6 February 2007, Singapore - Infocomm Asia Holdings secures another milestone US$14.2 million funding from global investors and seals distribution agreements with leading distributors in Singapore, Malaysia and the Philippines

• IAH’s latest investments from GigaMedia and SoftBank’s Bodhi Investments, and its appointment of distributors in the three countries reflect the success of IAH’s consolidation strategy in the region under its overall “One Market, One Asia” vision
• Valuation of IAH shares doubled since the Group’s seed funding round in September 2006
• Distribution agreements expected to yield nearly US$1 million in upfront licence fees and a minimum guarantee of US$ 6 million in sales for 2007 for the game title Granado Espada alone
• Share Option Agreement signed to acquire a significant stake in Filipino distributor

Infocomm Asia Holdings Pte Ltd (IAH), a Singapore-based distributor and operator for top-rated Massively Multiplayer Online Role-Playing Games (MMORPGs), has successfully secured another round of investments worth US$14.2 million from two global investors – NASDAQ-listed GigaMedia Limited (GigaMedia) and SoftBank’s Bodhi Investments LLC. The value of each IAH share was pegged at US$20. This represents a doubling of the value of IAH shares since it completed its seed round of financing in September 2006 which raised a total of US$10 million from prestigious shareholders including Infocomm Investments Pte Ltd, a wholly-owned subsidiary of the Infocomm Development Authority of Singapore (IDA), Commerzbank Asset Management Asia Ltd (CAM Asia) and The9 Limited (The9). The value of IAH shares was US$10 per share then.

The doubling of share value reflects strong investor support for IAH’s consolidation strategy for the region’s fragmented but rapidly growing online games industry. It also highlights the value of IAH’s trend-spotting capability in bringing the latest and best online games into the region and hence its ability to attract and sign on leading distributors in the region. Since IAH’s sign-up of Granado Espada and Hellgate: London, both these games have won top awards internationally.

In the latest round of funding, GigaMedia which has a market capitalisation of more than US$600 million has invested US$10 million for 500,000 shares, or a 32.25% stake, pre-Bodhi investment, in IAH, making it the single largest shareholder of IAH.
IAH’s other investor, SoftBank’s Bodhi Investments, has signed a definitive agreement to invest US$4.2 million for 208,881 shares, or an 11.88% stake in IAH.

With this successful round of funding, IAH has secured investments exceeding US$23 million in a matter of months.

Mr Roland Ong, Founder and Chief Executive Officer (CEO) of IAH, said, “With the vote of confidence in us from key global investors such as GigaMedia and SoftBank’s Bodhi Investments, we are now better poised to realise our goal of becoming the dominant online games leader in the industry. The doubling of valuation in our share price is also a testimony to our success in delivering what we set out to do – to bring the best online games to the region and to consolidate the online games industry in South East Asia under our One Market, One Asia vision.”

On why it chose to invest in IAH, GigaMedia CEO Mr Arthur Wang explained, "We want to expand into South East Asia, which represents a huge and largely untapped business opportunity for us, similar to China's online game market several years ago. Through partnering IAH, we look to establish an unrivalled No. 1 position in this region."

Distribution of AAA-rated MMORPG to Singapore, Malaysia, and the Philippines
IAH has today appointed three top distributors in the region, namely EpicSoft Pte Ltd in Singapore, Sendi Mutiara Multimedia Sdn Bhd in Malaysia and IP E Game Ventures, Inc. of the Philippines. IP E Game Ventures, Inc. (IP e-Games) is a 72%-owned subsidiary of IPVG Corp. (IPVG), a listed technology conglomerate on the Philippine Stock Exchange.

These 3 distributorships will yield a total of nearly US$1 million in upfront licence fees and a minimum guaranteed sales of approximately US$ 6 million for IAH in 2007 for the game title Granado Espada alone.

Under the distribution agreement, IP e-Games will be an independent and exclusive distributor of Granado Espada in the Philippines.
Granado Espada is an award-winning MMORPG created by Hakkyu Kim, who is also the creator of Ragarok Online, one of the most popular MMORPGs in South East Asia. Granado Espada was recently awarded the Korean online games industry’s most prestigious award, the Presidential “Grand Prix” prize, for Best Game at the 2006 Korean Game Awards in December 2006 by South Korean President Mr Roh Moo-Hyun.

Hellgate: London is developed by the creators of the best selling DiabloR series. Though still under development, Hellgate: London has won many awards, accolades and honours, including Best Content Award at G-Star 2006, 1up.com’s Best Role-Playing Game of E3 2006, RPGFan’s Computer Game of E3 2005 and 2006, nominations for both Best PC Game and Best RPG from the Game Critics Awards (the official E3 awards).

IAH has also sealed a share option agreement with IPVG to take a significant stake in IP e-Games in the Philippines. IP e-Games is currently the #1 ranked online games publisher in the Philippines, with RAN ONLINE being the #1 MMORPG and O2Jam being the #1 casual game in terms of number of active users.

The agreements were welcomed by IPVG. Said Mr Enrique Gonzalez, CEO of IPVG, “This partnership reflects IPVG’s belief in IAH’s consolidation strategy and synergy which will enable both parties to expand each other’s business and presence. Together, we will be the leading operator in South East Asia”

Under its distribution agreement with Malaysia-based Sendi Mutiara Multimedia Sdn Bhd (SMM), a market leader in Malaysia’s PC gaming market with over 700 LAN game centres under its belt, SMM has the rights to exclusively distribute Granado Espada throughout Malaysia.

