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Telespace Limited Changes Name to Qinnet.com, Inc. and Announces Merger Plans

Jan. 12, 2000--Qinnet.com, Inc. (OTC BB:QNNT) is pleased to announce its plans to merge with Qinnet Holdings Corp., a Washington corporation.  

In that transaction, Shareholders of Qinnet Holdings Corp. will receive one share of the common stock of qinnet.com, Inc. in return for each common share of Qinnet Holdings Corp. Qinnet.com, Inc. expects that transaction to be completed by January 31, 2000.

Following approval by its shareholders, Telespace Limited (OTC BB:TLTD) has changed its name to Qinnet.com, Inc. and as of January 10, 2000 the company began trading under the new symbol QNNT.

Through the merger transaction Qinnet.com, Inc. will become the parent corporation of Beijing based QinNet Electronic Technologies Co. Ltd., which provides complete Internet services, including Internet service providers, Internet content providers, E-business, and E-commerce solutions, to government entities, private enterprises, and individuals in China.

This announcement contains various "forward-looking statements" within the meaning of federal securities laws. Investors and potential investors should recognize that such statements express expectations which may or may not occur. Whether such expectations occur is subject to uncertainty caused, among other things, by factors that are beyond the control of Qinnet.com, Inc.'s management or other unforeseeable influences unknown at this time. Investors are urged to be cautious in assessing the impact of such "forward-looking statements."
For more information see the Company's website at www.qinnet.com, or call 206-374-2162.

"Weiguo Lang"