EQUS LIMITED                                  2000-06-30  ASX-SIGNAL-G

HOMEX - Perth                                                         

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Further to the Company's announcement of 16 June 2000, and upon
successful completion of a due diligence review, the Company has
completed the acquisition of 100% of I-C-IP Limited.

Pursuant to the agreement, the Company's trustee has transferred
10.5 million fully paid ordinary shares in the Company from the
balance of "Treasury" Shares currently on issue (pursuant to the
Members' Scheme approved on 18 June 1998). The Company has also
issued 4.5 million options exercisable at between 20 cents and 30
cents within the next four years.

The Company has also appointed Mr Reg Gillard and Mr Ben Livson to
the Board of Equs Limited. Mr Gillard has been appointed
Non-executive Chairman, and Mr Livson joins as an Executive Director.

P Flint 
COMPANY SECRETARY

EQUS LIMITED                                  2000-06-16  ASX-SIGNAL-G

HOMEX - Perth                                                         

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The Company has entered into an agreement to acquire 100% of I-C-IP
Limited for a total consideration of 10.5 million shares and 4.5
million options exercisable at between 20 cents and 30 cents within
the next four years.

1. I-C-IP'S BUSINESS AND MANAGEMENT TEAM

I-C-IP is a recently established investment fund focused on
investment in and development of innovative Internet and e-business
ideas.

I-C-IP incorporates a strategy of capital investment, the provision
of strategic advice and active involvement in the development of new
businesses, in order to create a collaborative partnership with its
portfolio companies. This strategy allows entrepreneurs to focus on
managing their business and developing its potential, rather than
investing their time in less-productive infrastructure and capital
raising activities.

I-C-IP has a management team with considerable experience in
information technology, project acquisition and evaluation and
international capital markets. Key members of this team are 
Ben Livson and Reg Gillard.

Mr Livson LPHIL, MSC (age 48) has been providing consulting and
management services in the defence, aerospace, information technology
and telecommunications infrastructure sectors for over twenty years,
and now focuses on the areas of new generation telecommunications,
Internet services and e-commerce. Mr Livson was also an architect and
project manager of Telstra Big Pond Intranet.

Mr Livson will have prime responsibility for identifying, reviewing
and negotiating investment opportunities. Mr Livson will be based in
Sydney.

Mr Gillard FCPA FAICD JP (age 53) practised as an accountant for over
20 years, during which time he formed and developed a number of
service related businesses. Mr Gillard now focuses on corporate
management, the evaluation and acquisition of businesses and capital
raisings for emerging businesses. He is non-executive chairman of a
number of listed companies.

I-C-IP's management team is also supported by an advisory board. This
board consists of a number of highly experienced representatives from
the business and academic communities across Australia. This includes
representatives with significant experience in the areas of banking,
corporate management, patent protection, marketing, commonwealth and
state R&D grants, business strategy, market research, branding and
organisational structure. The academic representatives are from
leading universities in Melbourne, Sydney, Brisbane and Perth, and
are closely involved in information technology research. The advisory
board's contribution to the sourcing, analysis and development of
investment opportunities will be of significant benefit to I-C-IP
and its investee companies.

2. INVESTMENT STRATEGY

The types of business in which I-C-IP invests are small to medium
sized companies. I-C-IP aims to maintain a diversified portfolio of
between 5 to 10 investments of between $0.5 million and $2 million
each, with I-C-IP acquiring a substantial stake (between 20% and 60%)
in each portfolio company. This portfolio will be developed over the
next two years.

I-C-IP has excellent access to deal flow through the personal and
business connections of its management team and the advisory board.
I-C-IP's staff will also actively seek to source deal flow by direct
approach to the entrepreneur's natural allies (research institutes,
governmental funds, technology incubators and in cooperation with
other venture capitalists where applicable, etc) as well as
traditional sources such as investment banks, management consultants,
and accountants and lawyers.

The following are key investment criteria the Company will consider:

* Innovation - an innovative idea in the Internet or e-business
sectors with strong "first mover" advantage, providing the potential
to be a market leader. There must be potential for a sustainable
competitive advantage, and preferably there will be significant,
patentable intellectual property. 

* Management - strong and capable management with expertise in the
field of their technology and with a high level of enthusiasm and
drive.

* Growth - a business model built on strong revenue growth with low
marginal costs which should result in exceptional growth in value.

* Exit Strategy - there must be an identifiable exit strategy (eg
public listing or equity sale). I-C-IP will invest in securities
where there is a likelihood of ASX listing or equity sale within the
foreseeable future so as to ensure, to the extent possible, that the
ability to realise the investment is optimised. Investments during
the initial phase will be focused on an exit strategy of 6 to 12
months.

I-C-IP has a number of exciting investment opportunities in the final
stages of review and will be announcing developments in this area
shortly.

3. INVESTMENT PROCESS

I-C-IP's management team and advisory board have significant
experience in evaluating business opportunities, identifying their
key strengths and weakness and determining the likelihood of
commercial success in the marketplace. The evaluation is flexible and
streamlined to ensure the timing and cost of this process is
minimised to the extent possible.

The critical areas the Company will focus on once an investment is
made are: 

* ensure that the business is managed well, minimising costs and
maximising revenues (where applicable);

* supervise the development of the strategic plan to ensure that
opportunities for growth are pursued;

* supervise the implementation of the business plan, to ensure that
the business managers are focussed on successful commercialisation of
the product in an acceptable time frame.

I-C-IP's role is not only to supply the funds, but also to cultivate
a close relationship with the entrepreneurs and support, advise and
guide them in making strategic decisions. This is achieved through
the appointment of one of I-C-IP's managers or advisors as a member
of the investee company's board of directors.

4. PURCHASE AGREEMENT

The principal terms of the Company's agreement to acquire I-C-IP are
as follows:

(i) in consideration for acquiring 100% of the issued capital of
I-C-IP, the Company will;

* transfer and / or issue 10.5 million fully paid ordinary shares in
the Company;

* issue 4.5 million options consisting of three equal tranches
exercisable as follows:

 - at 20 cents between 1 July 2001 and 30 June 2004;
 - at 25 cents between 1 July 2002 and 30 June 2004; and
 - at 30 cents between 1 July 2003 and 30 June 2004.

(ii) completion of the transaction is subject to completion of due
diligence by the Company, any necessary regulatory approvals and
finalisation of an employment contract for Mr Livson's services.

(iii) the appointment of Mr Livson and Mr Gillard to the Board of
Equs Limited.

The acquisition of I-C-IP is considered to be complementary to the
Company's investment in the HOTS e-commerce online electronic trading
system. The I-C-IP management team will provide valuable assistance
in the development and marketing of this system and the realization
of the Company's investment in this business.


K Buller 
DIRECTOR