Kuala Lumpur

19th April 2005

CWORKS SYSTEMS BHD LAUNCHES IPO PROSPECTUS

CWorks Systems Bhd (CWorks) today launched its prospectus for the Initial Public Offer (IPO) of 12.92 million new ordinary 10sen shares at an issue price of 67sen each in conjunction with its listing on the MESDAQ Market of Bursa Malaysia Securities Bhd.

CWorks’ listing exercise will raise a total of RM11.1 million, including RM2.5 million raised from a rights issue prior to the listing.  Abdul Rani Achmed, CEO of CWorks announced that the offer for sale of the 12.92 million new shares consists of the institutional or high net worth tranche of 11.92 million shares and the retail tranche of 1 million to the Malaysian public.

CWorks’ listing exercise is being managed by Avenue Securities Sdn Bhd, which is also the Adviser, Placement Agent, Managing Underwriter and Sponsor.

EXPANDING EXPORT MARKET

According to En. Rani, “CWorks will focus on two key areas in growing its business. The funds raised will be used to expand the breath and depth of our export market. To this end, we have translated packages into Spanish and Mandarin and will look to tie up with ground agents in our growth markets which include North America, South America and China.”

CWorks is the top local Computerised Maintenance Management Systems (CMMS) player and the company develops and markets its own brand of solutions for facilities management and plant maintenance. A unique and competitive business model allows cost to remain low for both the company and the end user, a key factor behind the rapid market acceptance seen for CWorks’ products.

On its way to becoming a global brand, CWorks has customers from over 35 countries including the USA, United Kingdom, Canada, South Africa, Taiwan, Ireland, Saudi Arabia and United Arab Emirates the CWorks’ client list includes multinationals like Colgate-Palmolive, Vickers Specialist Engines and homegrown Proton.

“CWork’s IPO has attracted strong interest and we expect the listing to be a resounding success”, said Tengku Zafrul Aziz, Chief Executive Officer Avenue Securities Sdn Bhd, who was also present at the prospectus launch held today.

The offer period of the IPO will close on 27 April 2005. The issued and paid-up capital of CWorks comprising 50 million shares will be listed on the MESDAQ market of the Bursa Malaysia Securities Berhad tentatively on 10 May 2005.

-ENDS-