PSE Circular for Brokers No. 424-00

February 22, 2000 PSE CIRCULAR FOR BROKERS NO. 424-00 February 21, 2000 Crimson Capital Acquires Substantial Interest in MBO Partners, SPI's Largest Shareholder Listed company SPI Technologies Inc. (Philippine Stock Exchange, ticker symbol "SPI"), a leading exporter of information technology services, disclosed today that Crimson Capital, a global venture capital firm with offices in Silicon Valley and throughout Asia, has acquired a substantial interest in MBO Partners, SPI's largest shareholder. Crimson Capital manages a $435 million global venture capital fund that focuses on early to mid stage Internet, communications and media companies in Asia and the US. Among Crimson's over 25 investments are Dreamer (one of the leading Internet portals in Greater China), Timeless (an Internet technology provider that was one of the first companies to list on GEMS, Hong Kong's NASDAQ equivalent), Transmeta (a Silicon Valley based company that makes smart microprocessors for mobile Internet computers), Geyser Networks (a US provider of fiber-optics equipment that was incubated by Crimson) and Med Channel (a US Business-to-Business e- commerce company that was incubated by Crimson and specializes in end-to-end supply chain management solutions for the healthcare supplies industry). John-Paul Ho, Crimson's Managing Partner, commented that, "Crimson will be able to leverage its Internet and e-commerce expertise, and its technology know-how, with MBO's relationships and established network in the region." MBO Partners will work closely with Crimson to identify technology investments in Asia, particularly in Hong Kong, the Philippines and Australia. In a related transaction, 36,838,504 SPI shares owned by the Asian MBO Fund, LP, a limited partnership managed by MBO Partners, were transferred today to two affiliated funds, Crimson Investments Limited and Crimson Asia Capital Ltd, LP. Ernest Cu, SPI's Chief Executive Officer, said, "We are delighted about the exposure to Silicon Valley and high growth industries that a technology firm such as Crimson will bring to SPI. SPI fits well into one of Crimson's areas of investment focus, namely companies that provide infrastructure support for the New Economy." Alfredo Ayala, SPI's Chairman and a Partner at MBO Partners, said, "MBO Partners is very pleased to have expanded its investment and company-building capabilities by tying up with Crimson. With specific regard to SPI, we believe that Crimson will be able to use its network, particularly in the US, to help SPI take advantage of the accelerating trend world-wide towards outsourcing business processes, such as call center functions, that is being driven by e- commerce's explosive growth." cdll SPI provides information technology services, including (1) e-call center customer relationship management for both voice and e-mail response programs, (2) software programming and ERP implementation, (3) conversion of news, professional and technical information into a standardized electronic form for major Internet and online content providers and corporate clients, and (4) conversion of evidence related documents into a searchable CD-ROM format for corporations involved in major litigation. SPI is an ISO 9002 certified exporter whose clients are located largely in North America and Europe. Forward-looking statements in this release are based on current expectations and actual results may differ materially due to risks, uncertainties, and other factors. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including with out limitation, changes in external market factors and various competitive factors. cdll Authenticated by: (SGD.) ERNEST L. CU President & CEO