OTC Journal Newsletter

January 29, 1999

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To OTC Journal Members:

Today, there is more news on our current profile, Mirage Holdings (OTC BB: MGHI). If you didn't read our original profile, we strongly recommend that you do so- it is inevitable that the market discovers this company before long. You can read our original profile by clicking here.

Today, Mirage made an announcement that we consider to be a major breakthrough. They announced the signing of a contract with Imperial Chemical Industries (NYSE: ICI), the huge British conglomerate chemical manufacturing company with 70,000 employees, and facilities in 55 countries.

Those of you who are familiar with this Company know that NetSol, the subsidiary of Mirage Holdings, has done software development for Mercedes Benz finance companies world wide. When we released our original profile, we noted that we expected the Company to begin signing contracts with other Fortune 100 type companies. Here is the beginning of that type of business for Mirage Holdings.

For those of you who are surprised that this stock has not moved higher as a result of the recent blockbuster announcements, you need to have some patience. With the type of contracts this Company is signing, a much higher level of participation from investors is inevitable in the near future. Recently, a Company that we profiled back in June, Wordcraft Systems (OTC BB: WORC), nearly tripled in value on huge volume for no apparent reason. We believe that this will happen with Mirage Holdings at some point in the future.

One last note: Go to our Home Page and download the Audience Management Software which pops up in a separate window. Within the next several months we will be introducing Audio/Video presentations on the Companies we represent, and you will need this software to access these upcoming broadcasts.

Now, here is the entire text of the Press Release put out today by Mirage Holdings (OTC BB: MGHI). You will find this very compelling when evaluating the future of this Company:

Friday January 29, 9:02 am Eastern Time Company Press Release

Mirage Holdings Inc, Through its Netsol Subsidiaries Signs New Contract With Imperial Chemicals Industries PLC

SANTA MONICA, Calif.-- (BUSINESS WIRE)--Jan. 29, 1999--NetSol UK, a subsidiary of Mirage Holdings Inc. ("Mirage") (OTC BB:MGHI - news) has been awarded a major new contract by Imperial Chemical Industries, PLC (NYSE:ICI - news).

ICI is an international chemical company based in the United Kingdom. The company produces paints, acrylics, polyurethane, films, chemicals, and polymers. Imperial Chemical Industries is one of the largest coatings, specialty chemicals and materials companies in the world with more than 70,000 employees and 200 manufacturing facilities in more than 55 countries worldwide.

The contract calls for Netsol to undertake custom software development for ICI Technology's Product Science Group. Netsol UK was awarded the project after a lengthy tendering process.

Netsol UK will be developing an internal database system to manage the workflow in studies and analysis of laboratory samples. In addition, this system will include an integrated billing module, which will allow the laboratories to properly bill for their services. The software product must adhere to high quality standards, as ICI Laboratories often deals with hazardous materials. There are strict standards on reporting requirements when handling such materials.

Aqeel Zaman, director of sales and marketing for Netsol, UK, commented on this breakthrough development. "This is an excellent opportunity and challenge for Netsol UK to capitalize on a new relationship with one of the largest industrial conglomerates in the world. This project is expected to last a full nine months, and will include a three month phase for a parallel run. The initial cost of Phase 1 is estimated to be over $250,000 (157,000 pounds). Subsequent to the completion there will be ongoing maintenance fees. It is anticipated this project will continue to grow and will necessitate at least one additional phase, wherein Internet technologies may be incorporated into the design." Zaman added that, "As with any large software development project, the initial contract is only the beginning of what we hope will be a long-term relationship."

The CEO of Netsol International, Salim Ghauri, expressed his enthusiasm and excitement on this major new development. "This new project is extremely important for Netsol and Mirage as it allows us to continue to diversify our development and technical business knowledge. We are particularly excited that we have added another blue chip customer to our portfolio.

"Netsol and ICI have already begun talks regarding future projects. There is the potential for a great deal of new business to be generated and this initial project will be the litmus test for our ongoing relationship. The project has already commenced, and the feedback thus far is immensely favorable".

Mirage owns 51% of Network Solutions (Pvt) Ltd and 43% of Netsol UK.

Included in this material are "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct.

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Contact:
Manhattan West Inc.
Tariq Khan, 310/656-3045
E-Mail: najeeb@mghi.com
http://www.mghi.com
Corporate E-Mail list for updates:
http://www.mghi.com/mailing.html

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