TORONTO, ONTARIO (November 30, 1999) - Mr. Haron Ezer, President and CEO of EZENET Corp., announced today that, owing to a typographical error, the press release dated November 22, 1999 showed Cash Flow per Share for the nine months ended September 30, 1999, as 8.1 cents per share. In fact, this should have been 12 cents per share. All other financial highlights remain unchanged and these are repeated below, for ease of reference. The full financial results are available on SEDAR - www.sedar.com.


Details Q2 ended 30/6/99 Q3 ended 30/9/99 % Growth Q3 over Q2 9 Months ended Sept. 30, 1999
Revenues $743,802 $912,706 23% $2,296,755
Net Earn. A/Taxes $127,064 $160,222 26% $405,104 *
Earnings Per Share 1.7 cents 2.1 cents 23% 5.3 cents
Cash Flow/Share 1.7 cents 3.7 cents 117% 12 cents
Net Income/Sales 17% 18% 6% 17%

* Reflects changes in the treatment of Deferred Taxes to reflect a more conservative tax treatment.

Ezenet Corp. (symbol "EZE") is a leader in developing high-tech and Internet software solutions in today's technological and e-commerce market. EZENET has created, developed, and managed a variety of software titles, hardware support, and Internet capabilities which provide high-tech solutions to banks, trust companies, insurance companies, and the consumer market. Ezenet's software expertise allowed for the development of ``InstaBase Web-Ready'', a unique, powerful, yet simple software program that allows users to quickly create databases of their own design and to publish their databases to the Web without programming. Further information is available through Ezenet's corporate web site at www.ezenet.com.



TORONTO, ONTARIO (November 22, 1999) - The results for the third quarter ended September 30, 1999, reflect record quarterly growth in revenues and earnings. Revenues increased to $912,706, net income after taxes rose to $160,222 and earnings per share were 2.1 cents per share. Year to date revenues now stand at $2,296,755 and net after tax profits at $405,104 or 5.3 cents per share. These figures represent significant increases over last year's revenues and profits while the company was still private. For the first time revenues in this quarter reflected sales of InstaBase software in the UK, Europe, United States, and Canada. The full financial results are available on the SEDAR web site at www.sedar.com.


Details Q2 ended 30/6/99 Q3 ended 30/9/99 % Growth Q3 over Q2 9 Months ended Sept. 30, 1999
Revenues $743,802 $912,706 23% $2,296,755
Net Earn. A/Taxes $127,064 $160,222 26% $405,104 *
Earnings Per Share 1.7 cents 2.1 cents 23% 5.3 cents
Cash Flow/Share 1.7 cents 3.7 cents 117% 8.1 cents
Net Income/Sales 17% 18% 6% 17%

* Reflects changes in the treatment of Deferred Taxes to reflect a more conservative tax treatment.

"We are particularly pleased to report that InstaBase shipments began late in the third quarter to the major US distributors and retailers with whom agreements were signed in the last several months. At a recent trade show attended by several of our senior officers, it was obvious that our efforts have placed InstaBase in a position to capitalize on the huge US market," stated Haron Ezer, President and CEO of EZENET Corp. "We have also started to receive repeat orders from our European distributors. The alliance signed with ValueWeb was another significant step taken towards the success of InstaBase. InstaBase has completed its development phase and we moved to full production this quarter. We have also begun writing off the deferred development expenses with a charge against earnings this quarter of $40,000 before taxes," advised Haron Ezer.

Mr. Ezer continued, "EZENET's strategy is to continue to expand its software solutions. EZENET is fully Y2K compliant. We are excited about the prospects for the year 2000 for both our Internet Software Development and our Banking Software. Our strategic plan for 2000 and beyond includes seeking acquisition opportunities that will increase our market share of the bank servicing market as well as the release of new Internet software products. We have committed significant resources to Research & Development which we expect to be funded from internally generated cash flows. We expect these initiatives to continue to impact positively on sales and profits. We also encourage all our shareholders and interested parties to visit our web sites at www.ezenet.com and www.instabase.com for the latest information on Ezenet".



TORONTO, ONTARIO (November 15, 1999) - EZENET Corp., a leading Canadian software company, today announced that it has entered into a strategic relationship with VALUEWEB, a leading worldwide web hosting company. EZENET has taken its premier Internet software product, InstaBase, and aligned it with VALUEWEB's hosting service. The two companies intend to ally to create increased opportunities for small businesses worldwide with their Internet exposure and software applications. EZENET's InstaBase software is distributed in retail stores in North America, the United Kingdom, and Europe, and VALUEWEB hosts web sites for customers in more than 117 countries.

The alliance is designed to enhance the individual's and small businesses' online exposure by offering a powerful-and easy-to-use-software in combination with affordable web hosting. InstaBase is ideal for small businesses and individuals that want to establish a presence online, enhance their existing web page, and/or enter the world of e-commerce with ease. VALUEWEB's affordable web hosting packages appeal to small businesses worldwide that wish to establish a presence on the web, but that do not have the resources of larger companies.

"This is a valuable relationship for EZENET, VALUEWEB, and small businesses, because it provides an Internet solution at a reduced cost. EZENET's software in combination with VALUEWEB's web hosting service creates a powerful solution for small businesses and individuals looking to enhance or launch their Internet web sites," stated Haron Ezer, EZENET's President and CEO. "Together EZENET and VALUEWEB will provide consumers with a convenient and cost-effective means of maximizing their Internet exposure. The synergy between InstaBase and VALUEWEB's web hosting will greatly benefit the consumer as the relationship grows between the two companies."

"VALUEWEB is pleased to have this opportunity to offer the InstaBase product to our customers," said Jeffrey D. Rubenstein, VALUEWEB's Chief Operating Officer. "We think the relationship with EZENET is important to our success in the web hosting market space, and we look forward to continuing and expanding our joint strategies into 2000 and beyond."

About ValueWeb

ValueWeb (http://www.valueweb.net) helps small businesses establish a presence on the Internet by providing low-cost, entry-level solutions and, as their sites mature and expand, also provides supplemental products and services for seamless migration to higher-end services. The company, established in 1996, is owned and operated by e.spire Communications, Inc. (NASDAQ: ESPI) and now hosts more than 50,000 business Web sites for customers in more than 117 countries around the world.

ValueWeb's multimillion-dollar data center is located in Deerfield Beach, Florida and is manned 24 hours a day, 7 days a week. The equipment installed in the data center includes 7500 series Cisco routers, a 7 terabyte IBM robotic tape library, an IBM RS/6000 SP supercomputer, a 200 KVA UPS emergency power system, and an 8-liter diesel generator. ValueWeb is an IBM ISP Business Partner, and a Registered Microsoft Web Presence Provider, and a Network Solutions Alliance Partner.

