COMPANY ANNOUNCEMENT Update on Russia-Ukraine order SYDNEY 6 September 2005 – SkyNetGlobal Limited, (“the Company”) listed on ASX (“SKG”) in Sydney and on AIM (“SKN”) in London, today announced that as of the date of this announcement, it has not received confirmation from Techno Import Pty Ltd (“Techno Import”) on whether it will be able to fulfil its obligations on the supply agreements for US$23 million (A$29 million) in home automation products as announced by the Company on 21 March 2005. Techno Import Pty Ltd, an Australian subsidiary of a Russia-Ukraine trading company, was earlier granted a 60-day extension to make payment. The extension officially expired on 30 August 2005. Techno Import requested the extension while awaiting formal product certification from Ukrainian and Russian import officials Under these circumstances, the Company will no longer expect to receive the payments due under the supply agreements and will review its legal options unless it is able to reach a satisfactory settlement or outcome with Techno Import. SkyNetGlobal will not incur any financial loss on the deal as it has not delivered any products or made any commitment to do so. - End - ABOUT SKYNETGLOBAL Headquartered in Sydney and listed since 2000 on the Australian Stock Exchange (ASX: SKG) and, in February 2005, on AIM, which is operated by the London Stock Exchange (AIM: SKN), SkyNetGlobal is a leading provider of wireless broadband and home lifestyle solutions. SkyNetGlobal's residential communications business, W Home, provides broadband communications to apartment buildings, usually with the added convenience of wireless or powerline delivery. SkyNetGlobal also provides home lifestyle and security products through retail channels and provisions wireless broadband services to subscribers worldwide via public “hotspots.” Its awardwinning home digital software, W Home ShowShifter, boasts 1 million users worldwide. Please visit our website at http://www.skynetglobal.com/. CONTACT INFORMATION Australia Anthony Blass SkyNetGlobal Limited Level 7, 451 Pitt Street Sydney NSW 2000 Australia Email: [email protected] United Kingdom: Simon Bloomfield Partner, Bankside Consultants 4th Floor, 1 Frederick’s Place London EC2R 8AE Tel: +44 (0) 7771 758517 Email: [email protected]
SKG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
