PLEXUS...its time?

This sale of HED will leave U-Plex to focus on the development and marketing of its insurance fraud detection solution, FraudScope, which is being developed and tested in conjunction with some of the worlds largest insurers with positive results.

Could we soon see Plexus team up with a major European insurance group???

Plexus has approx. 177 million shares on issue of which the top 20 hold around 78% I believe. In the scond half of last year they made a non-renounceable rights issue of around 58 million shares at 2 cents underwritten by EL& C Baillieu.
Since this issue the price has barely traded above 2 cents so not many shareholders making a profit yet.

As can been seen from the last quarterly statement in March, sales revenue for the past 9 months was $31 million, and $10 million for the past quarter.
Ie They look like bringing in between $30 and 40 million in sales for the year.
Still not showing a profit but they are almost cash flow positive. The development of Fraudscope, a new software program for the insurance industry, with a focus on Europe is said to be going well and close to a full scale launch.
At under 2 cents PLexus looks like a very interesting prospect. One to watch closely I think.

ACN or ARBN Quarter ended ("current quarter")
064 551 426 31/03/2002

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to Current Year to date
operating activities Quarter (9 months)
AUD'000 AUD'000

1.1 Receipts from customers 10,731 31,622
1.2 Payments for
(a) staff costs (950) (3,090)
(b) advertising & marketing - -
(c) research & development (185) (557)
(d) leased assets (15) (60)
(e) other working capital (9,835) (29,481)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received - 16
1.5 Interest and other costs of
finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -

1.8 Net Operating Cash Flows (254) (1,550)

Cash flows related to investing activities
1.9 Payment for acquisition of:
(a) businesses (item 5) - (442)
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets - -
(e) other non-current assets - -
1.10 Proceeds from disposal of:
(a) businesses - -
(b) equity investments - -
(c) intellectual property - -
(d) physical non-current assets - 34
(e) other non-current assets - -
1.11 Loans to other entities - -
1.12 Loans repaid by other entities - -
1.13 Other - research & development - 280

Net investing cash flows 0 (128)

1.14 Total operating and
investing cash flows (254) (1,678)

Cash flows related to financing activities
1.15 Proceeds from issues of
shares, options, etc. - 1,161
1.16 Proceeds from sale of
forfeited shares - -
1.17 Proceeds from borrowings - 50
1.18 Repayment of borrowings - (100)
1.19 Dividends paid - -
1.20 Other (provide details if material) - -

Net financing cash flows 0 1,111

Net increase (decrease) in cash held (254) (567)

1.21 Cash at beginning of quarter/
year to date 577 787

1.22 Exchange rate adjustments to item 1.20 (17) 86

1.23 Cash at end of quarter 306

NOTE:THis cash figure does not include the recent announcement in regards to the sale of HED, for those that missed it the announcement is included below.


PLEXUS INTERNATIONAL LIMITED 2002-05-15 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
On 12 February 2002, Plexus International Limited ("Plexus") advised
the market that U-Plex plc ("U-Plex"), its 73.5% owned UK subsidiary,
had received an offer to acquire all of its shares in the U-Plex
subsidiary, Home Electrical Direct Limited ("HED"). Since that time,
the potential acquirer has completed extensive due diligence and,
based on the outcome of this due diligence process, a new Heads of
Agreement has been executed.

The sale is subject to the final agreement of formal sale and
acquisition documentation and to the approval of Plexus shareholders.

Under the Heads of Agreement, U-Plex will receive a total
consideration of GBP2.5 million (approx A$6.67 million) subject to
finalisation of completion accounts. This consideration will be paid
as follows:

* A payment of a deposit of GBP100,000 (approx A$270,000) on 13 May
2002.

* A payment of GBP250,000 (approx A$675,000) on execution of the
sale and acquisition agreement.

* A payment of GBP560,000 (approx A$1.51 million) to be made in
seven monthly payments of GBP80,000 commencing on 1 August 2002.

* A single payment of GBP90,000 (approx, A$240,000) on 1 March 2003
to bring the payments, to this date, to a total of GBP1 million. This
last payment will be adjusted to reflect any variations in the net
asset position of HED between 31 March 2002 and the completion date.

* Commencing on 1 April 2003, quarterly payments representing 1.5% of
the turnover of HED for the previous quarter will be made, subject to
each payment being a minimum of GBP93,750 (approx A$250,000), until
such time as the total consideration amounts to GBP2.5 million. Any
agreed residual inter-company debts owed to HED, as at the deal
completion date, will be offset against the final payment/s.

U-Plex will accept responsibility for the discharge of an accumulated
debt of HED due to a major supplier, Hughes Electrical Limited
("Hughes"). This debt amounts to approximately GBP700,000 (approx
A$1.87 million) and will be repaid through the allocation, to Hughes,
of a proportion of the total consideration as received by HED.

After the sale of HED, the principal focus of U-Plex will be the
commercialisation of the Plexus insurance fraud detection product,
FraudScope. As previously reported, several pilot implementations of
the first FraudScope module, relating to motor theft fraud, are
underway. The results to date are meeting the expectations of both
U-Plex and the insurance companies undertaking the pilots.

CHANGE OF ADDRESS FOR REGISTERED OFFICE

As from 15 May 2002 the registered office for Plexus International
Limited will be located as follows:

c/o Horwath Perth
128 Hay Street
Subiaco WA 6008

The email address, postal address and facsimile address remains
unchanged.

D Brown
COMPANY SECRETARY