About e.spire Communications, Inc.

e.spire Communications, Inc. (NASDAQ: ESPI) is a leading integrated communications provider, offering traditional local and long distance, Internet access and Web-hosting services, and advanced data solutions, such as ATM and frame relay. In addition, e.spire's subsidiary, ACSI Network Technologies, Inc., provides third parties, including other communications concerns, municipalities and corporations, with turnkey fiber-optic design, construction and project management expertise. For more information on e.spire, contact http://www.espire.net.



TORONTO, ONTARIO (September 14, 1999) - EZENET Corp. is pleased to announce the introduction of its InstaBase 4.0 Web Ready software in the United States retail market through CompUSA, America's Largest Computer Superstore Retailer. InstaBase will be carried by all 210 CompUSA outlets across the United States.

"We have now positioned our software, InstaBase, with a global presence and in one of the largest consumer markets in the world, the United States. The CompUSA name alone ads instant credibility to InstaBase as well as EZENET and significantly increases the exposure of our software. We have completed our first stage in opening up the distribution channels in Germany, the United Kingdom, Canada, and now the United States and we look forward to further penetration of these markets as well as other markets in the near future. The progress of InstaBase is currently meeting our expectations and we are confident that InstaBase sales will increase substantially, " stated Daniel Ezer, EZENET's Vice President of Marketing.

InstaBase 4.0 Web-Ready is now available for purchase in the United Kingdom through Guildsoft Ltd., in Germany through Softline AG, and in retail outlets across the United States and Canada. Furthermore, InstaBase can be downloaded and purchased on the Internet at http://www.instabase.com by consumers worldwide.

About CompUSA Inc.

CompUSA Inc., America's Largest Computer Superstore retailer, is the nation's leading retailer and reseller of personal computer-related products and services. Founded in 1984, it now operates approximately 210 Superstores in 84 major metropolitan markets. CompUSA was the leader in software sales in 1998 (Sources: Computer Retail Week Research - January 4, 1999).



TORONTO, ONTARIO (August 12, 1999) - EZENET Corp. is pleased to announce that its InstaBase 4.0 Web Ready software is now available at yet another Canadian outlet - Office Depot and The Office Place.

"This development is significant for InstaBase, as we have positioned ourselves with a retail presence all across Canada. With Business Depot, Office Depot, and The Office Place all carrying our product, the exposure that InstaBase is receiving in Canada is substantial. We anticipate further expansion into other retail outlets in Canada and will soon announce details of our plans to penetrate the United States retail market. Our product fills a niche within the software industry and now that it is more accessible in the marketplace, we expect sales to increase," stated Daniel Ezer, EZENET's Vice President of Marketing.

In addition to the retail outlets in Canada, InstaBase is currently available in the United Kingdom through Guildsoft Ltd. and in Germany through Softline AG. InstaBase can be downloaded and purchased on the Internet at http://www.instabase.com by consumers worldwide.

About Office Depot Ltd.

Office Depot is the world's largest seller of office products, operating a total of 779 stores throughout the United States, Canada, France, and Japan by the end of June 1999, including:

  • 717 Office Depot superstores in 44 states and the District of Columbia
  • 40 Office Depot and The Office Place superstores in Canada
  • 19 Office Depot stores in France
  • 3 Office Depot stores in Japan



TORONTO, ONTARIO (July 29, 1999) - The results for the second quarter ended June 30, 1999, reflect continued growth in revenues and earnings. Revenues increased to $743,802, net income after tax rose to $170,175 and earnings per share were 2.3 cents per share. Year to date revenues now stand at $1,384,049 and net after tax profits at $327,966 or 4.4 cents per share. These figures represent significant increases over last year's revenues and profits while the company was still private. Cash Flow from operations increased to 4.4 cents per share for the quarter ended June 30, 1999, while the slight decrease in net income as a percentage of sales resulted from increased expenditure on human resources in anticipation of continued growth in core business. The full financial results are available on SEDAR - www.sedar.com.


Details Quarter ended
Mar. 31/99
Quarter ended
June 30/99
Percentage Growth
Revenues $640,247 $743,802 16.2 %
Net Income after Taxes $157,791 $170,175 7.8 %
Earnings per Share 2.1 cents 2.3 cents 9.9 %
Cash Flow per Share 2.9 cents 4.4 cents 51.7 %
Net Income as % of Sales 24.6 % 22.9 % ( 6.9 %)

"During the second quarter ended June 30, 1999, EZENET Corp. made excellent progress on the development of markets for its InstaBase software", stated Haron Ezer, President of EZENET Corp. "We have now established distribution channels in Canada, England, Germany and the United States. We have also completed production of an infomercial that will air throughout North America over the next two months and a test radio ad campaign is currently underway in the Toronto market. Additional independent product reviews continue to refer to InstaBase as "one of the best applications in the world" and on a daily basis, we receive praise from new users about the ease of use and effectiveness of InstaBase".

Mr. Ezer continued; "EZENET's strategy is to continue to expand its core financial services business while developing a global market for its InstaBase product. We expect these initiatives to have a positive impact on sales and profitability, on a continuing basis. We also encourage all our shareholders and interested parties to visit our web sites at and for the latest information on EZENET".




You got to know when to hold em.
Know when to fold em.
Know when to walk away,
and know when to run.

The market is smarter than you simply because the market is the cumulative intelligence of everyone who plays it. No matter how much research you do, no matter how much you know about a company, you will never know how a market will react to new information. The market is never wrong, and even when it is wrong, it is right. The market is the ultimate arbiter of truth.

The most common mistake that I see when Perspectives readers send me e-mail is the attempt to try and argue against what the market is doing. "The stock is coming off but they are going to announce blah blah and do blah blah, and the stock will rocket higher."

Remember, unless you can buy or sell more stock than the market combined, you can not will a stock higher. Hope will have no bearing on where the stock will go. The reasons you have for the stock to do better are likely known by lots of people. If the stock is not doing what your analysis says it should be doing, then your analysis is wrong.

I have had company presidents, people who know more about their company than anyone else, tell me information that they probably should not have told me, and tell me that the stock was going to really move higher on the information. Acting on that information would seemingly be acting on inside information. And yet, when the information came out, the market chose not to care. The market factored in something that the company president had not thought about. The market said, sorry Mr. President, you are wrong. And I have learned that there is no such thing as a perfect stock tip.

Don't ever get married to a story. To be a good trader, you have to have little commitment to your analysis. If you have a hypothesis that the market is confirming to be correct, great, let it run and enjoy. If the market shows you are wrong, fold em, get up from the table, and walk away. Maybe run.

Enough Said.


USA Video (USVO) Perspectives Score - 7
Reference: http://www.usa-video.com
- we told you last week to watch for USVO to break the $0.60 price level as an indication that it had good potential to head higher. It did that on Thursday, and headed higher still on Friday. For those of you who caught it, good job. USVO (and US on the ASE) looks like it wants to go higher from here. Riskier entering here, but still good potential.

