SR Singapore to Expand, Examine NASDAQ Listing

Singapore-based e-commerce software and services provider SR Singapore Pte Ltd has indicated plans to expand through development and acquisitions and seek a listing on the NASDAQ Small Cap market in July.

SR Singapore projects a combined revenue of US$60 million for the next three years from products and services it is developing and offering as well as products from soon-to-be acquired companies.

SR Singapore’s newest product line of E-business Kits targets small and medium enterprises (SMEs) and service providers (SPs). The kits help business-to-consumer merchants set up store fronts with shopping carts and payment facilities.

The products also provide customizable business-to-business solutions, as well as supply chain management, purchase/delivery order, and customer inventory systems that interface with customers’ existing enterprise resource planning (ERP) systems.

The company hopes to be successful in Singapore first before offering the
e-business kits to outside Singapore, particularly India and Dubai, said V.
Suresh, president and CEO of SR Singapore and SR’s holding company
SolutionNet International Inc (NASDAQ OTC: SLNN).

SR Singapore’s other products include ENet, a solution for Internet banking launched a few months ago; Intelligent Data Mapper (IDM) which integrates Web solutions to ERP systems; and Electronic Medical Info (EMI), a pilot project to electronically enable medical information.

Products currently in development include E-Insurance,, and Framework & Tools for Virtual Office.

In addition to developing and marketing its own Internet products and Web
hosting and consultancy services, the company’s expansion plan involves the
acquisition of Internet companies.

“We are in the process of acquiring companies in Singapore, the U.S., and
India. We hope to acquire the first company in the next three months,” said
Suresh, who declined to identify the companies.

SR Singapore currently has operations in U.S., Australia, and India. It plans to establish operations in Hong Kong, India, and Dubai
in six months.

The e-business solutions provider is a wholly owned subsidiary of SolutionNet, a publicly listed company on the Nasdaq OTC Bulletin Board but non-operational. SolutionNet stock has been trading on the Nasdaq OTC Bulletin Board since April 1999.

SR Singapore, through a share exchange agreement with SolutionNet,
currently has a market capitalization of over US$175 million on the OTC
Bulletin Board.

The company is recognized by the National Computer Board (NCB) of Singapore
as a Promising Local Enterprise (PLE) in the IT sector. It is also in the
NCB-Oracle Local Industry Upgrade Program.

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