have we got a start happening here??

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    Letter to Shareholders

    Document date: Tue 27 May 2003 Published: Tue 27 May 2003 17:56:07
    Document No: 204711 Document part: A
    Market Flag: N
    Classification: Letter to Shareholders

    HOMEX - Melbourne

    We recently advised you that Media World Communications ("MWC")has
    expanded its AP Technology rights and enhanced its position through
    new agreements entered into with the World of Adams Platform ("WAP
    ")and APtv Pty Ltd ("APtv"), achieved after several months of

    We have now commenced working with APtv (the broadcasting joint
    venture between WAP and Thirdspace Living (UK)Plc)towards the
    fulfilment of a number of important development milestones.

    Two key milestones to note are

    * The completion and delivery by APtv of a multi-user AP System that
    will enable multiple simultaneous users to access real-time video on
    demand, under controlled security conditions; and

    * The certified delivery during the 1 st calendar Quarter of 2004 of
    the commercially operational AP System that will enable us to build
    the transmission section of our Australian Video on Demand service.

    In the interim, while we are working towards these milestones, we will
    be conducting comprehensive technical tests of the AP technology for
    and at the request of strategic groups with whom commercial
    arrangements are being negotiated or proposed. Our main objective for
    providing the tests is to enable representatives of these groups to
    closely observe and assess our licensed technology for the commercial
    applications being proposed by MWC.

    Accordingly, APtv and WAP are preparing appropriately
    rigorous, transparent and secure protocols for the forthcoming tests.

    The successful realisation of these tests for prospective investors
    and partners will trigger our overall commercialisation
    plans, including capital raising targets and the date for our ASX

    We appreciate your continued interest in all of the above
    developments and we will continue to update you on these matters.

    J Blomfield

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