Drew & Napier LLC as counsel to Ellipsiz Ltd for the rights issue of rights shares

25 February 2009 – Drew & Napier LLC (“Drew & Napier”) acted as counsel to Ellipsiz Ltd ("Ellipsiz or the Company") in respect of a proposed renounceable non-underwritten rights issue of up to 307,200,862 new ordinary shares in the capital of the company ("Rights Shares") at an issue price of S$0.035 for each Rights Share with up to 51,200,143 free detachable warrants ("Warrants"), each Warrant carrying the right to subscribe for one new ordinary share in the capital of the Company at an exercise price of S$0.035 for each new share, on the basis of six Rights Shares with one free detachable warrant for every five existing ordinary shares held by entitled shareholders.

251,244,850 Rights Shares were listed and quoted on the Official List of the SGX-ST on 23 January 2009 and 41,873,918 Warrants were listed and quoted on the Official List of the SGX-ST on 28 January 2009.

Based on the valid acceptances and excess applications for a total of 251,244,850 Rights Shares with Warrants, the Company has raised net proceeds of approximately S$8.5 million ("Net Proceeds") from the Rights Issue. The Company intends to apply up to approximately S$6.8 million of the Net Proceeds to finance the operations and expansion as well as the working capital requirements for the probe cards business of the Group. In addition, up to approximately S$3.7 million of the Net Proceeds will be used to finance the working capital requirements (other than those for the probe cards business) and for the repayment of interest-bearing borrowings of the Group.

Ellipsiz is a company listed on the Mainboard of SGX and a leading probe card and distribution & service solutions provider serving the semiconductor and electronics manufacturing industries. Ellipsiz' core businesses target high-potential niche markets in the semiconductor and EMS (Electronics manufacturing services) industries. The Group has operations in India, Malaysia, Singapore, Taiwan, Vietnam, China, Australia, New Zealand, France, Japan, Korea, Thailand and the USA.

The Drew & Napier team team was led by Mr Petrus Huang, Director, Ms Joanne Lee and Mr Dax Lim.

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Established in 1889, Drew & Napier LLC is one of Singapore's leading and largest law firms, with over 250 lawyers and fee-earners. Consistently rated top tier in dispute resolution over the years by international ranking organisations such as Asia Pacific Legal 500, Chambers Global, Practical Law Company and Asia Law Profiles, to name but a few, the firm has 7 Senior Counsel, the largest number of any law firm in Singapore. The firm is headed by chief executive officer, Davinder Singh, Senior Counsel. Drew & Napier LLC is also rated top tier in Corporate Insolvency & Restructuring, Intellectual Property (Patents and Trademarks) Competition & Antitrust, Telecommunications, Media & Technology and Tax, with market leading practices in Mergers & Acquisitions, Corporate Finance, and Admiralty & Shipping. For more information, please visit www.drewnapier.com.

For more information please contact:

Verona Huang
Corporate Affairs Manager
Drew & Napier LLC
Tel: +65 6531 2482
Email: verona.huang@drewnapier.com

Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
Tel: +65 6531 2218
Email: lisa.lim@drewnapier.com