SPI Technologies Inc. Expands Overseas Operations

January 21, 1999 PSE CIRCULAR FOR BROKERS NO. 102-99 SPI TECHNOLOGIES INC. EXPANDS OVERSEAS OPERATIONS Listed exporter SPI Technologies Inc. (Philippine Stock Exchange, ticker symbol "SPI"), a world leader in value added data conversion services, today announced that it has started 1999 with new operations in the US and Germany, and record contracted backlog of over Pesos 500 million. This month, SPI opened SPI Technologies (USA) Inc in the East Coast in the US. and SPI Technologies GmbH in Germany. These offices complement SPI's existing operations in the UK, the Netherlands, and the West Coast in the US. Ernest Cu, SPI's President and CEO. said. "Our recent acquisitions of Pacific Data Conversion Corp in the US and Northprint B. V. in the Netherlands, and our overseas marketing campaign, have already started to reap returns. This has been evidenced by our strong growth in 1998, and our current backlog of contracted orders, which is the highest it has ever been." He added, "We expect our two newest offices to further improve our momentum and long term growth prospects. In 1999, assuming a relatively stable Peso, we expect to achieve organic revenue growth of approximately 25% or better, and to cross the Pesos 1 billion threshold. We will also continue to consider additional acquisitions." "We are delighted that two top notch industry veterans have joined SPI to spearhead our efforts in these markets", said Mr. Cu. The US and German operations will be run by General Managers Frank Stumpf, Jr. and Roland Wolf, respectively. SPI provides value added data conversion services including: (1) conversion of news professional and technical information into electronic form for major Internet and online content providers. (2) conversion of legacy document collections into a standardized electronic form usable on corporate intranets or networks. (3) conversion of large collections of evidence-related documents into a searchable CD-ROM format for corporations involved in major litigation, and (4) electronic mapping and database building for utilities. SPI is an ISO 9002 certified exporter whose clients are largely located in North America and Europe. Authenticated by: (SGD.) ERNEST L. CU President & CEO