Cell Robotics (CRII) Perspectives Score - 7
Reference: http://www.cellrobotics.com
- seems to be finding a bottom, this is a recent pick that we have made which has not done well yet. However, it does look pretty good and is worth considering. Those that own it probably want to hang in there until there is a clear signal that something is wrong (like a strong down day). Good chance it will be higher next week.

Vancouver Stock Exchange
Unique Broadband Systems (UBS) Perspectives Score - 6
Reference: http://www.uniquesys.com
- the uptrend remains intact, so there is no reason to get too worried yet. As we said last weekend, stock looks good but dance close to the door.

Winspear Resources (WSP) Perspectives Score - 6
Reference: http://www.winspear.com
- halted at the request of the company pending news, it is a little bit strange that they have kept the stock halted for a few days. We suspect that the news is good as it seems they are trying to build anticipation for the stock. WSP did bounce from support and had a strong day's trading in anticipation of the news, however, WSP is quite a bit off of its highs this week. Hard to call, we'll just have to wait for the news.

Alberta Stock Exchange Applied Gaming Solutions Perspectives Score - 8
Reference: http://www.ags.ca
- we received a lot of email last week, asking why we had not written about Applied Gaming. Had our positive opinion changed? Were we losing faith in the company we had been so hot on? We still have high hopes for AGC, we simply did not have anything new to say last weekend, but think it has very good potential to head higher from here. And in this example, our analysis has been proven very correct as the stock has so far doubled since we first wrote about it. A quick synopsis for those that have not followed the company. They have a contract to install the on-line lottery system (like a 6-49 or Powerball lottery) in Hanoi, Vietnam. The launch of the lottery should be any day now, the media campaign has started and they are just finishing the installation of the system. AGC has a memorandum of understanding to do the same thing in Ho Chi Minh City, which is five times the size of Hanoi. Using what we believe are very conservative numbers, Applied Gaming believes they can gross about $250 million over the seven year contract. We think they will do a lot better than that, and they get paid in US dollars rather than Vietnamese Dong. Good thing, because it would be way to much Dong for one company to handle. Worth checking into, checkout their web site or call the company directly.

Global Railway Industries (GBI) Perspectives Score - 7
Reference: http://www.globalrailway.com
- not great liquidity, but a very tight deal that has great earnings potential. This stock is very well liked by brokers because it is not as speculative as a lot of ASE or VSE deals. The company makes high rail, which are the contraptions that allow trucks to travel on railways. The stock is starting to push toward its highs and looks as though it could go into a good uptrend. Worth checking out.

Westport Innovations (WPT) Perspectives Score - 7
Reference: http://www.westport.com
- spent most of the week trading sideways but started higher on Thursday and continued Friday. Stock looks pretty good, may find some resistance at $4 but good chance to do well in the near term.

Ezenet (EZE) Perspectives Score - 7
Reference: http://www.ezenet.com
- stock has broken to a new high this week and looks like it could start a nice uptrend. Liquidity is a little bit limp, but everyone should keep an eye on it for a pick up in interest. They have a story the market should like, with Internet interest and an impressive list of clients. Awareness just needs to be increased.

The Scores - What They Mean
A score of 7 to 10
This stock is worth considering as a buying opportunity. Our analysis indicates that the stock has good potential to go higher in the short term, and is worth taking time to consider. Complete your due diligence on this stock so that you can make your own judgement on the quality of the company before making a decision, and remember that our score is valid for the price that the stock is at when we applied the score. Of course, a score of 10 has more potential than a score of 7, but all stocks in this range deserve your consideration. In addition, if you are short this stock, you should consider covering the short position.
A score of 4 to 6
We are neutral on this stock. It may be that the stock has an excellent story, but much of the opportunity has already been priced in. Or, the stock may have seen a great run and is now taking some time to catch its breath. This is a stock worth hanging on to if you bought it at lower prices or shorted it at higher prices. However, because it is in a profit zone, you should be prepared to take profits on the stock if it shows signs of heading against you. Keep a close eye on the stock if you own it, and make sure you dance close to the door.
A score of 1 to 3
This stock is worth considering as a shorting opportunity. Our analysis indicates that the stock has good potential to go lower in the short term, and is worth taking time to consider. Complete your due diligence on this stock so that you can make your own judgement on the quality of the company before making a decision, and remember that our score is valid for the price that the stock is at when we applied the score. Of course, a score of 1 has more potential to go lower than a score of 3, but all stocks in this range deserve your consideration. In addition, if you are long this stock, you should consider selling.



Charts and technical commentary by David Chapman of Gorinsen Capital Inc.

25 King Street West, Suite 1440,
Toronto, Ontario, M5L 1G2
(416) 869-1775 (416) 604-0557 (fax)
email david@davidchapman.com


June 14, 1999

Tough Sledding for Small Caps

We have often noted in the past that small cap stocks have had a much more difficult time than their large cap cousins have. A quick perusal of the Globe & Mail's GLOBEfund (http://www.globefund.com) reveals that of the 150 funds listed in the small and mid cap equity funds only 10 have reported a positive return over the past year. Indeed 17 reported negative returns in excess of 20% (Note: a further 14 have been around for less than one year). It is not a pretty sight.

But lest you think that the small cap funds are to be avoided it should be noted that the Canadian large cap funds have fared even worse with only 3 of 111 reporting a positive return in the past year. The general Canadian equity fund saw only 15 of 273 report a positive return over the past year. We note that there were 90 new funds in the past year. Not only does this make the competition even tougher in soliciting funds but selection even more difficult. One has to wonder why that there are so many new funds coming in at what may be the top of the market. The reality is unless you become the hot stock de jour such as Bid.com (BII-TSE), you could just be doing your job and languishing at depressed prices.

But investors should hang tough and remember that over the long term, small caps have outperformed large caps. During the early part of this decade it was the small cap market that led the way. The same occurred through the rolling depressed stock market of the 1970's. Not so over the past few years largely from 1995 when the large cap bull market got underway. And it is not particularly easy trying to stock pick. Momentum, earnings, bottom picking, sector, breakouts and any number of other methods may bring that next big winner. But even that is no guarantee as a company may be profitable and still the stock price languishes or goes down as the lack of a public profile, or switching out of the slow moving stock to the stock de jour may put a big damper on prices.

To assist investors in looking for small cap stocks they might well check out Buy Low, Sell High! (250-554-3101, http://www.stockreviews.com). The publication is chock full of recommendations but investors should keep in mind that the small cap sector is higher risk to speculative and they should examine their risk profile before purchasing.

