Forum Archive Index - January 2000

[Derek <dariusz@ihug.co.nz>]

  Australasian and US Institutions Invest a Further $3 million in IT Capital

           Armstrong Jones & an affiliate of Snider Capital Increase Holdings in ITC

AUCKLAND, 19 January 2000 - IT Capital Limited (ITC) has placed 4.3 million shares raising proceeds of $2.95
million with two of its largest shareholders, Armstrong Jones and Springbrook Capital Partners, an affiliate of Snider
Capital L.P. Springbrook has co-invested in a number of business ventures with Snider Capital including the $20
million deal with IT Capital, announced on 21 December and approved by shareholders at the companies
Extraordinary General Meeting (EGM) on 14 January, 2000.

"This further investment by the Snider Capital group and Armstrong Jones, one of ITC's first institutional investors, is a
testament to our leading position in the marketplace and the inherent value in our growing investment portfolio", says
Jeff Dittus, IT Capital's Chief Executive Officer. "The principals of Springbrook have been highly successful investors in
various business sectors of the US economy. Their contacts will further strengthen our ability to create the business to
business e-Commerce companies of the future."

This investment follows ITC's EGM in which shareholders unanimously approved the acquisition of Terabyte
Interactive, as well as the employment contracts of key management. In addition, ITC announced its next investment; the
acquisition of an 18% interest in Virtual Spectator Limited, an Internet based, interactive sports broadcasting company.

"We invested in Virtual Spectator, one of New Zealand's leading Internet companies, with the deliberate intention of
leveraging the knowledge and extensive contacts that Snider Capital possess within the US sporting community",
explains Keith Phillips, Managing Director of IT Capital. "These relationships, coupled with the development expertise
of Terabyte Interactive, our wholly-owned subsidiary, will provide significant synergies going forward."

        With more than 30 years in Australasia, Armstrong Jones is one of the region's leading investment managers,
managing in excess of NZ$3.0 billion in New Zealand  on behalf of 80,000 investors. The company is a wholly owned
subsidiary of Mercantile Mutual of Australia one of Australia's largest insurance and financial services groups with in
excess of A$25 billion under management. Both Mercantile Mutual and Armstrong Jones are subsidiaries of  the ING
group, the global financial institution with assets in excess of A$700 billion.

Snider Capital L.P. (www.snidercapital.com) is a leading venture capital firm investing in Internet based information
technologies.  The principals of Snider Capital are leaders in the media and sporting industries in the United States.
The Snider family have owned and operated radio and television stations including the largest sports satellite
broadcasting network in North America, as well as professional hockey and basketball franchises and the largest sports
arena management company in the United States.