San Francisco (June 16, 1999) - The Walden International ("WI") is pleased to announce the successful initial public offering of one of its portfolio companies, ETen Information System Co., Ltd. ("ETen"). The shares were first traded on May 14, 1999 on the Over-the-Counter market of the Taiwan Stock Exchange. A total of 8.75 million shares were offered at NT$25.00 per share, raising approximately NT$218.75 million (US$6.731 million). Core Pacific Securities Co., Ltd. was the lead underwriting of the offering.

Established in January 1985, ETen is a leading Chinese operating system software developer in Taiwan. In addition to the Company's earlier major product, Chinese computer system software, ETen is currently focusing on new 3C (computer, communication and consumer electronic) devices. ETen's "Dr. Stock" product is the first in Taiwan offering users real-time Taiwan stock information through Internet. Another product, "InterMessenger", is a Chinese pager plus PDA (Personal Digital Assistant) which allows users to receive daily real-time Taiwan stock information, international financial news and headlines.

For the first quarter ended March 31, 1999, ETen achieved a net income of NT$31 million (US$0.954 million) on a turnover of NT$238.2 million (US$7.33 million). In fiscal year 1998, the Company recorded a net income of NT$91 million (US$2.8 million) on a turnover of NT$772.76 million (US$23.78 million).

Established in 1987, WI is an international venture capital firm with over US$850 million in funds under management. WI's international network of investment professionals are located in the United States, Singapore, Hong Kong, Taiwan, Malaysia, the People's Republic of China, the Philippines, Thailand, Indonesia, India, and Australia.