To add to the list of small cap stocks we thought we would bring three companies to your attention. Two are new while the third was mentioned before. What all three share in common is that they are in the information technology sector. This is not necessarily an easy area to analyze, as companies tend to be very different from each other. But the importance of the sector can not be underestimated as we move forward into the new millennium, as it is here that important productivity gains will be made.

Our first company is Ezenet Inc. (EZE-ASE) (416-482-3037, http://www.ezenet.com) a company engaged in data center outsourcing, high speed Internet communication services and providing computer software design and implementation to the financial services industry. Clients include some of Canada's premier companies including Bank of Montreal (BMO-TSE) and AGF Trust. Ezenet has been around for 20 years but only recently listed in October 1998. This dynamic company has now moved into the retail software market introducing InstaBase a powerful and unique database designer with the ability to publish your database directly to the Internet. The software is easy to use having been developed from years of database software development for the financial services industry. Move over Microsoft Access!

Ezenet is debt free and has been profitable for twenty consecutive years. The company reported revenues of $643 thousand and EPS of 2.7 cents for the first quarter. For 1998 EPS was 3.7 cents on revenues of $2.3 million. The company recently announced a new contract to provide data processing services to a company formed through an alliance of the Bank of Montreal and Newcourt Financial Corp. (NCT-TSE). This contract is expected to add substantially to Ezenet's revenues and profits starting in second quarter. The company has about 7.5 million shares of which 2 million are float.

Our second company is MediSolution Ltd. (MSH-TSE) (514-850-5000 and 416-960-8985, http://www.medisolution.com) Canada's largest information technology company for the healthcare industry. The company offers information systems, professional services, payroll outsourcing services and practice management systems. MediSolution provides IT solutions through the healthcare delivery system including hospitals, long-term care facilities, home care, doctors, clinics, pharmacists and governments. In an era of cutbacks, hospital consolidation, increasing demands from an aging population, and a shift to home care as MediSolution's Senior Chairman, Gerald Shefsky points out, increased spending on information technology is the one area that will provide efficiencies, allow savings and provide improvements to the quality of healthcare.

The company reported revenues of $13.7 million for its third quarter and profits of $562 thousand. Third quarter EPS was 1.9 cents. The third quarter represented the fifth consecutive profitable quarter following restructuring in late 1997. For the nine months MediSolution reported revenues of $39.1 million and an EPS of 3 cents. The company has gone through some senior executive changes in the past few months following the resignation of their CFO. Included in the new additions was a merger consultant. Late last year MediSolution ran up to over $3 on a possible merger with a large US HMO. Given MediSolution's role in the Canadian healthcare industry a merger or takeover remains a distinct possibility. MediSolution has over 29.5 shares outstanding.

Our third company was first covered in Issue 4, February 12, 1999. Group West Systems Ltd. (GPW-TSE) (604-473-2100, http://www3.stockgroup.com/gpw) is a Burnaby BC company engaged in supplying computer technology products and information technology services. The company reported an unexpected loss of $78 thousand or 1.3 cents per share in the second quarter on revenues of $4.6 million. The loss was attributable to a decline in the company's year 2000 business and increased spending attributable to refocusing of the business on Ecommerce and mid-size company outsourcing. Nonetheless the company remains profitable through the first six months reporting income of $204 thousand for an EPS of 3 cents on revenues of $9.8 million a three-fold increase from 1998. The company's refocus into Ecommerce and outsourcing should pay dividends as the areas are ones of burgeoning growth. Group West has about 6 million shares outstanding.

The daily charts of the three companies could easily be described as the good, the bad and the ugly.

The good, Ezenet has increased over 1500% since being introduced in October 1998. If one uses the old adage of buy high, buy higher then Ezenet should grow even further given success with its InstaBase. The company's core business will continue to provide growth and profits while the entry into the retail software market will add a new dimension while costing little. Ezenet can be accumulated between $2.50 and $3.00 as witnessed by the recent consolidation at a higher level or on a breakout over $3.20. Ezenet is a buy but if the stock were to fall back under $2.50 a drop to at least $2 or lower is probable. With a small float, moves on Ezenet can be exaggerated in either direction.

The bad, MediSolution went on a long roller coaster decline from over $10 back in 1996. The recent run up to $3.30 was spurred by a possible merger with a US based HMO. When this fell apart the stock went into a nosedive from which it has not recovered. There is clearly risk that MediSolution could fall all the way back to the lows of 60 cents seen in October 1998. More likely is a drop to the 80-cent level where the stock would become an excellent acquistion. With profits and annual revenues of upward of $50 million the company is clearly undervalued at these levels and remains a possible takeover or merger target. MediSolution is a buy at these levels although the more conservative investors may wish to await a breakout over the key long-term 200-day moving average currently near $1.40.

The ugly, Group West has been in a long steady decline since appearing to start a rise back in January 1999 that failed. Currently the decline is one without signs of a bottom so this makes the stock a very difficult purchase. But like MediSolution this is a company with growing revenues (estimated $16 - $20 million for 1999), a well established clientele base (Insurance Corporation of BC, Loomis Courier, Clearly Canadian Beverage Corporation amongst others) and with the current exception of the second quarter, profitable. The company is clearly undervalued trading at depressed levels, so it makes a difficult purchase recommendation until some basing takes place. Long-term moving averages such as the 200-day are well above near $2.65. Investors should await a breakout over at least $1.65 before considering purchase. With a small float moves in Group West can be exaggerated in either direction.



Bulletin # JUN99-01
Ezenet Corp. SYMBOL: EZE on Alberta Stock Exchange

Good morning to you all. The last time we initiated coverage on a new company with such a comprehensive report, we wrote about Sideware Systems (SYD.VSE) in February of 1998. The success of that story is as great as it was rare. Quite simply, despite our focus on large-cap companies, we have continued to search for another small-cap company that could meet and exceed all AGORA standards. The fact that it has taken AGORA 16 months to bring you another one is a testament to our focus on quality rather than quantity.

Please find enclosed our most recent research report with respect to EZENET CORPORATION (EZE.ASE). Pursuant to the company s latest audited financial statements and news releases, we now believe the time is right for AGORA readers to take a closer look at Ezenet, for the reasons we have outlined below. As usual, we have conveniently divided our reports into sub-headings that make our conclusions easy to read and follow. Before presenting our full report, we would like to present you with the following financial highlights, which will no doubt lead you to the same positive conclusions we have made with respect to Ezenet Corp.


  • Has provided data outsourcing, software and high-speed Internet communications to business for 18 years and has achieved profitability in 20 consecutive years;
  • Clients include Banks, Mutual Funds, Trust Companies and Mortgage Investment Managers. List of clients includes: Bank of Montreal, Dynamic Mutual Funds, Newcourt Financial, First Marathon Securities, AGF Trust, Midland Walwyn, I.O.F. and others;
  • Financial performance for most recent year, ended December 1998. Revenues - $2.17 Million. (Increase over 1998 37%) Profits - $280,000 (Increase over 1998 484%)
  • Financial performance for most recent quarter, ended March 31, 1999. Revenues - $640,000 (1999 annualized = $2.56 Million = Projected Growth of 17.97%). Profits - $157,000 (1999 annualized = $628,000 = Projected Growth of 124%); and
  • The company has NO debt and a high six-figure cash balance.

