CathayOnline, Inc. Announces Appointment of Jack Chin to its Board of Directors.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 4, 2000

CathayOnline, Inc. (OTCBB:CAOL) today announced that Jack Chin, a widely respected international entrepreneur, has agreed to join its Board of Directors.

Mr. Chin is an owner in corporations in New York, Houston, and China, and is a strong advocate in favor of business that creates a bridge between China and the United States.

Mr. Chin is now a resident of the United States, but he is a native of Taisan, in Guangdong Province. He has been involved in the international scene for over forty years, fostering economic exchanges between the two countries. From 1975 to 1998, he has been the president of Dai Tong Co, Inc., a real estate investment and management business, accounting service, and facilitator of joint venture projects in the United States and China. He has aided over twenty-five Chinese companies to set up permanent bases to exhibit and sell their products in the United States; and he has helped many American companies to set up joint ventures in China, in both high-tech and traditional industries.

From 1958 to 1975, Mr. Chin was a general partner and securities analyst at Hwa Hsing Investors, Inc., and an executive partner at Plans Securities Investment, Inc., both NASD listed firms. He was responsible for international business investment.

Mr. Chin has already been instrumental in establishing the Company's joint venture with WuYi University; he has worked closely with WuYi University in the past, fostering international student exchange agreements, and he has similar relationships with three other Chinese universities. He is a philanthropist, and has contributed to the building of schools and hospitals in China.

In the light of the new Permanent Normal Trade Relations legislation, Mr. Chin's presence on the Board of Directors should lead to even more doors opening for the Company within China. His expertise should help the Company to take the fullest possible advantage of the greater freedom of relations between China and the United States.

About CathayOnline Inc.

CathayOnline Inc. is aggressively striving to become a leading diversified Internet company targeting Chinese-speaking markets of the world, with primary focus on the People's Republic of China. Through key acquisitions, joint ventures, and prestigious international and domestic alliances, the Company is facilitating the delivery of products and services in two high growth areas: (1) as an Internet Service Provider and (2) advanced communications utilizing the Internet. More information can be obtained about CathayOnline by visiting http://www.cathayonline.com.

Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate", "believe", "intends", "estimates", "expect", and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.