Announcement - looking good

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    Changes Strategic Direction

    Document date: Fri 07 Jun 2002 Published: Fri 07 Jun 2002 13:17:40
    Document No: 266093 Document part: A
    Market Flag: N
    Classification: Asset Acquisition , Other
    AUSTRALIAN OVERSEAS RESOURCES LIMITED 2002-06-07 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    BIDS FOR LONDON-TRADED BANQUE-TECHNOLOGY SYSTEMS
    IDENTIFIES BIOMETRICS OPPORTUNITY

    Australian Overseas Resources Limited (AOV) today announced a
    takeover offer for Banque-Technology Systems PLC(BTS), a developer
    and manufacturer of software, firmware and hardware for biometric
    smart card based systems that is quoted on the London OFEX market.

    The offer for BTS signals a strategic change of direction for AOV,
    which upon completion of the transaction will fund further
    development and expand the marketing of BTS' technologies

    "AOV believes the market for biometric and smart card reader
    technologies developed by BTS is growing rapidly because of the need
    for increased security and anti-terrorism measures - particularly
    since the terrorist attacks of September 11," says AOV chairman and
    chief executive Mr John Genner.

    BTS, which has offices in Sydney, London and Los Angeles, recently
    produced a high security access reader known as a BT910 Biometrics
    reader, which scans fingerprints to confirm identity for access and
    identification purposes.

    It enables a fingerprint to be memorised upon a microchip contained
    within a smart card, which can be identified by a BTS 'contactless'
    reader.

    Mr Genner said "in conjunction with leading security companies BTS is
    currently tendering for a number of high profile security contracts
    in North America, UK, Middle East and Australia, to install security
    upgrades".

    THE OFFER

    AOV is offering BTS shareholders one AOV share for every one BTS
    share they hold. Full acceptance of the offer would result in the
    issue of 168.6 million new AOV shares, representing about 74.1 per
    cent of the enlarged issued capital of AOV.

    Holders of BTS options and warrants are also being offered new AOV
    options as part of the takeover deal.

    The directors of BTS consider the AOV offer to be fair and reasonable
    and have unanimously recommended that their shareholders accept the
    offer.

    On completion of the offer AOV intends to invite BTS chairman Mr Ian
    Murray to join the AOV board as its new chairman. Mr Murray has
    extensive international business experience and holds a number of
    other directorships in Australia and the UK.

    One of the co-founders of BTS, Mr Chris Burke will also be invited
    onto the AOV board. Mr Burke, an electrical engineer by profession,
    has extensive experience in mainframe installations and data
    security.

    AOV shares have been suspended from trading since December 13, 2001
    after shareholders approved the sale of its major asset - a 50 per
    cent stake in the Hunter Specialty Steels project in the Hunter
    Region - to Boulder Steel Limited.

    Following the announcement of the BTS takeover offer AOV will be
    applying to the Australian Stock Exchange (ASX) for the suspension on
    its shares to be lifted. AOV will be required to obtain the approval
    of its shareholders for its proposed change of direction and a
    shareholders' meeting is planned to be called for July 17, 2002.

    FINGERPRINT READING

    BTS specialises in the design, research and development, technology
    integration and manufacture of smart card technology systems and
    biometric readers for high security applications.

    Systems developed by BTS include access readers utilising smart card
    based and radio frequency contactless technology.

    BTS' high security BT910 reader does not require a link back to a
    central computer, which avoids any privacy and other security
    problems as the whole process is handled electronically between the
    smart card and the reader.

    The possible applications of biometric readers such as BT910 include
    building and perimeter access, security area access, payment systems,
    hospitality, education, gaming, computer logon and corporate
    identification.

    EXISTING INVESTMENTS

    AOV sold its stake in the Hunter Specialty Steels for a consideration
    of $3 million that is payable in five equal tranches of $600,000 over
    12 months via the issues of shares or a combination of cash and
    shares in Boulder Steel. AOV currently holds 7.7 million Boulder
    shares.

    AOV also owns 2.22 million shares in Virotec International, an
    environmental technology company listed on the ASX and London's
    Alternative Investment Market.

    For further information contact:

    Mr John Genner
    CHAIRMAN AND CHIEF EXECUTIVE
    Phone 61 2 9328 6277
    Mobile 0418 464 885

    Also information can be found on the Banque Tec web site
    www.banquetec.com

    J Genner
    CHAIRMAN & CEO
 
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