Jumbo Expands Online Computer Hardware Business with Acquisition of Internet IT Pty Ltd Assets

May 29, 2002

Document date: Wed 29 May 2002 Published: Wed 29 May 2002 12:13:56 Document No: 146819 Document part: A Market Flag: Y Classification: Placement , Asset Acquisition JUMBO CORPORATION LIMITED                                            2002-05-29                   ASX-SIGNAL-G HOMEX - Brisbane +++++++++++++++++++++++++ Directors of Jumbo Corp are pleased to announce the acquisition of certain assets from Internet IT Pty Ltd to expand Jumbo's online computer hardware and peripheral business. Internet IT Pty Ltd is an established computer hardware and peripheral reseller that has operated the successful website "bozzo.com.au". This web site has been selling computers and components online since 1993 and has built up a loyal customer database of over 6,000 customers around Australia, New Zealand and South East Asia. Due to ownership and management changes, revenues have fallen to $440,000 over the past 12 months. Historically, revenues have been as high as $4.8 million per annum. "The Bozzo.com.au brand is very well known on the Internet and the website has been in operation for over 8 years - history that is very rare in the Internet industry", said Mr Mike Veverka, CEO of Jumbo Corp, "Our existing website dealerdan.com.au has proven that selling computers online is a successful business model and the new addition will help boost sales". The assets purchased from Internet IT Pty Ltd include the trading name (Bozzo Brown's Computer Wholesalers), the web site bozzo.com.au, customer database and stock. Jumbo Corp will issue 400,000 fully paid ordinary shares as consideration for the purchase and will hold 75% of a new subsidiary company "Online Computing Australia Pty Ltd" (OCA) that will operate the business. The remaining 25% of OCA is owned by management of the subsidiary. For further enquiries, please contact: Mike Veverka, CEO Ph: (07)3831 3705 Fx: (07) 3831 9720 Email: mike@jumbo corporation.com Web: www.jumbocorporation.com MORE TO FOLLOW

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