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    Anyone know when the next report is coming out?


    HOMEX - Melbourne

    The Company advises that it has received advice from its 20% owned
    affiliate, Shanghai Pharmaceutical Business Network Company Limited,
    ("SPBN") in respect of the performance of SPBN in the first half of
    2002 year and the current activities of, and outlook for, the

    SPBN's strategy is to develop, construct and implement network
    systems for the pharmaceutical industry in China, and to play a role
    in their ongoing maintenance and support.

    The advice that the company has received from SPBN in respect of its
    investment in SPBN is summarised below.


    During the first six months of 2002, SPBN completed a website design
    and development project for Huashi Medicine Store and the
    establishment of information systems for Shanghai Pharmaceutical
    Company Ltd ("SPC"). SPBN also undertook networking projects for
    Anhua Hefei Pharmaceutical Co Ltd ("Anua") and Jiangxi Nanhua
    Pharmaceutical Company Ltd ("Nanhua").

    As a result of the increase in the level of business activity and the
    instigation of cost reductions, SPBN has recorded revenue of
    2,320,000 yuan RMB (approximately A$515,556) in the six month period
    to 30 June 2002 and a loss for this period of 148,000 yuan RMB
    (approximately A$32,889). In the same period last year, SPBN recorded
    a loss of 2,617,300 yuan RMB (approximately A$581,622).

    The Anhua and Nanhua projects were the main contributors to SPBN
    revenue in this period.

    SPBN has received active support and encouragement in its activities
    from SPC which is one of the largest pharmaceutical suppliers in
    China and the major shareholder of SPBN.

    The directors of SPBN advise that the outlook for the company is for
    a continuing increase in the level of business activity as a result
    of its involvement in a number of large projects. As a result of this
    increased activity, SPBN has been able to enter into a strategic
    alliance with IBM; refer below.


    The Nanhua project is still in the implementation phase and is
    expected to be completed by 31 December 2002 and commence operations
    in the first quarter of 2003. Nanhua is owned 50% by Jiangxi
    Pharmaceutical Group Corporation Ltd and 50% by SPC.

    Nanhua has entered into an agreement with SPBN whereby SPBN is
    assisting Nanhua with the setting up of a pharmaceutical information
    and administration system. The role of SPBN includes software
    development and system integration as well as ongoing system
    maintenance, technical training and technical support for an agreed
    period after commissioning of the project.

    After implementing of the Nanhua project, PBN anticipates that it
    will have 120 chemist shops connected to the network in the project's
    early life, increasing to around 800 shops in the mid stage and to
    more than 2,000 shops within Jiangxi province in the final stage. The
    cost of the Nanhua project is approximately 8 million yuan RMB
    (approximately A$1,778,000) and Nanhua transferred 2.2 million yuan
    RMB (approximately A$488,000) to SPBN in May 2002 in payment of the
    first stage.

    SPBN expects to attain a profit margin of approximately 1 million
    yuan RMB (approximately A$220,000) on the implementation of the
    project and receive an annual fee for system maintenance. SPBN will
    also be entitled to an ongoing fee based on an increase of sales by
    participants in the network.


    SPBN, SPC and IBM entered into a strategic alliance on 19 July 2002.
    Under this strategic alliance, IBM will provide SPBN with software
    and hardware for the Nanhua project.

    SPBN also intends to participate in other large projects (such as the
    Shanghai Pharmaceutical Modern Materials Circulation and Distribution
    Centre - see below) with the support of IBM, SPC and other corporate

    Mr Zhou Jian Wei, Chairman of SPBN and Vice General Manager of SPC at
    the signing of the IBM alliance stated that "the introduction of IT
    systems into China's pharmaceutical industry will have a significant
    effect on the structure of the industry and is likely to lead to
    mergers at the retail level with more than 17,000 retail chemists
    being merged into fewer "super retail" companies in the future." Mr
    Zhou also stated that "the successful development of the proposed
    Shanghai Pharmaceutical and Distribution Centre may lead to the
    establishment of similar centres throughout China, creating further
    opportunities for SPBN."


    This centre is to be developed under the ownership of SPC to
    facilitate the e commerce strategy of the State Economic and Trade
    Commission for the pharmaceutical industry throughout China.

    SPBN is in advanced stages of negotiation for appointment to provide
    services to facilitate the implementation of this project, which is
    budgeted to cost 190 million yuan RMB (approximately A$42 million).

    Funding for the centre is to be provided as to 70 million yuan RMB
    (approximately A$15.5 million) capital investment by SPC and an
    interest free loan of 120 million yuan RMB (A$26.5 million) from the
    State Economic and Trade Commission, which is under the jurisdiction
    of the Central Government of China.

    For further information contact:

    Alex Koh
    PharmaNet Online Limited
    +603 7981 5282
    [email protected]

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