EastNets elects new Chairman and new Board of Directors

Hazem Mulhim, CEO, hosted the Board's second meeting on July 16, 2008, in EastNets offices in Waterloo, Belgium, coinciding with the marking of the first anniversary of EastNets' acquisition of SIDE International.

High-profile Board Members include Mr. Jaap Kamp, an Independent Expert and former Chairman of the Board of Directors of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) from Holland, who was elected as Chairman of EastNets Group Board; and Mr. Steffen Schubert, CEO of "Anapix Capital Ltd." and former CEO of the Dubai International Financial Exchange (DIFX), who brings 25 years of solid experience in financial markets to the group.

The Board also includes Mr. Ray Mulhern, an Independent Expert, President of "The M Consulting Group", and former Vice President of Bank of New York from the US; Mr. Mohamed Kaissi, representing Technology World Company, from Kuwait; Mr. Hussein Ali Nasser, representing Industrial and Financial Investments Company, from Kuwait; Mr. Abdallah Al Kulaib, representing Aref Group, from Kuwait; Mr. Andi Dervishi, representing International Finance Corporation (IFC) which is part of World Bank Group, from USA; and Mr. David Salloum, the Board of Directors Legal Secretary.

"Our new members of the Board comprise of industry leaders who will help set new and exciting directions for EastNets. Our recent meeting allowed us to fully assess our current status and start planning for the company's future growth. We assure our valued clients that this is the beginning of even greater achievements and stronger partnerships for us all,"

said Mulhim.

The meeting of the new Board of Directors in Belgium commemorated EastNets' first year anniversary of the strategic acquisition of SIDE International, a renowned developer of software for the IT infrastructure of the financial industry in 2007. The two companies have been close business partners since 2002 and have been leveraging their successful collaboration to expand operational capabilities and international reach since the strategic takeover.

Mr. Mulhim added: "After completing the successful year of SIDE International acquisition, and as part of our commitment and dedication to integrating and growing the market reach and product offering for SIDE International, we are happy to announce the appointment of Mr. Freddy Nurski as a Managing Director for EastNets-SIDE. Mr. Nurski brings to the company a wealth of experience spanning over 25 years in the ITC services with fortune 500 companies".

Dubai-headquartered EastNets has been handling confidential transactions for more than 850 customers from the financial, corporate and government sectors in Europe, the US, South America, the Middle East, Asia and Africa for over 24 years. The company is accredited as SWIFT Business, Service, Service Bureau, Educational and Solution Partner to offer SWIFT customers' customized services related to the implementation, integration, and upgrade of SWIFTNet infrastructure products and SWIFT interfaces, and to meet established quality standards.