UNDERTAKINGS TO ASIC

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    This follows on from last year's ASIC investigation into UEC's continuous disclosure regime (or perceived lack of disclosure given the 3x profit warnings that were issued over a 4 month period during 2001).

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    UECOMM LIMITED

    Uecomm Limited announced today that it has signed an enforceable undertaking with the Australian Securities and Investments Commission (ASIC) regarding its commitment to continuous disclosure. This follows the completion of ASIC's investigations relating to the
    Company's forecast announcements in the first half of 2001.

    The undertakings are generally procedural in nature and are designed to ensure best practice in ongoing compliance with respect to continuous disclosure obligations, in accordance with the Australian
    Standard for compliance programs.

    Uecomm's Chairman, Mr Peter Shore said that Uecomm has worked together with ASIC throughout their investigations. "The Uecomm Board and its Senior Officers are satisfied with the undertakings provided
    to ASIC. Indeed they are consistent with those already recognised by the Company."

    Mr Shore said, "Over the past year Uecomm has implemented significant changes with respect to our organisation. We have restructured the company and appointed a new management team who have broad
    telecommunications backgrounds and sound financial management skills."

    "The Board and the new management team have a very proactive attitude toward the market's requirement for continuous disclosure and we fully support this undertaking. We consider that the disclosures made
    by the Company over the past twelve months demonstrate our positive and proactive stance on continuous disclosure. We are always looking
    for ways in which to further enhance our corporate governance regime," he said.


 
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