PSE Circular for Brokers No. 675-00

March 16, 2000 PSE CIRCULAR FOR BROKERS NO. 675-00 March 15, 2000 Philippine Stock Exchange PSE Centre, Exchange Road Ortigas Center, Pasig, Metro Manila Attention : Ms . Grace B . de Guia Supervisor, Disclosure Department Gentlemen : Please be informed that at the meeting of the Board of Directors of WELLEX INDUSTRIES, INC., held on March 15, 2000, the following corporate actions were taken/authorized by the Board: 1. Subject to the approval of the stockholders and the Securities & Exchange Commission, the Board approved the change in the corporate name of the corporation from "Wellex Industries, Inc. " to "iCorp Cybernetics, Inc.". This is to reflect the shift in the primary business activity of the Corporation into the information technology sector that will include all internet-based business and other e-commerce activities. 2. Likewise, in order to reflect more appropriately the new primary business activity of the corporation, and subject to the approval of the stockholders and the SEC, the Board approved the amendment in the Articles of Incorporation to change the primary purpose from that of a holding company into that of an information technology company. 3. The Board approved the amendment in the Articles of Incorporation decreasing the number of directors from eleven (11) to nine (9). 4. The Board fixed the annual stockholders' meeting date for the year 2000 on May 5, 2000, at the time and venue to be indicated in the notice of the meeting, to approve the above amendments and to take up all other matters as may properly come before the meeting. Stockholders of record of the company as of April 07, 2000 shall be entitled to notice of, and to vote at the said annual meeting of stockholders. For this purpose, the Board authorized the closing of the stock and transfer books during the period from April 10, 2000 to May 5, 2000. Thank you. Yours very truly, (SGD.) ARTHUR R. PONSARAN Corporate Secretary