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  1. zox

    464 posts.

    Should move above $2 soon

    IAS - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    23 January 2003
    Part 1/1
    --------
    IASBET LIMITED
    --------------

    HOMEX - Melbourne
    -------------------------
    Commitments Test Entity - Second Quarter Report

    MEDIA RELEASE

    IASBET ANNOUNCES SUBSTANTIAL IMPROVEMENT TO CASH RESERVES

    Leading wagering Company IASbet Limited (IAS), today announced a
    continuing improvement to its cash reserves to $21.3 Million, up from
    $17.8 Million reported for the previous quarter. (Representing an
    increase of 19%.)

    In releasing the Company's 4C Quarterly Cash Report the Chairman of
    IASbet Limited Mark Read said "this result represents a continuing
    and positive grwth in IAS' business and reflects a strong control on
    the liquidity of the Company".

    "As I have already indicated in a previous announcement to the ASX,
    the company is on track to report record results for the first six
    months of FY03" Mr Read added.

    The Company is expected to lodge its half yearly 4B report in early
    February.

    For further information contact:

    Roger Smeed
    CHIEF EXECUTIVE
    IASbet Limited
    03 9948 9948 Office
    0407 080 090 Mobile

    APPENDIX 4C
    QUARTERLY REPORT FOR ENTITIES
    ON BASIS OF COMMITMENTS

    Name of entity
    IASbet Limited

    ABN Quarter ended ("current quarter")
    32 066 967 502 31/12/2002

    CONSOLIDATED TATEMENT OF CASH FLOWS

    Cash flows related to Current Year to date
    operating activities Quarter (6 months)
    AUD'000 AUD'000

    1.1 Receipts from customers 116,655 202,733
    1.2 Payments for
    (a) staff costs (1,946) (4,320)
    (b) advertising & marketing (650) (996)
    (c) research & development - -
    (d) leased assets (146) (223)
    (e) other working capital - -
    1.3 Dividends received - -
    1.4 Interst and other items of
    a similar nature received 145 265
    1.5 Interest and other costs of
    finance paid (24) (25)
    1.6 Income taxes paid (3,448) (3,448)
    1.7 Other (provide details if material)
    Payments to customers (100,551) (179,631)
    Other payments (2,650) (4,233)

    1.8 Net Operating Cash Flows 7,385 10,122

    Cash flows related to investing activities
    1.9 Payment for acquisition of:
    (a) businesses (item 5) - -
    (b) equity investments - -
    (c) intelectual property - -
    (d) physical non-current assets (1,111) (1,606)
    (e) other non-current assets - -
    1.10 Proceeds from disposal of:
    (a) businesses - -
    (b) equity investments - -
    (c) intellectual property - -
    (d) physical non-current assets 10 10
    (e) other non-current assets - -
    1.11 Loans to other entities - -
    1.12 Loans repaid by other entities - -
    1.13 Other (provide details if material) - -

    Net investing cash flows (1,101) (1,596)

    1.14 Total operating and
    investing cash flows 6,284 8,526

    Cash flows related to financing activities
    1.15 Proceeds from issues of
    shares, options, etc. 45 129
    1.16 Proceeds from sale of
    forfeited shares - -
    1.17 Proceeds from borrowings - -
    1.18 Repayment of borrowings - -
    1.19 Dividends paid (2,865) (2,865)
    1.20 Other (provide details if material) - -

    Net financing cash flows (2,820) (2,736)

    Net increase (decrease) in cash held 3,464 5,790

    1.21 Cash at beginning of quarter/
    year to date 17,838 15,512

    1.22 Exchange rate adjustments to item 1.20 - -

    1.23 Cash at end of quarter 21,302 21,302

    PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
    PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES

    Current Quarter
    AUD'000

    1.24 Aggregate amount of payments to
    the parties included in item 1.2 390

    1.25Aggregate amount of loans to the
    parties included in item 1.11 -

    1.26 Explanation necessary for an understanding
    of the transactions

    -

    NON-CASH FINANCING AND INVESTING ACTIVITIES

    2.1 Details of financing and investing transactions which have had a
    material effect on consolidated assets and liabilities but did
    not involve cash flows

    -

    2.2 Details of outlays made by other entities to establish or
    increase their share in businesses in which the reporting entity
    has an interest

    -

    FINANCING FACILITIES AVAILABLE
    Add notes as necessary for an understanding of the position.
    (See AASB 1026 paragraph 12.2)

    Amount Amount
    available used
    AUD'000 AUD'000

    3.1 Loan facilities - -
    3.2 Credit standby arrangements - -


    RECONCILIATION OF CASH

    Reconciliation of cash at the end Current Previous
    of the quarter (as shown in the quarter quarter
    consolidated statement of cash flows) AUD'000 AUD'000
    to the related items in the accounts
    is as follows.

    4.1 Cash on hand and at bank 8,790 10,307
    4.2 Deposits at call 12,512 7,531
    4.3 Bank overdraf - -
    4.4 Other (provide details) - -

    Total: cash at end of quarter (item 1.22) 21,302 17,838

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