General Announcement Reference No C&-070801-59443

Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	01/08/2007

Type	:	Announcement
Subject	:	asiaEP Berhad ("asiaEP" or "Company") Out of court settlement of the following legal suits: (a) Kuala Lumpur High Court Suit No. D3-26-31-2001 Parties: Lee Chin Sin (the "Petitioner") v Asia Electronic Publication (Johor) Sdn Bhd ("AEJ" or the "First Respondent") & 4 others ("Tan Boon Nunt or the 2nd Respondent", "Lee Suet Hong or the 3rd Respondent", "Ee Yok Seng or the 4th Respondent" and "Tan Soong Ling or the 5th Respondent") and asiaEP Bhd (the "6th Respondent") (b) Kuala Lumpur High Court Suit No. D6-22-1516-2003 Parties: Lee Chin Sin (the "Plaintiff") v asiaEP Bhd & 2 Others (the "2nd and 3rd Defendants")

Contents :

(a) Kuala Lumpur High Court Suit No. D3-26-31-2001

Parties: Lee Chin Sin (the "Petitioner") v Asia Electronic Publication (Johor) Sdn Bhd ("AEJ" or the "First Respondent") & 4 others ("Tan Boon Nunt or the 2nd Respondent", "Lee Suet Hong or the 3rd Respondent", "Ee Yok Seng or the 4th Respondent" and "Tan Soong Ling or the 5th Respondent") and asiaEP Bhd (the "6th Respondent")

From the Amended Originating Petition, which was filed pursuant to Section 181 of the Companies Act, 1965, the Petitioner claimed, inter alia,

(i) that the 2nd and 3rd Respondents be ordered to cause the Company to hand over all accounting documents, records and customers' sign up forms belonging to Asia Electronic Publication (Johor) Sdn Bhd (hereinafter referred to as "AEJ");

(ii) that the 2nd and 3rd Respondent be ordered to cause the Company to permit an approved company auditor appointed by the Petitioner to inspect and take copies of all accounting records of AEJ and the Company;

(iii) that the Company is ordered to hand over all accounting documents, records and customers' sign up forms belonging to AEJ;

(iv) that the Company is to permit an approved company auditor appointed by the Petitioner to inspect and take copies of all accounting records of AEJ and the Company;

(v) that the 2nd, 3rd, 4th and 5th Respondents and the Company do pay the Petitioner and/or AEJ all loss and damages arising from their breaches of duties as directors of the Company;

(vi) that the 2nd, 3rd, 4th and 5th Respondents and the Company are restrain from acting in any way interfering with the business of the AEJ;

(vii) such other relief deem fit and just by the Court; and

(viii) costs of the Petition be taxed and paid by the 2nd, 3rd, 4th and 5th Respondents and the Company.

The Company wishes to announce that the matter has been amicably settled out of court. A Notice of Discontinuance of the suit against the Company, with no liberty to file afresh and with no order as to costs, has been filed by the Plaintiff's solicitors on 12 July 2007.

Consequently, the Notice of Appeal filed by the Petitioner (to appeal against the decision of the learned Judge in allowing the 1st Respondent's application inter alia for an order that the Petitioner surrenders all documents and accounting and other records and assets belonging to the 1st Respondent) and the Notice of Appeal filed by the Company (to appeal against the decision of the learned Judge in allowing the Petitioner's application to join the Company as the 6th Respondent) are also withdrawn without liberty to file afresh and with no order as to costs.

(b) Kuala Lumpur High Court Suit No. D6-22-1516-2003

Parties: Lee Chin Sin (the "Plaintiff") v asiaEP Bhd & 2 Others (the "2nd and 3rd Defendants")

The Writ of Summons and the Statement of Claim dated 8 September 2003 were served on the Defendants on 23 September 2003. The Plaintiff, inter alia, claimed: -

(i) that the Company do specifically be ordered to issue to the Plaintiff shares in the Company amounting to 15% of its entire paid up capital as at January 1999 based on the par value of RM1.00 per share;
(ii) that the 2nd and 3rd Defendants do cause the Company to issue 15% of the entire shareholding of the Company as at January 1999 at par value of RM1.00 per share;
(iii) alternatively, that the Defendants do pay the Plaintiff damages to be assessed;
(iv) that the Defendants do refrain from interfering in the business of Asia Electronic Publication (Johor) Sdn. Bhd. and from soliciting and or procuring any business in the state of Johor;
(v) costs; and
(vi) such other reliefs deem fit and just by the Court.
The Company wishes to announce that the matter has been amicably settled out of court. A Notice of Discontinuance of the suit against the Company, with no liberty to file afresh and with no order as to costs, has been filed by the Plaintiff's solicitors on 12 July 2007.

This announcement is dated 1 August 2007.

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