We believe it was important to review these figures before presenting any further details because they insure the financial viability of this company. Quite simply, the actual figures and the year-over-year growth are rock solid. This is significant because too many new small-cap companies are long on exciting ideas but very short on financial stability. As such, the majority of new small-cap issues expose their shareholders to the risks associated with insufficient financing, including dilution, business interruption and inability to execute the business plan.

AGORA is proud to present its readers with a company that has proven the ability to generate significant revenues and profits as a private company over a 20-year basis. Combined with a solid customer base, which includes the biggest financial institutions in the country, AGORA is extremely confident the company will never expose its shareholders to risks associated with financing.

Once you have completed a review of our report, we urge you to take a closer look at this company yourselves and review all the information found at the Ezenet web site. For your convenience, we have taken the liberty of providing links within our report to any relevant information on the web. For those of you who prefer to review information in your own special way, we provide the following link directly to the company s home page: http://www.ezenet.net/


It is important to realize that Ezenet operations can be divided into two separate groups Data Processing Services and PC software development. 98% of all Ezenet revenues are generated by Data Processing Services, which generate revenues from the big financial institutions named above. The PC software development division creates software for individuals to use on their PC s and provides the opportunity for exponential future growth. In order to understand each operation better, we have broken them down as follows:

Data Processing Services The Core Business There is an easy way to explain this business and a hard way. We ll take the easy way. Quite simply, every time you make a deposit at the bank, contribution to your mutual fund or payment on your car lease, that data has to be tracked, stored and secured on a complex system. This is how institutions insure that all of your financial statements are correct at any given time. The list is not limited to these functions and can be extended to GIC s, RRSP s, Mortgages, Loans and any other financial tool.

Rather than performing these complex functions themselves, banks, mutual fund companies and other financial institutions outsource the business and turn to Ezenet. In turn, Ezenet provides the equipment necessary both at the client s location and at a secure location, as well as, the necessary software to insure the integrity, accuracy and security of the information. In short, Ezenet undertakes a huge responsibility but is paid well to do it.

In addition to the data processing services, Ezenet also generates revenue from the maintenance and service of the network linking the client to Ezenet. Due to the complexity and sensitivity of the information, Ezenet typically enjoys exclusivity in these contracts and generates significant revenues. Here is just a short list of Ezenet s well-known clients:

  • AGF Group of Funds
  • Bank of Montreal
  • First Marathon Mortgage Corp
  • First Marathon Inc
  • IOF Foresters
  • Manulife Financial
  • Midland Walwyn

The combination of these two core functions generates 98% of Ezenet s $2,000,000+ in annual revenues. More importantly, the complexity and sensitivity of this service means Ezenet is unlikely to lose a client once they have been obtained. Unlike most corporate functions, data processing is very difficult to change between suppliers and will only occur if a supplier such as Ezenet essentially fails to perform its function. Given the fact Ezenet has performed these services for two decades, it is safe to assume Ezenet has established a solid reputation for essential data processing services within the financial community and can expect continued growth from their core operations.

An example of this growth can be found in EZE s recent press release announcing a multi-year contract to provide data processing and system design services to a new on-line auto leasing alliance between The Bank of Montreal (BMO) and Newcourt (Newcourt) Credit Group. BMO and Newcourt believe they will be able to capture a significant portion of the annual $15 Billion Canadian auto leasing industry and EZE will provide all data processing services for the alliance. This contract will not only have a positive impact on EZE s bottom line, it is also indicative of Ezenet s ability to capture contracts with Canada s largest financial institutions.

With respect to the effect of this contract on company financials, it is important to realize this agreement commenced on April 1, while the last reported quarter was for the period ending March 31. As such, Ezenet can expect to see even bigger growth than first quarter numbers have actually projected for 1999. For your convenience, we have provided a link to the full press release below:


In summary, shareholders will be able to count on a steady, secure and growing revenue/income source from Ezenet core operations, thus eliminating any exposure to finance risk and maintaining the company s ability to finance growth internally.


Due to the success of its core business, Ezenet has the luxury of developing further products and financing them with existing profits. Without question, Its most successful product to date is "InstaBase Web Ready", a software program that allows users to create databases of their own design and to publish the database on the Web.

If you do not have any experience in databases and this sounds a little bit confusing, you will find it easier to understand that InstaBase has been reviewed and recommended by highly reputable computer magazines, including, "Business Week", "PC Magazine" and "PC World", which selected it as one of the best software products of the year. This is the kind of language that any investor understands and values. Here are just some specific quotes and awards from those publications:

  • PC World Online Top 10 database tools. March 19, 1999
  • PC World Online Editor s Pick. February 1999
  • Business Week First rate software for small biz. March, 1998
  • Tucows Must Have! Beautiful piece of programming!
  • PC World Magazine Instabase is more accessible and approachable than its famous-name competition. April, 1998
  • ZD Net Editor s Pick. September 6, 1998
  • Pittsburgh Tribune People who have never used a database before&might just love it and the price is right . September 28, 1998
  • Toronto Star While clearly aimed at newbies, It is chock full of features . June 4, 1998

Impressively, we don t have the room to list all of the top reviews and awards but the list is proof positive that InstaBase is a great piece of software and should enjoy great success. This, in turn, translates into great potential revenues and income for EZE. For your convenience, we have included the direct link so that you can review all the accolades and awards at: http://www.instabase.com

Just click on reviews for the complete list. While you are there, we urge you to look around the effectively designed site and learn more about InstaBase.

The success of the product has now led to distribution deals being signed with large software distributors in both the United Kingdom (Guildsoft Ltd.) and Germany (Softline AG) over the last two months. To further fuel the current demand in Germany, a German help file has been created as well as a German patch which changes the online databases which are created by InstaBase, into the German language. For your convenience, we have provided the following link to these press releases:


With respect to North American distribution, InstaBase has signed a retail deal with Business Depot (Canada) in which InstaBase will be bundled with the launch of Microsoft Office 2000, as well as, sold independently. In conjunction with their retail effort, EZE has hired the former Word Perfect Sales Manager to head US Sales and we expect to see further retail deals signed in the future.

In addition, Ezenet also advises an infomercial test-marketing program is to begin broadcasting in fifteen (15) US markets by the end of June, as well as, in Toronto with the addition of a radio advertising program. If the test marketing proves successful, Ezenet will expand infomercial marketing to major North American markets including Los Angeles, New York and Chicago.

