News Release

Released: March 1, 2000 Contact: Michael Bernard
899-6500 or
(BC only) 1-800-373-6393

Vancouver - The British Columbia Securities Commission has imposed a cease-trade order against Euro-Net Investments Ltd. for failing to file proper financial statements and adequately inform the market about material changes in its business affairs.

The company, which trades only on the Canadian Dealing Network (CDN) in Ontario, is a reporting issuer in British Columbia and is subject to disclosure requirements in this province. The deficiencies came to light during a review conducted under the commission's continuous disclosure review program.

"We issued the cease-trading order because we are concerned, among other things, that the company has not filed interim financial statements for the six months ended June 30, 1999 or the nine months ended Sept. 30, 1999 that properly accounted for a significant company acquisition," said Commission Deputy Director of Compliance Gerry Halischuk.

In April 1999, Euro-Net announced it had acquired a 50 per cent equity position in Ebop Limited, a private company incorporated in the United Kingdom. In August 1999, Euro-Net announced its interest was diluted to a 13% residual interest.

Halischuk said the disclosure about the acquisition in Euro-Net's news releases was not sufficient to enable readers to appreciate the significance of the acquisition, as there was insufficient disclosure of financial information about Ebop, the dilution of Euro-Net's equity interest in Ebop, the names and occupations of Ebop directors and the names of its principal shareholders.

The company also provided insufficient information about a private placement of between $2 million and $4 million, which it disclosed in a news release dated Feb. 17, 2000, he said. The cease trade order remains in effect until the Issuer files the required information.

Shareholders and other interested parties may wish to contact Euro-Net spokesperson Tony Pollard at (604) 687-0300 for more information.

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts in the province. A copy of the Cease Trade Order can be viewed on the Commission's Web site (www.bcsc.bc.ca) or by contacting Communications Manager Michael Bernard at (604) 899-6500 or 1-800-373-6393 (toll-free in B.C. only).