Gaithersburg, October 30, 2002

Lasse V. Syversen, Chairman & CEO of Flagship Technologies, Inc, and President of Bloksberg Inc, announced today that Flagship Technologies, Inc. will become an integrated part of Bloksberg Inc, the holding company since 2001. Bloksberg Inc. is today the 100% owner of Flagship Technologies, Inc and will secure the future of the company after the unsuccessful merger with an external group last year.

Mr. Syversen says the new group will focus on their basic business of linking trade partners worldwide. The company was established in 1986 to serve the shipping industry and later developed an extensive program for data interchange. Through the group the company will gain important web experience and development skills for their future development.

Mr. Syversen will become the CEO and President of the consolidated company and through his long experience within the Shipping and IT industry he will provide the necessary experience in integrating the different line of operations.

Flagship Technologies will continue their services within the shipping industry and seek new line of excellence through the other members of the group, especially in the web development area of expertise.

For further information, please contact Mr. Lasse Syversen, at +1 301 216 9803 or office@flagship.com.