With respect to wholesale distribution, the company has also signed an agreement with software distributor Merisell.

As a result of these marketing initiatives, Ezenet is projecting InstaBase sales of approximately $1,000,000 in 1999, which alone would translate into an additional 50% increase from EZE 1998 revenues.


Unlike the majority of new small-cap issues, Ezenet has been a revenue generating and profit-earning corporation for the 20 years it operated prior to going public. A review of the most recent data reveals impressive figures and growth.

On an annual basis, Ezenet achieved revenues of $2,127, 540 for the year ended 1998 and achieved growth of 37% over 1997 revenues of $1,552,834. Profits for 1998 were $278,544. This is an especially refreshing change over new small-caps which rarely report profits in their early years if ever. This profit figure also represents a big jump (484%) over 1997 profits of $47,663.

On a quarterly basis, Ezenet recently released its 1999 first quarter results and they strongly indicate that Ezenet is well on its way to continued growth. Specifically, Ezenet reported 1st quarter revenues of $640,247 and profits of $157,791.

If we extrapolate these figures over the 1999 year, we project 1999 revenues of $2,560,988 and 1999 profits of $631,164, which represent growth of 17.97% and 124% respectively. Given the impressive nature of these figures, we are even more impressed with the fact they do not take into account any of the revenues to be generated by the Bank of Montreal/Newcourt contract. That contract commenced on April 1 and will be reflected in the 2nd quarter report for the period April 1-June 30.

Nor do they take into account any additional anticipated revenues from InstaBase. Despite being in its early stages, we believe the company will benefit from sales of InstaBase as the marketing program begins to gain momentum in the second half of 1999. Currently, the company is anticipating sales of approximately $1,000,000 from InstaBase.

An indication of EZE s financial strength can be found in the fact the complete InstaBase marketing program is being funded internally. This is completely atypical of any new small-cap issue, which almost always requires private placement financing - and dilution - to fund such large marketing initiatives.

In summary, Ezenet financials are impressive from a revenue, profit and growth perspective and we rank it among the very best in new small-cap issues. The financial health of this company provides shareholders with stability, security and the ability to finance most projects internally, thus reducing the risk of undue dilution and all risks associated with small-cap companies. Such financial health also gives the company greater leverage if financing for larger projects is ever necessary.

STOCK INFORMATION Ezenet trades on the Alberta Stock Exchange under the symbol EZE. The company has issued and outstanding shares of 7.4 Million common shares and 3.0 Million preferred shares. EZE commenced trading on October 19, 1998 and opened at a price of .21. EZE hit a 52-week high of 3.20 in May. As of this first week in June, EZE is trading in the 2.80-3.00 range.

Fundamentals of EZE make it a definite acquisition target for The AGORA Portfolio. We are very impressed by both the fundamental and financial strength of this small-cap company, a combination that is rarely found in new public companies. We are also secured by the fact EZE generates the majority of its revenues from core operations that were long established and profitable before this company ever went public. The company s client list and technical expertise leads us to believe that core revenues and profits will only continue to grow.

From an acquisition point of view, EZE traded from 1.50 to 3.00 in just under one month and, true to our philosophy, will need to show some staying power at current highs before acquisition by The AGORA Portfolio. As such, we will be watching the trading action and volume in EZE very closely over the next 30 days for any natural pullback. If that does not occur and EZE begins to enjoy success from InstaBase sales, The AGORA Portfolio will then begin acquiring core positions in this company.

Regards, AGORA


By the way, don't forget to take advantage of our program in which AGORA readers are paid 50 cents an hour to surf the web, as well as, referral fees for all their friends and associates who surf the web. There are no fees, no obligations and no catches. The fact of the matter is that Internet companies are willing to share the wealth, in return for our time on the web and it is about time! Go take a look and tell us what you think. Here is the link: http://alladvantage.com/go.asp?refid=aon411



TORONTO, ONTARIO (June 10, 1999) - Ezenet Corp. is pleased to announce that its InstaBase 4.0 Web Ready software is now available to the public through one of Canada's largest retail outlets, Business Depot Ltd. InstaBase is part of Business Depot's promotional launch of Microsoft Office 2000 and is now readily available at all outlets across Canada.

"This is a great opportunity for users to easily obtain InstaBase. InstaBase is attractive to a growing market and Business Depot outlets provide an excellent opportunity for the product to take its place among other great software. With Business Depot's stores all across Canada, the sales volume of InstaBase is expected to increase significantly as more businesses and individuals are able to acquire the product. We also expect this opportunity to open doors to other major retail outlets in North America," stated Daniel Ezer, Ezenet Vice President of Marketing.

About Business Depot Ltd.

Canada's largest office products retailer was founded in Toronto in 1991. The company is an Every Day Low Price retailer that offers customers the "Best Buys In Office Supplies at Guaranteed Low Prices". Currently, the chain operates 134 stores across Canada under the banners STAPLES (38 Stores), STAPLES Business Depot (48 Stores), BUSINESS DEPOT (20 Stores) and BUREAU EN GROS (28 Stores). In addition to the Canadian operation, STAPLES Inc. has stores operating in the United States, the United Kingdom and Germany.

Visit Business Depot in the internet at: www.businessdepot.com



TORONTO, ONTARIO (June 3, 1999) - Ezenet Corp. is pleased to announce that its InstaBase product is now available for sale in the United Kingdom as a result of an agreement signed with Guildsoft Ltd. Furthermore, pursuant to a contract with Softline AG in Germany, InstaBase is now available in two major European countries. InstaBase will soon be launched in Canadian and U.S. retail outlets.

"We believe the European market place to be an up and coming market and one in which we will be very successful. The worldwide demand for the utilities that InstaBase provides necessitated the distribution agreements with Guildsoft in the UK and with Softline in Germany. By opening the channels for distribution in these two major European markets, we are positioning InstaBase to take advantage of a global presence, which will increase our sales volume worldwide. We expect InstaBase to continue to pick up momentum in countries overseas and in North America," stated Daniel Ezer, Ezenet Vice President of Marketing.

Guildsoft Ltd., based in Ivybridge, Devon, U.K., is a value added distribution company, which has contracted with Ezenet Inc. for the rights to sell InstaBase in the United Kingdom. Guildsoft (www.guildsoft.com) is one of the United Kingdom's leading suppliers of business, Internet, and network software. The launch of InstaBase by Guildsoft, which began on May 26, has been well received by consumers as well as retail stores in the area. InstaBase is currently available for purchase to consumers all across the UK through Guildsoft for £49.95 including VAT.

In Germany, Softline AG (www.softline.de), one of the largest distributors of software in the world, sells InstaBase for DM 179.00. To further fuel the current demand in Germany, a German help file has been created as well as a German patch which changes the online databases which are created by InstaBase, into the German language. These efforts should further increase the demand for InstaBase in the German speaking marketplace.