Said Mr Ricky M.G. Lim, President & CEO of SMM on its distributorship agreement with IAH, “I have known Roland for a long time and have seen how he has successfully brought online games to other parts of Asia, notably China. I have full confidence in his ability to do the same for South East Asia and draw top game publishers’ attention to this part of the world. SMM is indeed glad to be IAH’s partner and to grow together with them.”

EpicSoft will distribute the game Granado Espada in Singapore. EpicSoft, a member of the Playworks group of companies, has access to over 75% of the gamer community in Singapore through its print and online media, game retail chains and game events management and consultancy.

Mr Roland Ong, on IAH’s distributorship agreements said, “The distribution agreements with EpicSoft, IP e-Games and SMM demonstrate the industry players’ support of our goals and our “One Market One Asia” vision. It further reinforces the success of our consolidation strategy for the region. These distributorships will bring us tangible financial returns and validate our business model.”
“We are thrilled to work with IAH for the launch of Granado Espada” said Mr Jacky Choo, CEO of EpicSoft, the Singapore distributor for the game. “The graphics are absolutely stunning for an MMORPG, and the unique Multi Character Control gameplay feature makes it highly attractive to Singapore gamers seeking a revolutionary experience in a truly unique online world.”

Explosive Growth in the Asian Online Games Market
The Asian games industry is expected to hit US$23 billion in 2009, according to global accounting firm, PriceWaterhouseCoopers. It added that the online games sector in Asia alone currently has a volume of US$6.3 billion-and by 2008 looks set to reach US$7.5 billion. Asia’s wireless market is also expected to exceed 230 million mobile gamers spending over US$5 billion a year by 2009 while the subscription market is expected to exceed US$7 billion .

2007 will also be a year of growth for Singapore’s infocomm industry. In 2006, an IDA survey showed that slightly over 3 out of 4 Singapore households have at least one computer (desktop or laptop). There has also been a 10-point increase in the number of households with at least two computers, from 28% in 2005 to 38% in 2006 . Broadband is now crossing the 50% household penetration level and with speeds of up to 30 Mbps (Mega Bits Per Second) .

With its excellent networked infrastructure, Singapore looks set to play a key role in the coming digital revolution. With the new nationwide wireless broadband network in place in 2006, there will be constant connectivity for users who will no longer be restricted by location. The new gigabit-class National Broadband Network presents great potential in the future of gaming - capable of delivering broadband speeds beyond 1 Gbps (Giga Bits Per Second) to every physical address in Singapore, thus heralding a whole new experience and new possibilities for interactive gaming, and enabling a completely immersed experience in the world of online games .

About Infocomm Asia Holdings Pte Ltd (IAH)
Established in November 2004, IAH aims to become the leading operator and distributor of online games in South East Asia through strategic alliances with other top online games operators in the region. IAH believes in obtaining exclusive rights to only the best games available. Examples of these include Granado Espada, Hellgate: London, and most recently, Emil Chronicle Online (ECO). IAH will continue to bring the best online games from around the world to gamers in South East Asia. For more information, visit IAH at www.IAHgames.com.

About GigaMedia Limited
GigaMedia Limited is a major provider of online entertainment software and services. GigaMedia develops software for online entertainment services, including the global online gaming market. GigaMedia's FunTown game portal is a leading Asian casual games portal and the world's largest online MahJong game site in terms of revenue. GigaMedia also operates a broadband ISP providing Internet access services to consumers and corporate subscribers in Taiwan. More information on GigaMedia can be obtained from www.gigamedia.com.tw.

About SoftBank’s Bodhi Investments LLC
Bodhi Investments is a venture capital company that invests in telecommunications, media and technology companies in China, India and the ASEAN countries and SoftBank’s investment business in these countries. More information on the SoftBank Group can be obtained from www.softbank.co.jp.

About IPVG Corp. (IPVG)
IPVG is engaged in the information technology and communications space. Based in the Philippines. IPVG owns three operating subsidiaries in: (i) Information Technology and Telecommunications (IT&T); (ii) on-line gaming, and (iii) Business Process Outsourcing (BPO).

IPVG reaches its customers through collaboration with international corporations that have proven to be market leaders in their respective geographic markets and industries. Its current partners include Fortune 1000 companies listed on the New York Stock Exchange such as PCCW. By pairing each of IPVG’s business subsidiaries with strategic partners, IPVG can offer established product and proprietary business knowledge to the Philippines market.

IPVG is publicly listed on the Philippine Stock Exchange under the ticker symbol “IPVG”. Its senior management team includes several industry pioneers and veterans in the IT&T, on-line gaming, and BPO. More information on IPVG can be obtained from www.ipvg.com.

About Sendi Mutiara Multimedia Sdn. Bhd
Sendi Mutiara Multimedia (SMM) has been the exclusive distributor for PC games software in Malaysia since 2002. It is also the market leader in Malaysia in distributing world-renowned RPG, RTS and FPS gaming software titles, Ultimate Local Area Network (LAN) computer gaming, interactive e-Advertising to LAN centres, and the cyber-cafe industry. SMM has also played a major role in assisting the local government to eradicate software piracy in the country.

About EpicSoft Pte Limited
EpicSoft Pte Ltd aims to be the top online games distributor in the Singapore market with complementary value added services such as marketing, creative services, billing and events management. It focuses on the distribution and marketing of online games for the Singapore market. It has access to extensive resources in terms of marketing and communications to consumers as well as a close relationship with gaming retail chains.

About Infocomm Development Authority
The Infocomm Development Authority of Singapore (IDA) develops, promotes and regulates info-communications in Singapore, with the aim of establishing Singapore as one of the world's premier infocomm capitals. To nurture an internationally competitive infocomm industry, IDA offers a comprehensive range of programmes and schemes for both local and international companies. For more information, visit www.ida.gov.sg.