OTC Journal Newsletter

January 23, 1999

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To OTC Journal Members:

There have been two very positive developments with Mirage Holdings this week, both of which we will cover in this newsletter.

First, some comments and observations about this company and the way this stock trades. Prior to our profile last week, virtually no investors had ever heard of this company. This is one of the most thinly traded stocks we have ever seen, and there are only 400,000 shares publicly traded. Such a small float lends itself to a high degree of volatility. On Friday, we watched the stock drop $.50 when a 500 share sell trade went through. Then we watched the bid increase $.75 with no trades. Until this stock begins trading with more regular volume, you can expect one to two point swings, both up and down, on very little activity.

Our profile was the first in a series of upcoming events that will bring Mirage Holdings (OTC BB: MGHI) onto the radar screens of millions of investors. The Company has very aggressive plans to spread the word. Increased liquidity will mean decreased volatility, and probably an enhanced valuation.

On this past Thursday, January 21st there was an article in the Wall Street Journal which should shed some light on our perception of the future of this Company. The article was titled "DaimlerChrysler Unveils Big Plans For Financial-Services Division." If you read our original profile, you now know that Mirage Holdings provides software leasing solutions for Daimler-Benz finance companies all over the world. The article went on to say that the Daimler Benz financial services division has now absorbed the Chrysler Financial Corporation. Here is a quote from the article:

"With a portfolio of $81 billion, the newly created DaimlerChrysler Financial Services said it now ranks as the fourth largest financial institution in the world outside of the banking and insurance sectors....."

The article further noted that DaimlerChrysler's capital services unit will be based in Norwalk, CT. Former Mercedes-Benz Credit Corp President Georg Bauer will be responsible for Europe, Latin America, Africa and Asia/Pacific.

Those of you who have read our profile know that NetSol, Mirage Holding's subsidiary provides leasing software solutions for Mercedes Benz finance companies in seven countries, and on three continents. Recently, senior management from NetSol was in Norwalk,Conneticut in preliminary discussions with DaimlerChrysler Financial. The newly formed Daimler-Chrysler Finance Company already has $81 billion in assets, and is expanding. Mirage Holdings, through its NetSol subsidiary, its providing finance processing software for Mercedes Benz Finance world wide. Are you starting to understand what we see in this undiscovered company?

In another development announced Friday, January 22nd, Mirage Holdings announced that NetSol signed a contract to provide leasing software for Mercedes Benz Finance of Australia. More evidence that this Company is growing rapidly, and has the best client to continue its torrid pace of expansion. To read the complete text, click here. We also have included it at the end of this newsletter.

One last note: if you are a long term investor and you decide to become a shareholder of Mirage, don't be concerned about the short term ups and downs in the price. If you are more of a trader, look for short term oversold conditions for a good entry level.

Now, here is the entire press release put out by Mirage Holdings (OTC BB: MGHI) on Friday, January 23rd:

Friday January 22, 9:01 am Eastern Time
Company Press Release
SOURCE: Mirage Holdings, Inc.

Mirage Holdings, Inc., Through its Subsidiary Network Solutions (Pvt) Ltd. ('Netsol') Signs Major Contract with Mercedes-Benz Finance, Australia

LOS ANGELES, Jan. 22 /PRNewswire/ -- Network Solutions (Pvt) Ltd. (``Network Solutions'') a subsidiary of Mirage Holdings, Inc. (``Mirage'') (OTC Bulletin Board: MGHI - news) has been awarded a major new project by Mercedes-Benz Finance, Australia. Netsol signed this contract to develop and implement a Lease & Finance System to cater for their countrywide business requirements. The system, called Proposal Management System (PMS), will facilitate MBF to organize, track, control and expedite the process of decision making on proposals for automotive financing and leasing. The system will provide an enhanced interface with CRAA (Credit Rating Agency of Australia) for automated credit checking and verification.

Proposal Management System (PMS) will be built using state-of-the-art N-tier Client/Server architecture using MICROSOFT SQL Servers as a database and Powerbuilder from SYBASE as a front-end tool. The project value is estimated at US$250,000 and will span about six months. The PMS will be developed at Netsol's software facility in Pakistan.

Mercedes-Benz Finance Australia is a Daimler-Benz Inter Services Company (DEBIS), which is a subsidiary of Daimler-Chrysler (NYSE: DCX - news). Located in Melbourne, Australia, the Company offers leasing and financing options for the automotive industry including Mercedes-Benz vehicles.

Mr. Najeeb Ghauri, the Chief Executive Officer of Mirage, commented on this new development, ``We are very excited with this new contract and our relationship with this new client. This validates Netsol's proprietary cutting edge technology and intellectual property, which meet the needs of developed markets. Through this Agreement we further our penetration in this expanding market through an increased role with Mercedes-Benz Finance worldwide. Netsol has assigned a fully dedicated team of IT professionals to successfully develop and implement this project on time. This will be followed with quality service, new releases, and upgrades.''

The project will generate on going residual income for Netsol even after the implementation of the initial systems. Netsol is also considering launching an Australian based company, which will serve as a marketing and support center for new customers.

Mirage acquired a 51% controlling interest of Network Solutions (Pvt.) Ltd. in September 1998. Mirage also acquired a 43% ownership in Netsol (UK) Ltd., a related company. The combination of these two companies has allowed Mirage to focus 100% of its resources within the Information technology industry.

Included in this material are ``forward-looking statements'' within the meaning of Section 27A 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 will prove to have been correct.

SOURCE: Mirage Holdings, Inc.

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