Guildsoft Ltd. announces the release of InstaBase Web Ready, the revolutionary database with a unique web-publishing feature! The release of this critically acclaimed software package in the UK has been far too long in coming, according to current InstaBase users.

InstaBase 4.0 Web Ready is an easy to use database designer for day to day needs. The stunning "Web Ready" feature gives even novice Internet users the ability to instantly publish their databases to the Web! From the comprehensive, simple and pleasing layout the user can easily rename fields, import graphics or text or double-click to open an e-mail program or Internet browser. InstaBase has powerful reporting and searching tools, unlimited databases, graphic storage with zoom and edit capabilities, text fields for comments, importing/exporting features, backup and restore and an enhanced toolbar. Whether the user is putting together a list for e-commerce, scholastic or social purposes, arranging a roster with photos or medical records, implementing inventory control for a business or building a list of recipes for that new diet, InstaBase 4.0 Web Ready is sure to assist.

InstaBase Web Ready's fantastic "Publish To The Web" feature is fully customizable - users are able to change the colour and size of the on-line database applet automatically and also customize many other features. InstaBase has even included a great utility for uploading users' files easily and quickly. The "Upload Utility" even recognizes which files belong to InstaBase and selects only those for uploading. Other features include the ability to attach documents of any type to each record.

The 'Insta Web Wizard', a feature that was unavailable with previous versions of InstaBase Web Ready, performs the enhanced publishing. The Insta Web Wizard is sophisticated, easy and will quickly allow users to make the most of their custom changes. Developers and casual users will all love this feature! The on-line databases published by InstaBase are multi-platform and can be viewed by anyone on the Internet because InstaBase uses Java technology. CGI scripting or HTML programming ability are not required by the users, nor does the user's Internet Service Provider need to be contacted.

Previous versions encountered great acclaim in the US. Mentioned in PC World's April 1998 issue about the "Best Stuff Online," InstaBase has also been reviewed in PC Magazine, Business Week Magazine and the Los Angeles Times, all of which placed it among the very best business applications. InstaBase has been the center of attention on many Internet web sites such as the notable ZDNET, Download.com and the well-known Tucows.

The range of premier quality Internet products available exclusively from Guildsoft now covers more software categories than ever before and includes usage monitoring software, web animation and graphics packages and other web site development tools. Internet software is one of many sectors covered by Guildsoft products through their exclusive partnerships with a number of manufacturers based in the United States - areas also covered by Guildsoft products include small and corporate business software, DTP packages, educational, multimedia and utility software.

InstaBase becomes the third database application to be published in the UK by Guildsoft Ltd The CD ROM box version of InstaBase 4.0 Web Ready is available for £49.95 including VAT. Soon to be available from all major software distributors throughout the UK, interested users can order the CD ROM Box version directly from the Guildsoft web-site. Additionally, orders can be placed by telephone by calling Guildsoft Ltd on 01752 895100.



TORONTO, ONTARIO (May 12, 1999) - "The first quarter ended March 31, 1999 has been a momentous one for Ezenet Corp. ("Ezenet"). On March 12, 1999, the company entered into a multi-year contract to provide data processing services to a company formed through an alliance of the Bank of Montreal and Newcourt Financial Corp.

This contract began on April 1, 1999 and will result in a significant increase in revenues and earnings", stated Haron Ezer, President of Ezenet Corp. The results for the first quarter ended March 31, 1999, the first reported since Ezenet became a public company, reflect growth in revenues and earnings from its core financial services business. Core revenues increased by 14.5 % to $643,230 in Q1 1999 from $561,809 in Q1 1998, while net income after tax increased by 60 % to $157,791 from $98,342. Earnings per share increased to 2.1 cents (up 61%) from 1.3 cents in Q1 1998, while Cash Flow per share increased to 2.7 cents (up 80%) from 1.5 cents in 1998. These results do not reflect the benefits of the new contract mentioned above. As at the end of the first quarter, Ezenet was in a strong cash position , with no bank debt and poised to launch a major marketing campaign to promote its award winning InstaBase Web-Ready software.

Ezenet is also pleased to report Revenues and Earnings for the year ended December 31, 1998, the final year of the company as a private corporation. The full financial results are available on SEDAR - www.sedar.com and on the company's web site at www.ezenet.com Revenues for the year were $2,345,708 and Net Earnings After Tax were $278, 544 or 3.7 cents per share. Cash Flow per share was 8.3 cents. "Ezenet continued to see strong growth in core financial services revenue during the year and we expect that, as the new contract comes on stream, there will again be substantial growth in revenues and net income in 1999", noted Terry Rogers, Chief Operating Officer of Ezenet.

"The company is now very well positioned to capitalize on emerging technologies and we are moving ahead with initiatives directed at enhancing shareholder value. We would encourage all our shareholders and interested parties to visit our web sites at www.ezenet.com and www.instabase.com, in order to stay abreast of what Ezenet is doing", said Haron Ezer, President.



TORONTO, ONTARIO (April 22, 1999) - Ezenet Corp (EZENET) today announced that their Research and Development Department has completed the development and implementation of its financial banking software on the new family of IBM RS6000(tm) servers. Additionally, Ezenet also announced that the new servers will operate with the latest version of IBM's(tm) operating system, AIX 4.3(tm), which is the only UNIX based operating system in the world to be granted a "High" level of security.

Ezenet is a member of IBM's(tm) Software Solutions Development ProgramŠ and works closely with IBM(tm) to resolve problems and introduce new software applications to the RS6000 family. This close relationship has allowed the successful migration of Ezenet's groundbreaking financial software to the new family of SMP servers. With the development complete, Ezenet is now ready to offer its clients an even wider range of opportunities for expansion and enhancement of existing operations. The knowledge that arises from Ezenet's development program also offers its clients great ease of migration as well as a wide range of opportunities for business development. The faster speed now available will also allow more financial branches & larger wide area networks to be connected with even greater performance.

Kasra Meshkin, Vice President of Research & Development at Ezenet states, "With this achievement, Ezenet offers superior reliability, speed and availability for it's banking software systems that must provide continuous availability. We are also moving towards Cluster technology and will be developing on IBM's Advanced Cluster servers. As technology continues to advance in new areas of SMP partitioning, predictive analysis, and wide area cluster and data duplication, Ezenet will continue to deliver it's banking software to its customers with the best technology available in the financial banking industry."

The RS/6000 Enterprise Servers(tm) are available in symmetric multiprocessor (SMP) models that are well suited for mission-critical commercial, large e-business, or Enterprise Resource Planning environments. These new RS/6000 Enterprise Servers(tm) run IBM's(tm) award-winning AIX(tm) operating system and provide complete 64-bit computing solutions. These servers also boast improved power and up to 4 way processing for blinding speed. Along with the enhanced processing capability, the new servers have IBM'sŠ enhanced X5 cache system with the proven 332MHz 604e processor. With this successful integration, Ezenet is now poised to migrate its clients to the newer and faster platforms and to lead these clients into the next century.

