Micromega Holdings Limited - Resignation of Director

Micromega Holdings Limited - Resignation of Director                            
Further to the cautionary announcement dated 17 May 2002, the directors of      
Micromega Holdings Limited ("MMG or the Company"), announce the resignation     
of Dave King from the Board of Directors of MMG with immediate effect.          
Mr King made an undertaking to remain a director of MMG for at least five       
years at the time he joined the board. Notwithstanding this undertaking and     
the directors high regard for Mr. King`s contribution to the development of     
MMG the directors have asked Mr King to resign and Mr King has agreed to        
such request. Mr King`s resignation will allow him to concentrate on his own    
pressing personal affairs.                                                      
The directors of MMG would like to place on record their appreciation of Mr     
King`s contribution on behalf of MMG and remain open minded concerning his      
future involvement with MMG.                                                    
The Directors would like to confirm that the resignation of Mr. King does       
not reflect in any way on the financial strength, stability or prospects for    
MMG.                                                                            
Notwithstanding this announcement the directors would like to state that the    
cautionary issued on 17 May 2002 still remains in effect.                       
Date: 17/05/2002 08:59:53 AM Produced by the SENS Department