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CHANGES IN MANAGEMENT, BOARD AND DIRECTORS' SHAREHOLDING

A. CHANGES IN MANAGEMENT

SINGAPORE, July 05, 2004 -

(1) Appointment of Director of Technology/Chief Technology Strategist

The Company is pleased to announce the promotion and appointment of Mr. Peter Nwee Kok Tai as Director of Technology/Chief Technology Strategist, to lead a group of technology strategists and to keep the Company in the forefront of technology advancement and innovation.

Mr. Nwee joined the Company on 6th November 1998 as General Manager (intelligent Transport Systems). He holds a Bachelor of Electrical/Electronics Engineering from the Nanyang Technological Institute, Singapore, Master of Technology (Knowledge Engineering), Post Graduate Diploma in Telecommunication Software (Datacom & Networking) from the Information Communication Institute of Singapore, Diploma in Marketing & Public Relations from the London Chamber of Commerce, and Post Graduate Diploma in eCommerce Marketing.

(2) Appointment of Director of Finance

The Company is pleased to announce the appointment of Mr. Edwin Ang Kah Kin as Director of Finance to assist Ms. Leong Sook Ching in the management of the Company’s financial matters.

Prior to joining the Company, Mr. Edwin Ang has held several executive positions in PSA Corporation, a government-linked company in Singapore with regional activities globally. He was a SVP – Corporate and Financial Controller for several of the PSA subsidiaries and Head of Department for its International Business Finance Division. Mr. Ang has over 20 years of experience in the field of finance and accounting. He has also held the positions of Chief Financial Officer and/or other key financial positions in several listed companies and MNCs.

(3) Resignation of Director of Sales and Marketing

Due to health problems, Mr. Kamal Sharma, appointed Director of Sales and Marketing to assist Dr. David Chew to drive the Company’s sales and marketing efforts, has resigned with effect from 7th June 2004 and has returned to his home country to recuperate.


B. CHANGES IN THE BOARD


(1) Resignations

On page 29 of the Company Initial Public Offer Prospectus dated 24 July 2000 under the section relating to Risk Factors – Risk Relating to Ownership of Our Shares, the Company disclosed as one of its risks that its Directors own a large percentage of our Company and could significantly influence the outcome of actions.

(a) Resignation of Dr. Kennedy Chew

As part of the efforts to address the said risks over time and in accordance with best practices of Corporate Governance, Dr. Kennedy Chew has stepped down as a director of the Board of Directors with effect from 30th June 2004 to concentrate on his role in guiding investor and alliance relations, and technology in his position as Technical Fellow. He will henceforth step down as a member of the Nomination Committee and Deputy Chairman of the Board.

This follows the resignation from the Board on 15 March 2003 of Madam Lucy Ng @ Hwang Fei Fung, the mother of Drs. David Chew and Kennedy Chew and a director since the inception of the Group in 1989. This reduces the number of executive directors on the Board to two for better corporate governance.

(b) Resignation of Mr. Steven Lim Kok Hoong

Mr. Steven Lim Kok Hoong has stepped down as a Board and Nomination Committee member with effect from 1st July 2004 due to his various commitments. The Company thanks Mr. Lim for his invaluable services rendered to the Company.

The Board is in the continuing process of identifying suitable candidates who will enhance and add value to the Board.

(2) Appointments – Nominating Committee

The Company is pleased to announce the appointment of Mr. Basil Chan and Ms. Leong Sook Ching as members of the Nominating Committee, which is chaired by Prof. Hang Chang Chieh.

The Board would, with effect from 1st July 2004, comprise the following members:-

(1) Dr. David K.M. Chew - Chairman & Executive Director

(2) Ms. Leong Sook Ching – Executive Director

(3) Prof. Hang Chang Chieh – Independent Non-Executive Director

(4) Mr. Basil Chan – Independent Non-Executive Director

(5) Mr. Sajjad A. Akhtar – Independent Non-Executive Director

(6) Mr. Christopher A. Millar – Non-Executive Director


C. CHANGES IN SHAREHOLDINGS


(1) Issue Allotment and Listing of shares pursuant to the exercise of options granted under the Rules of the Stratech Systems Limited Employee Share Option Scheme 2000

The Board of Directors of the Company wishes to announce the following issue and allotment and listing of ordinary shares of $0.05 each in the capital of the Company, pursuant to the exercise of options granted under the Rules of the Stratech Systems Limited Employee Share Option Scheme 2000:-

(2) Directors’ shareholding

In an effort to afford greater transparency of the total shareholdings of the founder-directors of the Company and their associates and to reduce the above mentioned risk:-

Date of
Issue/Allotment


No. of shares Issued/Allotted

Subscription Price

Date of Listing

10th March 2004

109,000

$0.073

7th April 2004

8th April 2004

76,000

$0.073

23rd April 2004

14th April 2004

11,000

$0.073

3rd May 2004

26th May 2004

17,500

$0.073

18th June 2004

23rd June 2004

28,500

$0.073

To be advised by SGX

  1. Mdm. Lucy Ng @ Hwang Fei Fung has transferred her shareholdings of 3,514,320.00 shares representing 1.31% of the Company’s shares to Dr. David Chew as announced in our MASNET announcement of Change in Director’s Interest dated 5th July 2004. Following the transfer, Dr. David Chew’s shareholding will increase from 50.18% to 51.49%.
  2. Dr. Kennedy Chew has indicated that he will gradually reduce his shareholdings over time in the open market.


About Stratech Systems Limited

Stratech Systems Limited ("Stratech") is an emerging world-class Advanced Technology and e-Systems developer. Stratech delivers large-scale real-time mission critical systems for Governments and Businesses in the Homeland Security / Defense, Transportation and e-Business / e-Government markets. Stratech brings together world-class expertise, software, intellectual assets and unique technology capabilities in the areas of Computer / Intelligent Vision, intelligent Transport Systems (iTS) and e-Systems to enable her customers to meet existing and future operational challenges, gain significant strategic advantage and seize new business opportunities. Stratech focuses on providing products and solutions to real-world challenges where traditional IT technologies are inadequate. Stratech's "Connected Reality" solutions exploit state-of-the-art Info-Comm Technologies that connect the Net and the real-world more effectively and transparently, thereby enabling customers to leverage on the power of the Net to solve difficult real-world challenges.

Formed in 1989, Stratech has established an impressive track recording serving customers in industries such as Government, Homeland Security, Defense, Transportation (land, air and sea), Aerospace, Healthcare and Financial Services. Stratech is recognised as a leader in innovation and technology, is extremely entrepreneurial, developing and implementing advanced technology solutions that achieve significant business transformation and competitive advantage for its customers.

Listed on the Main Board of the Singapore Exchange, Stratech is headquartered in Singapore and targets markets in Asia, the Middle East, Australia, Europe, North and South America.


For more information, please contact:

Gary Tan
Corporate Communications Division
Tel: +65 6799 6650
Fax: +65 6323 2177
Email: Stratech@StratechSystems.com