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Testimony to Walden's industry-focused investment strategy in leading promising high-growth technology companies to leverage on emerging trends and expand globally Taiwan/Hong Kong, May 2, 2002 - Walden International, a leading global venture capital firm, today announced that one of its portfolio companies, Billionton Systems Inc., ("Billionton") (TAISDAQ: 6172), has completed a successful initial public offering ("IPO"). Billionton began trading publicly on the TAISDAQ of Taiwan on April 18, 2002. Established in 1997, Billionton has evolved from a principally PCMCIA card manufacturer into a leading innovator, manufacturer and marketer of mobile peripherals in Asia. The company now offers a range of high-quality personal digital assistant ("PDA") accessories and PCMCIA cards for notebook PCs under its own brand, Billionton. At the same time, it also supplies international PC manufacturers including Dell and Compaq. Billionton was the first company able to ship DVD PCMCIA cards and produce the smallest thumb-size 10/100 Ethernet adapters. Billionton offered 3,443,000 shares in its initial public offering raising approximately NT$79.2 million (or US$2.3 million). The IPO was underwritten by China Securities Ltd. Corp. Based on the IPO price of NT$23 per share, Billionton's public market valuation is approximately NT$800 million (or US$23 million). Walden International's investment of NT$26.2 million (or US$0.75 million) for 1,572,480 Common Shares was made through one of the Pacven regional funds in July 1998. Walden International currently holds approximately 4.57% of Billionton's outstanding shares. Leveraging on the expanding mobile PC and PDA market, Billionton had impressive fiscal 2001, when the company recorded a net profit before tax of NT$40.5 million (or US$1.2 million) on a turnover of NT$950 million (US$27.1 million). For the first quarter of 2002, Billionton achieved an estimated net profit before tax of NT$20 million (US$0.6 million) on a turnover of NT$300 million (US$8.6 million). "We are delighted we have successfully launched our IPO in spite of challenging market conditions, enhancing our resources for further expansion and reaffirm Billionton's market position. It is also an acknowledgement of our strengths as we move towards our goal of becoming a major global provider of state-of-the-art products and solutions to the wireless industry," said Mike Liang, President of Billionton. "We are also very grateful to our long-term investors, including Walden International. They have become a strong strategic partner and supporter." "We are very pleased with our investment in Billionton and the fact its management team has demonstrated its ability to grow the company rapidly and profitably," said Tzu-Hwa Hsu, Managing Director of Walden International. "Walden International has been actively involved in the growth and operation of the portfolio companies: from strategic planning, bringing in strategic partners, offering them advice on how to expand into international markets to helping them identify their core strengths. We also worked closely together identifying emerging trends and capturing market opportunities as wireless communications evolves into a new phase." Headquartered in Hsin-Chu, Taiwan, Billionton has its office in the United Kingdom and markets its products in eleven other countries incuding the United States, Japan and Germany throught its sales representatives. About Walden International Walden International is a leading global venture capital firm, providing early stage technology companies with the advantage of an unrivaled global network since 1987. The firm's international venture capital funds comprise more than US$2 billion in committed capital. Walden International's global organized network of multi-cultural professionals spans the United States, Hong Kong, China, Singapore, Japan, Taiwan, India, Malaysia and the Philippines. For more information, please visit www.waldenintl.com. Media Contacts: Celia Webb Fleishman-Hillard San Francisco Tel: 415 356 1011 Email: webbc@fleishman.com
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