iv) system integration and technical consulting that provides custom made IT solutions and integration services to corporate clients.

Advance Tech is also developing a mobile payment system (MPS), which is designed to enable uses to conduct money transactions through cellular phones with WAP capability. Advance Tech commenced the development of MPS in March of 2000 and has filed a patent for the protocol of MPS with the US Patent & Trademark Office. Currently, Advance Tech is developing the technical specifications for integrating its proprietary software with the MPS hardware. Advance Tech anticipates the launch of MPS in Hong Kong during 2005.

Ninety-five percent (95%) of Advance Tech's revenue originates from companies located in the People's Republic of China. Advance Tech's solutions are the chosen IT software solution for many "blue chip" companies including the Bank of China, Hui Kai Securities, Sino-i.com Securities, Beijing Tong Heng Electronics Co., Shenzen Poler, Digital Tech Co., Sinomax Securities and Bandwith Asia (HK).

Advance Tech has realized growth and profitability since inception in 2000. Based on financial statements prepared in accordance with those auditing standards required in Hong Kong, sales have grown 382% and 36% in 2002 and 2003 respectively to HK$15.5 million. Advance Tech's net profit margin is 42% in year 2003 to date.

InvestNet's board of directors will appoint Mr. Terence Ho as president and chairman of the board of directors once the terms of the agreement have been satisfied. Mr. Ho is the chairman and founder of Advance Tech. Mr. Ho obtained his bachelors degree in Arts from the University of Winnipeg in Canada and later obtained a Diploma in business management from the Chinese University in Hong Kong. Mr. Ho is primarily responsible for Advance Tech's overall strategic planning, formulation of corporate policies and marketing management. Mr. Ho has over 17 years of experience in corporate development, management as well as sales and marketing in the finance and information technology industry.

A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of InvestNet may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. InvestNet encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. InvestNet's public filings may be viewed at www.sec.gov.