The new family of IBM RS6000 SMP servers is being operated by IBM's(tm) latest operating system AIX 4.3(tm). Due to Ezenet's adherence to extreme security, Ezenet Inc. plans to implement this operating system as a standard in the future for its financial industry based clients. The new operating system will offer Ezenet's clients even greater security since AIX 4.3(tm) is the first 64 Bit Operating system certified at the E3/F-C2 level with strength of mechanisms "High", according to European Information Technology Security Evaluation Criteria (ITSEC). This indicates a high level of security function regardless of the specific requirements of the customer. AIX 4.3Š is the only UNIX operating system that supports a 64-bit operating environment being evaluated and certified at the E3/F2 - C2 level.

The research department at Ezenet looks forward to welcoming its clients to a fast, reliable and limitless future.



TORONTO, ONTARIO (April 15, 1999) - Ezenet Corp. (EZENET), successfully launched their InstaBase database product at the largest Computer Industry show in the world, CeBIT, in Hannover, Germany. In conjunction with European Distributor Softline‰ (one of the largest distributors of software in the world), Ezenet displayed their revolutionary new product to the European public for the first time.

Ezenet was met with overwhelming response from the European public, much like the response received from the North American public at the 1998 fall COMDEX show in Las Vegas. Many web developers and product distributors from all over the world were extremely impressed by the power of the software and in its ease of use.

Ian Guthrie, Director of Projects and R&D for InstaBase states, "We knew from our experience with launching InstaBase in North America that the European market has no comparable product. Judging by the public's reaction, it was apparent that they were excited to learn about InstaBase and its capabilities. With the many great contacts that were made with distributors from England, Italy, Czech Republic, France, Netherlands and many other European countries, it won't be long before InstaBase is seen in stores all over the world."

Ezenet's attendance at CeBIT was as much to demonstrate InstaBase to the European market as it was to cement mutually beneficial working relationships with many major European distributors.



TORONTO, ONTARIO (April 13, 1999) - Terry Rogers, Chief Operating Officer of Ezenet Corp. ("Ezenet") today announced the signing of a three (3) year Investor Relations agreement with Surefund Capital Corporation ("Surefund") of Toronto, under which Surefund will provide ongoing services to Ezenet by informing potential investors about Ezenet, as well as other investor relations, market-making and maintenance services, in accordance with Circular No. 4, Section 2.5.21 of the Alberta Stock Exchange Policies and Procedures. The Agreement allows either party to terminate the contract upon the giving of 180 days notice.

Surefund has provided investor relations services to TSE and ASE publicly traded companies, during the past five years.



TORONTO, ONTARIO (March 12 , 1999) - Terry Rogers, Chief Operating Officer of Ezenet Corp. ("Ezenet") today announced the signing of a multi-year, multi-million dollar contract to provide data processing and system design services to a new on-line auto leasing alliance between The Bank of Montreal and Newcourt Credit Group. FinanciaLinx, a subsidiary of Newcourt, will provide automobile dealers across Canada with a new, e-commerce product that offers a unique, made-in-Canada auto leasing alternative to consumers.

"We are very excited about this alliance, " said Tim Hammill, Executive Vice-President, Newcourt Financial. "By giving auto dealers a unique on-line solution, FianaciaLinx offers tremendous long term growth potential and delivers the ability to capture an increased share of the $15 billion annual volume of Canada's auto leasing market."

"By combining Newcourt's advanced on-line technology and Bank of Montreal's state-of-the-art credit evaluation system, FinanciaLinx offers strong competitive benefits to consumers through automotive dealerships," said Munir Panjvani, Vice-President, Retail and Commercial Banking, Bank of Montreal. "The FinanciaLinx product combines the strength of each company to provide a new level of service and national commitment to consumers".

Funding for the FinanciaLinx lease product will be equally shared by Newcourt and Bank of Montreal. The new company hopes to acquire a significant share of Canada's auto leasing volume within two years.

Terry Rogers, Chief Operating Officer of Ezenet Corp. stated; "This contract will have a significant positive impact on Ezenet's bottom line as revenues will start flowing immediately. It also enhances Ezenet's position as a recognized market leader in the provision of data processing and system design services to the financial sector."

Bank of Montreal (BM:TSE, www.bmo.com), Canada's first bank, is a highly diversified financial services organization. The bank and its 34,000 employees serve seven million customers through 1,250 locations. Newcourt Financial is the commercial finance business arm of Newcourt Credit Group (NCT:TSE, www.newcourt.com), one of the world's leading sources of commercial and corporate asset based financing with owned and managed assets of $36.2 billion and global capability in 26 countries.



TORONTO, ONTARIO (February 25, 1999) - InstaBase , in conjunction with European Distributors Softline are pleased to announce that InstaBase will have a major presence at the largest Computer Industry show in the world, CeBIT in Hannover Germany.

After the fantastic reception at the fall COMDEX show in Las Vegas, InstaBase is confidant that the European trade-show will become a repeat performance.

Ian Guthrie, Director of Projects and R&D for InstaBase states, "We can hardly wait to demonstrate InstaBase in Europe. We know already that the European market has no competition for our product, and we've just released InstaBase 4.0C Web-Ready, so we think we'll take CeBIT by storm!"

InstaBase's attendance at CeBIT is as much to demonstrate the software to the European market as it is to cement the mutually beneficial working relationship with Softline‰ , one of the biggest distributors of software in the world.



TORONTO, ONTARIO (February 24, 1999) - Ezenet Inc. has just released a new version of InstaBase Web-Ready that contains many enhancements to the already revolutionary program, and even greater improvements to the unique web-publishing feature! Please note that for the next short period of time, the new version is only available on-line at: http://www.instabase.com/fdownload.html

InstaBase Web Ready's fantastic "Publish To The Web" feature is now much more enhanced and is fully customizable. Users can change the colour and size of the on-line database applet automatically as well as customize many other features. InstaBase has even included a great new utility for up-loading users' files easily and quickly. The "Upload Utility" even recognizes which files belong to InstaBase and selects only those for uploading. Other new features include the ability to attach documents of any type to each record.

The enhanced publishing is performed by the Insta Web Wizard, a feature that is brand new to this version of InstaBase Web Ready. The INSTA Web Wizard is sophisticated and easy and will quickly allow users to make the most of their custom changes. Developers and casual users alike will love this new feature! The on-line databases published by InstaBase are multi-platform and can be viewed by anyone on the internet because InstaBase uses "Java" technology. No CGI scripting or HTML programming ability is needed by the users, nor does the user's Internet Service Provider need to be contacted.


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