MXL mxl limited.

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    MXL LIMITED. 2002-10-10 ASX-SIGNAL-G

    HOMEX - Sydney

    MXL has signed an agreement with Softline Company for the
    distribution of MXL's eMinerva into the Russian Federation.
    Softline is one of the leading suppliers of licensed software to the
    Russian and Commonwealth of Independent States. Softline has been
    operating since 1993 and has been awarded status of Microsoft Gold
    Certified Partner. Softline has a distribution network of over 500
    software dealers throughout its geography and has a catalogue
    circulation list of 30,000 to I/T and business decision makers. The
    signing of this agreement can be attributed in some way to the
    recently announced partnership between MXL and Microsoft Business

    The Russian and contiguous markets are vast with potential business
    opportunities measured in the thousands. MXL expects to initially
    sell 200 licenses per year which would generate $6m in license fees
    p/a. Ongoing enrolment fees, should the targeted license sales be
    met, would generate $12m p/a in total over three years.

    Work will begin in November 2002 promoting eMinerva. into the Russian
    market. MXL has targeted the first quarter 2003 for the release of
    the Russian translated version of eMinerva. This will be the first
    version of release 4 of eMinerva to be translated from English.

    Updating on otheractivities, MXL continues to work with Microsoft on
    a number of strategic issues with a preliminary proposal already with
    one state government in Australia for its school education system. If
    successful this will generate $6m in annual enrolment revenues. A
    second government tender is due shortly. Discussions are also nearing
    conclusion with a Microsoft partner as a potential distributor of
    eMinerva in Australia. MXL remains on track for the integration of
    the Microsoft general ledger package for beta testing in January
    2003. The completed package will be the first flexible web-based one
    step product for financial and management control of education

    A number of other substantive issues are under negotiation both in
    Australia and internationally and these will be announced once they
    have reached finality.

    R Clements
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