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To: scouser who wrote (15251)	11/26/1999 11:08:00 AM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

JDX.T Friday November 26, 10:06 am Eastern Time Company Press Release Retransmission Jordex Announces Two Strategic Alliances as the Cornerstone to its Future Business Plan TORONTO, ONTARIO--Management of Jordex Resources, Inc. (Jordex) has previously indicated its intention to invest in technology companies. Earlier today, Jordex announced that it has entered a letter of intent to acquire 100% of Enviromation Inc., a private company in the business of designing and manufacturing control systems for water treatment facilities. In June 1999, Jordex invested US$1 million in Medsite.com, a leading medical internet business-to-business company. Subsequent to the investment by Jordex, Medsite has raised US$30 million in additional equity through a private placement with institutional investors including Chase Capital Partners, Bain Capital and Reuters Group Plc. It is anticipated that Medsite will complete an IPO during the first quarter of 2000. Brian Hinchcliffe, Chairman of Jordex said, ''We continue to be delighted by the performance of Medsite and we look forward to a successful IPO.'' Jordex's management has been working diligently to identify additional investment opportunities that will enhance shareholder value. Toward this end Jordex has agreed to enter into strategic relationships with two successful equity fund managers. Agreements in principle are in the process of being documented. The first agreement in principle is with the Argentum Group, the general partner of four equity funds totaling approximately US$280 million. Argentum has significant deal flow, a strong investment record and an experienced internal staff to perform due diligence. Argentum, through one of its funds, was the initial investor in Medsite.com and is currently its largest shareholder. Jordex has agreed to grant 500, 000 options to Argentum to purchase its shares for a five year period, of which 170,000 options are subject to shareholder approval of an amendment to its Stock Option Plan. Argentum has agreed to offer Jordex the opportunity to co-invest with Argentum in amo! unts ranging from US$500,000 to US$1,000,000 at Jordex's option, in all transactions in which Argentum has the opportunity to invest at least US$2.5 million to US$3.0 million. Jordex has also entered into an agreement in principle with MF Private Capital, Inc. (MFPC), a Boston-based investment group that is an investment affiliate of Manulife Capital Corporation, an indirect subsidiary of one of Canada's leading financial services firms. MFPC is lead by four experienced investment professionals and has invested/committed approximately US $90 million in the last 18 months. An affiliate of MFPC, MFPCVI, Inc., as general partner of MF Private Capital Ventures, LP (the Fund) is raising capital for the Fund. The Manufacturers Life Insurance Company (U.S.A.), the indirect majority owner of MFPC, is participating in the Fund by contributing a percentage of its original deals, that were sourced and are managed by an affiliate of MFPC, as its equity contribution. Jordex has agreed in principle to invest US $1.5 million in the Fund and MFPCVI, Inc. has agreed that Jordex will be offered an opportunity to co-invest in the Fund's deals. William Staudt, President of Jordex, will join the Fund's Advisory Committee. The majority of MFPC's investments are in communications infrastructure, technology, medical device technology, and Internet B2B companies. In order to position Jordex so that it can effectively offer supporting services to companies in which it invests, Jordex intends to further develop relationships and expertise in areas that can benefit emerging technology companies. One major area is human resources. Jordex has entered into a consulting agreement with Dale M. Flanagan, a senior partner with TMP Worldwide, the parent of Monster.Com. Mr. Flanagan has been active in the executive search industry for over 25 years. Once formalized, Mr. Flanagan will also be appointed to the Jordex's Advisory Committee. Mr. Hinchcliffe stated that, ''Dale's experience and contacts should significantly benefit Jordex's ability to evaluate prospective investments and to assist the management teams of companies in which we invest.'' Jordex is continuing to review and negotiate investment opportunities in the technology, internet and telecommunications industries. Mr. Hinchcliffe further stated ''We are excited about the course we have set for Jordex. We are confident that through the relationships we have developed we will successfully execute our corporate objectives. All of this is being done with the goal of enhancing the value for Jordex shareholders.'' ON BEHALF OF THE BOARD OF DIRECTORS Brian A. Hinchcliffe, Chairman & CEO Contact: Jordex Resources Inc. Jim Graham Vice President Investor Relations 1-800-675-1749 or (516) 922-6404 Website: www.jordex.com Email: jimgraham@jordex.com