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    LAK - ASX Company Announcement
    1 August 2002
    Part 1/1

    HOMEX - Sydney
    Revenue above forecast for year to 30 June 2002

    Following the release of its fourth quarter cash flow figures
    yesterday, Lake Technology is now in a position to release unaudited
    sales results for the year ended 30 June 2002. Sales revenues for the
    year reached $10.2 million against a forecast, made in October 2001,
    of $9.4 million.

    This result represents an increase of 162% over the previous year's
    revenue. Chris Gilbey, CEO of Lake said "This performance is the
    result of focusing on our key customers and markets. It signals the
    growing financial maturity of the company, and we believe that we now
    have the ability to set our targets for future growth much more

    "To have achieved this magnitude of growth in what many would
    consider a challenging market environment is a tribute to the efforts
    of the whole Lake team over the last twelve months" he added.

    Operating results are still being finalized and will be released to
    the market as soon as the statutory audit is completed. The Company
    expects to issue a forecast for the 2003 year at that time.

    John Bell
    Lake Technology Ltd
    02 9213 9000

    ends - AAP
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