AHL 0.00% 0.6¢ ahalife holdings limited

*** int alert *** $2.8million contract

  1. 34,500 Posts.
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    11 September 2003

    The Manager - Companies,

    Australian Stock Exchange Limited,

    Stock Exchange Centre,

    530 Collins Street,

    MELBOURNE Vic. 3000

    Dear Sir,


    Intermoco Limited ("Intermoco") announces the signing of a Claims Outsourcing Agreement between

    SPK Healthline Sdn. Bhd. ("SPKH"), a Malaysian joint venture company, and a major provider of

    healthcare services in the United States.

    This initial contract, which will generate annual gross revenues of approximately $2.8 million, is due

    to commence soon after completion of the data processing facility in Kuala Lumpur. This facility is

    nearing completion and is expected to become fully operational shortly. This contract is the first of a

    number of outsourcing contracts which SPKH anticipates will commence during the next 12 months.

    This contract is the first major outsourcing contract to be signed following the execution by the

    parties of the Master Outsourcing and Services Agreement earlier this year. Under the Agreement,

    SPKH will provide imaging and data entry services, medical / surgical claims processing, and a

    responsive service to a major United States based healthcare client.

    As announced to the Market in March 2003, SPK Healthline Sdn. Bhd. is a joint venture company

    established by SPK Engineering Services Sdn. Bhd., Healthline Systems Inc., a leading US software

    house specialising in the development of integrated healthcare applications and Inter Virtual Systems

    Sdn. Bhd., a specialist in IT healthcare systems. Intermoco, through its 49 percent direct interest in

    SPK Engineering, is a significant shareholder of SPKH and has to date contributed approximately

    $1.7 million (US$1 million) in working capital funds to the business. Intermoco has the opportunity

    to increase its equity interest in the joint venture during the first year of operation.

    This Claims Outsourcing Agreement will provide an ongoing revenue stream to Intermoco over the

    initial five-year life of the contract. The Agreement also provides the opportunity for additional

    services to be outsourced to SPKH.

    Any questions relating to this announcement should be directed to me or Mr. Tom Howitt, Company

    Secretary, on (03) 8080 8788.

    Yours sincerely,



    Managing Director
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