Singapore based M.TECH Group and Ahmedabad based Rajendra Shah of Virtual Netcomm to form M.Tech-Virtual India Pvt Ltd ("MTIN") through Joint Venture

Ahmedabad based Mr Rajendra Shah of Virtual Netcomm Pvt Ltd today announced that it has entered into a joint venture (¡§JV¡¨) agreement with SecureOneAsia Pte Ltd. (¡§SOA¡¨). SecureOneAsia Pte Ltd is the sister company of M.Tech Products Pte Ltd, the flagship company of M.Tech Group based in Singapore.

Under the terms of the JV agreement, a new company, to be known as M.Tech-Virtual India Pvt Ltd ("MTIN"), will be incorporated with SOA and Rajendra Shah owning 51% and 49% respectively. MTIN will be principally engaged in the distribution of IT products, primarily the best-of-breed IT security products. Mr Stanley Foo, Chairman and CEO of Multi-Chem, will be the Chairman of MTIN and Rajendra Shah will be the Managing Director. SOA, through the M.Tech companies, will be responsible for vendor relations, stock and credit management whereas VNPL will be responsible for the sales and operations of MTIN. VNPL will allow MTIN to share its back office resources and offices in India. MTIN will also follow the corporate policies of the M.Tech companies in products, internal controls and credit control. To avoid any conflict of interest, VNPL has undertaken that first right of refusal of any products VNPL wishes to take up has to be given to MTIN.

Stanley Foo, Chairman of MTIN, is excited about the new venture and said: ¡§M.Tech wants to be a regional leader in IT security and storage distribution and therefore India is a market which we have to be in. Our partnership with the team from VNPL enhances our position in India as our partner also has a solid reseller base and years of experience of doing business in India.¡¨

Rajendra Shah, Managing Director of MTIN, said: ¡§We are confident that MTIN, with the strengths of both partners, will grow into a leading IT player in India. M.Tech¡¦s regional knowledge, vendor relations and financial strengths are important factors we look for in a partner and now that we have found the right one, we cannot wait to start the business and move it forward.¡¨

About M.Tech Group -
The M.Tech companies and SOA are part of the Singapore Exchange-listed Multi-Chem Group. The M.Tech group is a leading regional distributor of IT security and network storage products with a presence in 11 cities in 8 countries regionally. Its product portfolio includes market leading products such as Nokia, Check Point, Tipping Point, RSA Security, Allot, Riverbed and Sophos.

About Rajendra Shah - Virtual Netcomm Pvt Ltd
RS is the sole shareholder, CEO and Director of Virtual Netcomm Pvt Ltd ("VNPL"). VNPL is the sole distributor of Blue Coat (www.bluecoat.com) products in India and is headquartered in Ahmedabad with offices in Bangalore, Delhi and Mumbai and Singapore. For more information please visit ¡V www.vnpl.com