Asia Web Holdings Inc. Files Complaint Against PT. Jaring Data Interaktif and Related Parties.

Business Editors/Legal Writers

CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 17, 2000

Asia Web Holdings Inc. (OTCBB:AWHI) (the "company") announced today that on Nov. 13, 2000, the company filed a complaint in the United States District Court for the District of Delaware naming as defendants PT. Jaring Data Interaktif ("JDI"), an Indonesian corporation, Peter F. Gontha, Francois Gontha, Dewi Allice Lydia Gontha, Adisatrya Suryo Sulisto, Ahmad Sidik Mauladi ("Dicky") Iskandar Di Nata, Alanberg Pte.Ltd. ("Alanberg"), Marlon Buno, Lincoln Stone, and Bosko Djordjevic (collectively, the "defendants").

Asia Web Holdings Inc. v. PT. Jaring Data Interaktif, et al., Case No. 00-949, United States District Court for the District of Delaware. The complaint alleges that the defendants engaged in a conspiracy to defraud the company of approximately 80% ownership in the company and approximately $900,000 invested with defendants in connection with the Amended and Restated Stock Purchase Agreement (the "Purchase Agreement"), dated March 24, 2000, as amended, by and between the company, Acubid Acquisition Corp., a wholly owned subsidiary of the company, JDI and Adisatrya Suryo Sulisto, a 90% shareholder of JDI (who subsequently assigned his rights and obligations under the Purchase Agreement to Alanberg, who purchased the 90% ownership of JDI from Sulisto).

The company asserts claims against the defendants based on violations of the Federal securities laws, fraudulent misrepresentation, fraudulent inducement and concealment, civil conspiracy, negligent misrepresentation, breach of fiduciary duty, breach of contract, conversion, impossibility and impracticability of performance and frustration of purpose of the Purchase Agreement and transactions described therein. Among other relief, the company is seeking a declaration that the transactions governed by the Purchase Agreement (including, but not limited to, the issuance of 44,000,000 shares of common stock of the company (approximately 80% of the issued and outstanding shares of the company)) are void, compensatory and punitive damages, attorneys' fees and costs and such other preliminary or permanent equitable relief as may be necessary to secure the voiding of the transactions which are more fully described in the complaint.

On or about Nov. 8, 2000, the defendants attempted to take control of the company based upon Alanberg's purported ownership of approximately 80% of the common stock of the company. The company has taken the position that such shares were illegally obtained by Alanberg and, therefore, are void and cancelled.

In a related matter, as previously reported, the company is a defendant in an action pending in the United States District Court for the Southern District of California (Selim K. Zilkha Trust, et al., v. Asia Web Holdings Inc., Case No. 00 CV 2025 J). Plaintiffs filed an Application for a Temporary Restraining Order and Preliminary Injunction which was denied by the trial court on Oct. 20, 2000. On that same date, Plaintiffs filed an emergency appeal with the United States Court of Appeals for the Ninth Circuit (the "Ninth Circuit"). On Nov. 3, 2000, the Ninth Circuit remanded the matter to the trial court for reconsideration and granted a temporary injunction which will be lifted or enforced through a trial on the merits when the trial court rules on the reconsideration. The company has filed a motion to dismiss the case which is scheduled for hearing before the trial court on Dec. 4, 2000.

Note: Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the combined companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.