To: SmartLogik Action Group

We are pleased to announce that SmartLogik shareholders in the USA
are now starting to take action themselves (SmartLogik was fully
listed on the NASDAQ Stock Exchange in New York).

There are hundreds of SmartLogik shareholders in the USA who have
been directly affected by the scandalous events at this company that
was based in the UK. This week an official complaint about
SmartLogik was submitted to the office of Eliot Spitzer, New York
Attorney General (http://www.oag.state.ny.us/). The US and UK
shareholders are now awaiting a response from that office and will
be following up as soon as possible.

In the UK, we are continuing our action where we have been advised
by Counsel, Michael Lazarus QC
(http://www.3vb.com/pgs-members/m_mlazarus.shtml), to focus on the
valuation of the core assets that were sold to APR without
shareholder approval. All the information is indicating strongly
that the core assets were sold at a tremendous undervalue and that
APR received an extremely beneficial deal at the expense of the
thousands of shareholders. We are now trying to prove that the
assets were worth significantly more than the £1.75 million they
were sold for. The difference represents the damage to shareholders.

However, in addition to this, we still do not know what happened to
the £12 million raised at the launch of SmartLogik or the £7
million revenue, because the audited accounts were never published.
As a result, there has been a complete lack of accountability to the
shareholders who collectively owned the company. It is a great
shame, but shareholders in the UK appear to have very little rights
and directors seem to be able to act with impunity.

Under US Law, where the consumer and shareholder rights are much
stronger, events such as these simply would not be allowed to
happen. It is a very hopeful sign that the US shareholders are now
starting to act, especially since it is being done through the
office of that great champion of shareholder rights, Eliot Spitzer.