Kuala Lumpur, 20th February 2001 - ShipnTrack.com Sdn. Bhd., a pioneer and leading eFulfillment enabler and service provider in Malaysia and Singapore, has marked yet another successful closure of US$ 3 million in a 2nd round funding recently received from Asia Java Fund, which is managed by AsiaTech Ventures in Singapore.

With the 2nd round funding, ShipnTrack.com plans to use a significant portion of the funds to boost its branding, marketing and business development activities. The company is also looking at system development and R&D (Research & Development). Expansion plans, beyond South East Asia, are also in the pipeline to further strengthen its position as Asia's leading eFulfillment enabler.

Speaking at the interview, Mr. David Wong, the CEO of ShipnTrack.com, said, "We are overwhelmed in receiving this fund and this indeed signified that the investors have the confidence and trust in our business model. This fund will certainly allow for another leap closer to our expansion plans and future performance of ShipnTrack.com to the international market."

"Year 2000 has been a challenging year for the IT industry, especially here in Asia Pacific. However, ShipnTrack has enjoyed a dominant position, even at a very early stage and combined with their offline initiatives they have exactly the right products to dominate their target markets and to uphold their vision of being a technical innovator," said Mr. Nikunj Jinsi, Managing Director of AsiaTech Ventures Pte Ltd. "We intend to fully leverage the investor base of The Asia Java Fund, to enable ShipnTrack to expand regionwide, beyond their initial projections," he added.

ShipnTrack.com, was the first e-business company to receive seed funding under the IBM-JAFCO e-incubator programme. Mr. Bradley Chew, Director and Executive Vice President of JAFCO Investment (Asia Pacific) Ltd the seed investor said, "Developments in ShipnTrack.com have shown very promising progress and this has helped in its fundraising, especially in today's climate. We will continue to support ShipnTrack to expand through our resources and network worldwide".

In addition, ShipnTrack.com had also taken great steps forward through joint efforts with IBM Malaysia Sdn. Bhd. and EXE Technologies Sdn Bhd (EXE Technologies) for the provision of efficient, reliable, world-class services by embracing its Application Service Provision model (ASP). The ASP services are targeted at logistic service providers and e-shippers that intend to automate their warehouses. The services can be implemented at a lower cost and shorter timeframe compared to traditional approach of buy and implement.

To complement its ASP services, ShipnTrack offers eFulfillment integration services which are designed for any business selling product on the Internet. It has a pool of business and technical consultant to provide the e-commerce and e-fulfillment experience to assist customers to develop a solid deployment outline and implementation strategy. This encompasses inventory management, order processing, online payment to fulfillment that includes "pick, pack and ship" services, door-to-door delivery, return management and real-time tracking services.

About ShipnTrack.com Sdn. Bhd.
ShipnTrack.com integrates people, processes and technology to enable online buying and fulfillment, helping e-commerce operators to streamline their supply chain process to reduce cycle time, improve profitability and sustain competitive advantage. Through an Application Service Provider (ASP) model, ShipnTrack helps its domain communities by playing the roles of organizer and enabler to facilitate fulfillment activities of participants; namely the online sellers, e-shippers, e-marketplaces and logistic service providers.

ShipnTrack application services will provide customers with an automated end-to-end fulfillment from buy button to doorstep. This encompasses inventory management, order processing, on-line payment to fulfillment that includes "pick, pack and ship" services, door-to-door delivery, return management and real-time tracking services.

About Asia Tech Ventures Ltd
Asia Tech Ventures Ltd is the pioneer venture capital firm to apply the Silicon Valley style of value-added investment to the Asia Pacific region, with offices in Singapore, Hong Kong, Taipei, Beijing and Palo Alto.

Asia Tech Ventures Ltd manages four funds, Asia Technology 1, Asia Technology 2, the Hong Kong Applied Research Fund and Asia Java Fund. Asia Tech Ventures Ltd partnered with Sun Microsystems and the Government of Singapore to launch Asia Java Fund. This fund is targeted at the growing popularity of Java enabled technology as the standard for open, multi-platform and secure network computing.

About Asia Java Fund
Asia Java Fund was launched in Oct 1999 by Asia Tech Ventures partnering with Sun Microsystems and the Government of Singapore. Institutional Investors in the funds managed by the firm include: Cable & Wireless HKT, the Hong Kong Applied Research Council, the Government of Singapore Investment Corporation, China Development Investment Bank, Pacific Century Cyberworks, Sun Hung Kai Properties, Singapore Telecom, NTT DoCoMo, Fujitsu, Mitsui and Nomura Jafco.

About JAFCO Investment (Asia Pacific) Ltd
("JAFCO Asia") JAFCO Asia, formerly Nomura/JAFCO Investment (Asia) Ltd, is a venture capital firm investing in established, well-managed companies and promising young enterprises with high-growth potential in the Asia Pacific region.

JAFCO Asia was established in March 1990 as a joint venture between JAFCO Co., Ltd. and The Nomura Securities Co., Ltd. On 31 March 1999, JAFCO Asia became a wholly-owned subsidiary of JAFCO Co., Ltd, the largest venture capital company in Japan and listed on the Tokyo Stock Exchange.