09:21     EVI EDUCATION<08090> - Yearly Results Announcement (1)              

                                                                              
    EVI Education Asia Limited announced on 27/11/02:                         
    (stock code :08090)                                                       
                                                                              
    Year end date                         :30/09/2002                         
    Currency                              :HKD                                
    Auditors' report                      :Unqualified                        
    Review of Quarterly Report by         :Audit Committee                    
                                                                              
    Important Note :                                                          
                                                                              
    This result announcement form only contains extracted information from    
    and should be read in conjunction with the detailed results announcement  
    of the issuer, which can be viewed on the GEM website at                  
    http://www.hkgem.com                                                      
                                                                              
                                                 (Audited)         (Audited)  
                                                   Current              Last  
                                                               Corresponding  
                                                    Period            Period  
                                           from 01/10/2001   from 01/10/2000  
                                             to 30/09/2002     to 30/09/2001  
                                                     $'000             $'000  
                                                                              
    Turnover                             :          10,469             1,050  
    Profit/(Loss) from Operations        :        (18,402)          (19,122)  
    Finance cost                         :             525             1,227  
    Share of Profit/(Loss) of Associates :               0                 0  
    Share of Profit/(Loss) of Jointly                                         
             Controlled Entites          :               0                 0  
    Profit/(Loss) after Taxation & MI    :        (17,877)          (17,895)  
    % Change Over the Last Period        :             N/A                    
    EPS / (LPS)                                                               
              Basic (in dollar)          :    (HKD 0.0045)      (HKD 0.0049)  
              Diluted (in dollar)        :             N/A               N/A  
    Extraordinary (ETD) Gain/(Loss)      :               0                 0  
    Profit (Loss) after ETD Items        :        (17,877)          (17,895)  
    Final Dividends per Share            :               0                 0  
    (specify if with other options)      :             N/A                    
    B/C Dates for Final Dividends        :             N/A                    
    Payable Date                         :             N/A                    
    B/C Dates for (-) General Meeting    :             N/A                    
    Other Distribution for Current Period:             NIL                    
    B/C Dates for Other Distribution     :             N/A                    
                                                                              
                                                For and on behalf of          
                                             EVI Education Asia Limited       
                                Signature:                                    
                                Name     :    Cheung Hon Fai, Maurice         
                                Title    :       Company Secretary            
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for the   
    accuracy of the information contained in this results announcement form   
    (the "Information") and confirm, having made all reasonable inquiries,    
    that to the best of their knowledge and belief the Information are        
    accurate and complete in all material respects and not misleading and     
    that there are no other matters the omission of which would make the      
    Information herein inaccurate or misleading. The Directors acknowledge    
    that the Stock Exchange has no responsibility whatsoever with regard      
    to the Information and undertake to indemnify the Exchange against all    
    liability incurred and all losses suffered by the Exchange in connection  
    with or relating to the Information.                                      
                                                                              
    Remarks:                                                                  
                                                                              
    (1) Basis of preparation                                                  
                                                                              
    The accounts have been prepared in accordance with accounting standards   
    issued by the Hong Kong Society of Accountants ("HKSA"), accounting       
    principles generally accepted in Hong Kong, the disclosure requirements   
    of the Hong Kong Companies Ordinance and the Rules Governing the Listing  
    of Securities on the GEM of the Stock Exchange ("the GEM Listing          
    Rules").  They have been prepared under the historical cost convention.   
    In the current year, the HKSA issued a number of Statements of Standard   
    Accounting Practice ("SSAPs") and related interpretations which are       
    effective for accounting periods commencing on or after 1st January       
    2001.  The new SSAPs relevant to the Group are:                           
                                                                              
    SSAP 9 (revised)   : Events after the balance sheet date                  
    SSAP 14 (revised)  : Leases (effective for periods commencing on or       
                         after 1st July 2000)                                 
    SSAP 26            : Segment reporting                                    
    SSAP 28            : Provisions, contingent liabilities and contingent    
    assets                                                                    
    SSAP 29            : Intangible assets                                    
    SSAP 30            : Business combinations                                
    SSAP 31            : Impairment of assets                                 
    SSAP 32            : Consolidated financial statements and accounting for 
                         investments in subsidiaries