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MUL`s ann: Additional Transactions with ANZ

Document date:  Tue 01 Oct 2002
Published:  Tue 01 Oct 2002 18:44:10
Document No:  195692
Document part:  A
Market Flag:  N
Classification:  Other

MULTIEMEDIA LIMITED                           2002-10-01  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

Earlier today the company advised of its receipt of a temporary
waiver from the ANZ Bank regarding settlement transactions in
relation to a loan with ANZ.

In order to keep the market fully informed of developments in this
matter the company is pleased to advise that it has secured investors
to satisfy a condition precedent to settlement, whereby 35,486,827
ANZ shares will be purchased at a price of 1 cent each.

The company also advises it will pay $600,000 to ANZ to extinguish
the $3 million loan. Settlement will occur this month, and the
company will be debt free save for trading creditors.

The investors Clinton and Dr Matthew Starr are very successful
businessmen in their own rights.

Clinton has a long and distinguished history in Funds Management and
International Marketing, having worked for AXA/National Mutual Funds
Management for 27 years in Executive Management positions worldwide,
prior to retirement. Clinton is currently a Management Consultant, a
Director of the Australian Wheat Board - AWB (International) Limited,
and a Director of a number of private companies.

Matthew has a comprehensive background in Banking, Financial
Services, and computer hardware and software sales. Over the past 22
years Matthew has held various senior management positions with
National Mutual Royal Bank, ANZ Bank, Stratus Computer, EMC
Corporation, Computer Associates and co-founder of Switchcorp Pty Ltd
- an electronic payment processing bureau with specialist skills in

The Starr's have also made application for approximately 86 million
shares in Multiemedia which will make them the company's largest
shareholders when added to their ANZ purchase.

Recently Multiemedia advised of the formation of a subsidiary to
conduct its Broadband Satellite business. Following discussions with
several Asian based funds, the Board is confident of substantial
investment shortly.

It is also Multimedia's intention to form a subsidiary with the
Starr's to launch Switchcorp in order to take advantage of the recent
relaxation of Reserve Bank rules.

Switchcorp will act as a value-added service provider and aggregator
between a merchant (or group of merchants) and an acquiring bank that
clears the transactions.

Switchcorp's business is to create and maintain sophisticated EFTPOS
solutions that have major appeal to new and existing EFTPOS
merchants, while lowering the cost of transaction processing for the

The Directors believe that introduction of new investors, and the
addition of Switchcorp will create significant benefits for
Multiemedia's future. Additionally, the ANZ transaction will have a
positive impact on profitability for the current quarter and will
render the company debt free.

Mr Adrian Ballintine, Chief Executive Officer & Group Managing
Director on (03) 9603 3200, or by email at