FEVI Completes Acquisition of Sophisticated Communications, One of Industry Leaders in Prepaid Calling Card Business.

Business Editors/Communications Writers

MIAMI--(BUSINESS WIRE)--Aug. 30, 2000

Far East Ventures, Inc., (OTCBB:FEVI) announced today that it has completed its acquisition of Florida-based Sophisticated Communications, Inc. (SCI). As of July, 2000, SCI was selling over 100 million minutes per month in prepaid calling cards both domestically and internationally.

According to company president, Michael S. Fletcher, "Our profitable history and proven market strength combined with our new status as a public company will provide increased capabilities to acquire related operations which can help strengthen our bottom line results. One of the key reasons we decided to enter the public marketplace was to take advantage of the consolidation opportunities in our fragmented industry. Our public status will allow us to preserve cash flow for internal expansion and product extensions. We anticipate reaching agreements with one or two acquisition candidates prior to the close of our fiscal third quarter, which should mark the beginning of our vertical acquisition program, as well as allowing us to become a consolidator in our industry."

Gross income for the month of June 2000 was approximately $5.9 million, a 24.5% increase over June 1999, at $4.2 million. SCI's June sales also show a 14% increase from May 2000 (gross income of $5.1 million). Management is also pleased to announce an increase in net profits before interest, taxes, depreciation and amortization of approximately $240,000 in June 2000, compared to $107,000 in June 1999. These results are internal and unaudited. Management anticipates completion of its audit by October 31, 2000.

Mr. Fletcher stated that "total prepaid card sales increased from approximately 780,000 cards sold in May 2000 to approximately 885,000 sold in June 2000. Total minutes sold in July 2000 exceeded 100 million."

SCI is one of the industry's leaders in sales and distribution of prepaid calling cards. The company specializes in providing private label cards for master distributors. Because of senior management's extensive experience in telecommunications, the company provides a well blended product mix with competitive international rates and a wide variety of calling cards, which benefits its network of distributors and end users in maximizing their market potential.

The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to consummation of transactions, anticipated future revenues and/or success of current product offerings. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements.