World Information Technology Starts 2004 Acquisition Program: Valuable China State-Owned Companies Targeted; One Transaction Underway

NEW YORK & TAIWAN--(BUSINESS WIRE)--March 4, 2004--World Information Technology Inc., March 3, 2004, (OTCBB: WRLT), a leading Taiwanese-based marketing company, announced today World Tech is proceeding forward with Management plans to make acquisition based transactions of government owned and other companies, including potential undervalued opportunities, in China and Taiwan. World Tech is targeting several potential acquisitions, and one acquisition related transaction is in progress.

2004 Acquisition Plans-Asian Opportunities

Since China's joining of the World Trade Organization (WTO), and the progress of capitalism throughout the world, millions of State owned companies are being transformed into private ownership as part of the tension between politics and economics; people want to own something they can call their own, and the government wants to improve products and services, and maintain political stability, potential benefits when companies are making money and people have work. Both in China and Taiwan, business has geared up and opportunities exist. People need information to help them........people want the information more than they may need it. World Tech hopes to help supply business acquisition and ownership information to the public and also make its own intelligent acquisitions.

Acquisitions are subject to definitive agreements, and terms, conditions and risks, but Management believes the World Tech will complete several this year.

First Transaction-Bofeng Takeover

World Tech, through its subsidiary Yiqi Information Technology, Inc., a Taiwanese company, has executed an Agreement with Shanghai's Bofeng Internet Technology Co. Ltd. ("Bofeng"), an internet company in Shanghai, to increase World Tech's holdings in Bofeng up to 90%. This means World Tech will obtain effective and practical control of Bofeng once completed, the Agreement being subject to terms and conditions and further agreements. The acquisition is planned to facilitate potential acquisitions of state-owned companies in China, which must be acquired by Chinese-based entities (Bofeng is one). Bofeng may become the holding company of several companies, and will also be of help in distributing information to the public on business acquisition and ownership. The "takeover" is subject to further agreements and further news will be released when appropriate.

"We believe the transaction, through a subsidiary company compliant with China rules, will enable us to acquire promising state owned companies as China goes through a privatization phase," said Jung Tsih-Hao, Chairman of the Board of both World Tech and the subsidiary. He further stated, "We are in advanced discussions with an attractive state-owned company, and this subsidiary will remove a key obstacle to the transaction, as it meets the government requirements for ownership. The take over of Bofeng is a key part of our strategy of growing our business in Mainland China."

Bofeng-Background

Shanghai Bofeng Internet Technology Co. Ltd. is an internet service and content provider which currently owns two popular business websites in China, www.cpe.com.cn and www.shtw.com.

According to Management, the first site, www.cpe.com.cn was established in 1999, and is China's leading website specifically targeted to serve more than 70 million private enterprises in China by providing membership, marketing, advertising and business activities. The website currently has over 900,000 active members.

The second web site, www.shtw.com, was established in 2001, and World Tech believes it is China's leading website focused on Taiwanese owned enterprises in China. The site introduces Taiwanese companies to Mainland China, and assists companies in capital issues, government relations and obtaining legal services, among other benefits. The website currently has about 50,000 members.

Bofeng also has a third site called www.chian-taiwan.com.cn. The site is intended to target e-commerce opportunities for Taiwanese-owned enterprises in Mainland China.

Other News

World Tech is still in the process of opening its New York, USA, based offices. Management is focused upon meetings and travel, working on the annual report matters for the recent year end, operations in Asia, and other matters. However, staff is being interviewed, and within the next few weeks the offices should be in full operation. Management believes the new offices will be of help in the goal to have a strong USA image with shareholders and others.

World Tech

World Information Technology Inc., or World Tech for short, operating in Taiwan and mainland China, is a leading Taiwanese-based consumer marketing company. The Company employs a combination of sales associates and Internet technology to offer consumers discounts on products offered by its merchants. The Company also provides web hosting and marketing services to small and mid-sized merchants, including advertising their products on its shopping portal, www.24hh.com. The Company operates through various subsidiaries.

Certain Information