for all you egl fans...

EGLOBAL INTERNATIONAL LIMITED 2003-01-29 ASX-SIGNAL-G

HOMEX - Brisbane

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Australian technology company eGlobal International Limited has today
(Wednesday, January 29, 2003) announced the acquisition of the
Information Security company Citadel Securix Pty Ltd. The acquisition
is for 100% of the issued capital of Citadel Securix Pty Ltd for a
total consideration of $2.73 million.

The value paid for the issued capital in Citadel Securix Pty Ltd
comprises a cash component of $1.67 million paid in installments and
the issue of Convertible Notes with an aggregate face value of $1.06
million. The Convertible Notes are broken into two series with Series
A Convertible Note having a face value of $500,000 with a coupon rate
of 5% per annum and convertible into fully paid ordinary shares at
twelve (12) cents per share in the capital of eGlobal with the
conversion date being 30 days after the release of the December 2003
half yearly results for eGlobal. The Series B Convertible Note having
a face value of $560,000 with a coupon rate of 5% per annum and
convertible into fully paid ordinary shares at a 10% discount to the
volume weighted average price for the prevailing 30 days after the
release of the December 2003 half yearly financial results for
eGlobal.

Citadel Securix revenues for the past two financial years have
averaged $6 million and the forecast revenues for the current
financial year will be in the range of $6 - $8 million. It is
anticipated that Citadel Securix will make a positive contribution to
the consolidated result for eGlobal in the current year. Citadel
Securix's unaudited revenues for the half-year ended 31 December 2002
were approximately $4 million. Citadel Securix has traded profitably
since its inception in 1993 other than the two year period whilst
listed on the ASX which culminated in its delisting in October 2002.

eGlobal's chairman Jim Goldburg said that Citadel Securix provides
the Company with a strategic platform for further expansion into the
fast-growing IT security market.

He said market interest in such technologies had grown significantly
in the wake of ongoing worldwide terrorism threats. As an example,
Citadel Securix's proprietary Xaminer product addresses the need of
regulatory authorities to lawfully intercept IP traffic. The merger
will facilitate the marketing ofthis product to a wider global
market.

"There is now a lot more emphasis on internet and information
security both overseas and in Australia from government and corporate
clients. This deal means we are now extremely well positioned to
cater for that demand by offering a more complete product offering"
he said.

Philip Michod, CEO of Citadel Securix added "By combining the
extensive suite of services and solutions offered by both companies,
the merged entity will be well positioned to become one of
Australia's leading internet security and eBusiness providers. The
two Companies have been working closely together for the last three
months and enormous synergies have already been identified. A range
of projects have already been targeted where the combined skill sets
of each Company have increased the delivery capability and allow the
new Group to tender for even larger contracts."

Citadel Securix brings to eGlobal an experienced operation in the
specialist area of IT Security to build on its strengths in
eCommerce, smartcards and other security technologies. The combined
IT security operations will henceforth trade under the Citadel
Securix brand, and continue to service all existing eGlobal and
Citadel Securix customers.

Both eGlobal and Citadel Securix deliver information technology
security and privacy risk management by providing clients with a
comprehensive range of security solutions to protect them from global
hackers, viruses and other threats on a monitored 24-hour-a-day
basis.

Citadel Securix addresses all facets of information technology
security and privacy, from secure internet access and gateway
services to comprehensive security monitoring including managed
firewalls, intrusion detection services and event correlation for
real-time forensics.

eGlobal managing director Gordon Chalmers said the market for managed
security services in Australia was currently worth in excess of $600
million per annum and was forecast to grow to $1.8 billion by 2005.

He said the synergies and cost savings generated between Citadel
Securix and eGlobal would likely result in stronger revenue and
profit growth moving forward. eGlobal would initially focus on
expanding the operations of Citadel Securix into all states and
territories of Australia and into overseas markets.

"We have the combined expertise and sales team to take Citadel
Securix's products to a much wider market," Mr Chalmers said.

"There are plenty of synergies between the two companies and the
combined product and service range will be among the most
comprehensive in the market."

eGlobal, headquartered in Brisbane, currently has offices in Sydney,
Brisbane, Melbourne and Atlanta USA. The acquisition of Citadel
Securix will provide a presence in Canberra. eGlobal services the
government, telecommunications, automotive, mining, health,
manufacturing and financial industries in Australia, focusing on
security and networking, web design, development and application
hosting and smart card solutions.

ABOUT CITADEL SECURIX

Visit http://www.citadel.com.au.

ABOUT eGLOBAL

Visit
http://www.eglobal.net for further information.


Further Information: Gordon Chalmers
MANAGING DIRECTOR

Alan Smith
COMPANY SECRETARY

eGlobal International Limited
(07) 3369 6899