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This is last report dated 30 April Towie

QUADTEL LIMITED 2003-04-30 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
Sydney, NSW - 30 April 2003 - Quartet Ltd (ASX- QTL), today submitted
its third quarter Appendix 4C report as per ASX requirements.

Total receipts for Q3 reached $1.3 million - versus $2.4 million for
the previous quarter. Total cash at the end of quarter was $158K
Versus $260K the previous quarter. There are significant reasons for
this to be lower

* Throughout the later part of 2002 onwards Quadtel has been
refocusing its efforts on the republishing side of the distribution
business. This involves higher margin sales with lower revenues and
decreased inventory requirements.

* Staffing levels and intercompany re-organisations are now complete
and termination payments are not foreshadowed for the coming
quarters.

As at the end of December 2003 Quadtel has been focusing on its
republishing vendor's that deliver higher margins on a lower revenue
base, this has been demonstrated previously by the success of Dragon
Naturally Speaking and most recently with the product releases from
Panda Software, Arcsoft and Newtech Infosystems. "As demonstrated in
February this strategy is delivering positive results to Quadtel and
through our exit from the low margin/high revenue side of
distribution, we have been able to further decrease or operating
costs whilst achieve a higher overall margin than was achieved in the
previous quarters for the current FY" said Bruce Ind CEO of Quadtel.

Quadtel continues to receive ongoing support from its corporate
advisors (London Partners) and Bankers (National Australia bank). As
a distribution company Quadtel is utilizing cash resources and cash
flows directly in working capital.

For further details please contact Denis Orrock on 61 2 8852 4600 or
[email protected]