Eutech Cybernetics Enters into Strategic Partnership with Leading South Korean Company

Seoul, South Korea , Monday, December 03, 2001

Eutech Cybernetics signed a Technology Cooperation and Investment Agreement with MOSTech Co Ltd, a fast growing South Korean technology company that provides solutions in the areas of facility and infrastructure management.

According to the terms of the agreement, MOSTech would distribute and support Eutech Cybernetics’ flagship software product, iViva.works™ , through its network of offices located throughout South Korea. Also, Eutech Cybernetics would transfer technology to MOSTech in the areas of intelligent building and infrastructure management. MOSTech’s customers include leading Korean and other multinational corporations as well as Korean government institutions.

The signing ceremony held at the Seoul Marriott Hotel was attended by over 200 guests representing a cross section of Korean industry. The chief guest at the ceremony was Mr. Kim Jong Hoon, Director General of Bilateral Trade Bureau, Ministry of Foreign Affairs and Trade. Mr. Kim welcomed the partnership between Eutech Cybernetics and MOSTech and said that Eutech’s technology and know-how would be well accepted in South Korea, especially because of the company’s proven track record in Singapore.

In his welcoming speech Mr. Oh Joung-Hyun, CEO of MOSTech said that MOSTech had selected Eutech’s iViva.works™ software after evaluating different software solutions, as it has the advantage of being an integrated solution, with the full range of applications for infrastructure management, specifically designed to operate over the Internet. Mr. Oh added that iViva.works™ has a number of unique capabilities; such as the way it manages real-time information, its security features and ease of configuration and use.

Dr. Hari Gunasingham, CEO of Eutech Cybernetics said in his reply address: "It is significant that MOSTech and Eutech Cybernetics come from two of the most forward thinking countries in the Asia Pacific. Korea and Singapore have a lot in common; in particular, a passion for technology and the appropriate use of technology to advance economic growth."

South Korea, which is home to over 50 million people, is said to be the world’s most Internet savvy country in the world. Many Korean companies such as Samsung, LG and Hyundai are global technology leaders.