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MXL Announcement

  1. Just checking in. Todays announcement on MXL is a very good one. My research tells me that a significant installation of a University will be announced shortly.
    MXL has a very tangible product with a bright future

    UPDATE

    MXL has now 50 sites installed or signed contracts scheduled for
    installation in Australia before the end of 2002. In addition MXL is
    at various stages of discussion with a further 50 colleges or
    universities both in Australia and New Zealand for the installation
    of the eMinerva software. Importantly the total number of campuses
    under consideration can be inflated by 30 as a number of the
    organizations have multi campus colleges, and each will represent a
    separate installation. Internationally a recent government supported
    trade mission to Singapore has raised considerable interest and
    discussions are progressing with a number of potential distributors
    with offices in Malaysia, Taiwan, China, Vietnam, and Thailand. There
    is also strong interest from Singapore government education
    authorities. A number of proposals have been submitted to college
    groups in Taiwan and China and their responses are awaited.

    In the UK activity has also been strong and a number of proposals are
    at a very critical stage with early indications that installation
    should begin in some UK based colleges during September 2002. In
    total the organizations MXL or its international distributors are in
    discussion with represent approx 500 colleges throughout Europe, Asia
    and Australia.

    After establishing a distribution base in Asia MXL is looking to
    appoint European distributors before the end of 2002. MXL will visit
    Europe as part of a trade mission in November that will coincide with
    the Expolingua Conference in Berlin where MXL has acquired a stand to
    demonstrate eMinerva to potential distributors and users. The
    conference is one of the largest language education conferences in
    the world and attracts organizations from all over the world.
    Following on from the success in Singapore MXL has once again briefed
    both Austrade and the NSW Government Regional Trade Development Group
    to assist in locating potential distributors in the UK and European
    markets.

    The price of eMinerva in Australia was increased effective July 1 and
    a further price rise is scheduled for October/November 2002.
    Organizations that have signed contracts will not be effected but
    those entering into discussions from that date will be subject to the
    revised pricing.

    Next week MXL will begin working with an internationally recognised
    software developer to interface eMinerva with their backend general
    ledger. The general ledger has world appeal and will allow MXL to
    provide a fully integrated solution to its customers. It's proposed
    that eMinerva will transfer data directly into the general ledger
    rather than the cumbersome download/upload process that is a feature
    of most front end-back end solutions.

    PLACEMENT COMPLETED

    The placement foreshadowed by MXL Chairman Mr Glenn Tetley at the
    recent EGM has been completed. The placement from 14 individuals
    raised $0.822m at $0.08 per share providing MXL sufficient working
    capital through to December 2002 when an additional $7.6m is
    potentially available in the December option conversion. These funds
    will provide MXL with a strong balance sheet going forward and in
    conjunction with anticipated revenue flows give a solid base for
    future product development and market expansion initiatives.

    In summary MXL is ramping up installation of eMinerva in Australia.
    - We have recently completed the first simultaneous multiple
    installation of eMinerva with 3 separate campuses.
    - Interest in eMinerva is mounting in the UK and Europe with a number
    of significant contracts at advanced stages and with the first
    installation scheduled for September 2002.
    - Negotiations with potential distributors in Singapore, S/E Asia,
    Australia and New Zealand are at advanced stages.
    - A trade mission in November is planned to establish a European
    base.
    - Funding is now organized through to cash flow break even or the
    December options exercise which ever comes first.
    - MXL will soon be able to provide a fully integrated front end-back
    end solution following the completion of the software integration
    work commencing next week with an internationally recognised software
    group.

    R Clements
    COMPANY SECRETARY

    ends - AAP

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