ICONET Commences European Marketing Program

ICONET Commences European Marketing Program

Business Editors

LOS ANGELES–(BUSINESS WIRE)–Feb. 11 2002

Iconet, Inc. (ICON — OTCBB) is pleased to announce the rollout and deployment of its marketing program in Europe.

Management has been in discussions with several privately held companies that have expressed strong indications of interest to form a strategic alliance. The Company expects to commence negotiations and anticipates signing contracts in the near future. If we are successful in forming an alliance, we believe the venture would yield a revenue stream in excess of $18,000,000.00 on an annualized basis, or approx. $.60 EPS for each strategic alliance.

We intend to do this by forming strategic alliances with several existing Companies that have in excess of 1,000 operating locations. Iconet’s strategy for execution of its business plan is to acquire existing companies that meet our criteria. We expect to finance through equity using Investment Bankers in Europe, and by allowing the acquired companies to participate on an equity level. The company feels this gives great incentive to all parties involved in the transaction, and anticipates this will maximize value for the shareholders.

The primary purpose of the company is to manufacture and market the Internet Connection Kiosk, which can be described simply as a net-enabled equivalent of a public payphone offering Internet access for many features, including music videos, email, advertisements, video-conferencing and World Wide Web access.

Included in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. Forward-looking statements include terms such as “intend”, “believe”, “expect” and “anticipate”. The company’s actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors affecting our proposed products and marketing efforts.

COPYRIGHT 2002 Business Wire

COPYRIGHT 2002 Gale Group