OTC Journal Newsletter
April 3, 1999
Volume II, Issue 15

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To OTC Journal Subscribers:

There was news Thursday on Mirage Holdings, our February Profile, which we will share with you. Prior to discussing Mirage, a couple of other points of interest on our parent company, 1st Net Technologies (OTC BB: FNTT).

Our March profile release was temporarily delayed. It will be out Wednesday or Thursday of next week after the close. Get ready to read about a very exciting company.

There are two video clips on the 1st Net Site you might wish to watch. One is the local news coverage on Channel 9 (KUSI) in San Diego on the release of the Crayon Crawler, our Internet Browser for kids. The other is a replay of a due diligence meeting that was presented by the management of 1st Net. You will find both clips very informative. To get to the page where you can view these clips, simply CLICK HERE. On this page you will also find a news release on 1st Net concerning the signing of another Internet Marketing joint venture agreement with a company called MediQuik Services. This is the fourth E-Commerce joint venture marketing agreement 1st Net has entered into this year. Click Here to read the full press release. The stock of 1st Net continues to trade well, closing Thursday over $6.

Mirage Holdings (OTC BB: MGHI)

Mirage Holdings had a good volume day on Thursday coming off another news release concerning the continued expansion of their business. We will reprint the press release for your review below.

More importantly, we learned in a discussion with management that the previously announced purchase of the remaining percentages of their subsidiaries, Netsol, and NetSol UK, should go through next week. They have received a third pary endorsement of the valuation, and the SEC has now approved the buy out.

Sooner or later this stock will probably find its way through $4, and then we should see this stock behave better. Here is the press release for your review.
Thursday April 1, 5:12 pm Eastern Time
Company Press Release
SOURCE: Mirage Holdings, Inc.

SANTA MONICA, Calif., April 1 /PRNewswire/ -- Mirage Holdings, Inc. (OTC Bulletin Board: MGHI - news; ``Mirage") today announced that its subsidiary, Network Solutions (Pvt.) Ltd., has been appointed as the first distributor of Sage software products and support services for a huge and untapped market in Pakistan. Sage is headquartered in Newcastle, U.K. and is the World's largest supplier of PC based accounting systems. Sage is a publicly traded company in the U.K trading under the symbol SGE.

Mr. Naeem Ghauri, Managing Director of Netsol UK, Ltd., successfully negotiated the appointment of the distributorship for the related company Network Solutions (Pvt.) Ltd. Mr. Ghauri commented, ``We believe there is a tremendous opportunity to launch the Sage accounting systems in virgin markets like Pakistan. This is a region where small to medium size companies typically only use some form of in house accounting systems. The Sage accounting systems, which have been recommended by a number of accountants in Pakistan, are designed to simplify management accounts, internal accounting controls and procedures for end users." He continued, ``with a solid marketing and launch plan, Netsol could penetrate the Pakistani markets targeting small to medium-size businesses and accountants. This breakthrough development will add a new profit center for Netsol and also technologically complement Netsol's existing product lines."

Sage is a U.K based software company which develops and markets a range of software products, targeted towards small to medium sized businesses with a choice of progressively more comprehensive solutions. Their series of products provide complete accounting solutions from a sole-proprietor to multi-million dollar corporations. This comes not simply from the easy-to-understand, easy-to-use and flexible design of the products, but from access to the knowledge base and services of the world's largest supplier of PC accounting solutions.

Sage currently looks after more than 1,000,000 small businesses around the world, with market leading positions in the UK, France, Germany and the US. Sage recently acquired a US based software developer, State of The Art, a leading vendor of accounting software through the US VAR channel. This provides Sage with an important strategic presence in the US market place.

The new relationship of Sage with Network Solutions (Pvt.) Ltd., is not just limited to the Pakistani market but will be expanded to India, Bangladesh and other markets in the region. Based on the initial success of the Pakistan launch, Sage has in principal, agreed to award distribution rights to Network Solutions (Pvt.) Ltd., to resell their products in these markets as well.

Mirage Holdings, Inc. presently owns 51% of Network Solutions (Pvt.) Ltd. and 43% of Netsol UK, Ltd. As announced earlier, Mirage is in the process of acquiring the 100% of both Network Solutions (Pvt.) Ltd., and Netsol UK, Ltd.

Included in this material are 'forward-looking statements' within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21E 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 would prove to be correct.

For further information, please visit our Investor Relations Web Site: www.mghi.com or contact: Najeeb Ghauri of Mirage Holdings, Inc., 310-395-4073, or 310-395-3073, najeeb@mghi.com.

SOURCE: Mirage Holdings, Inc.

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