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SINGAPORE, 14 May 2010 – Spice i2i Limited ("Spice i2i" or the "Group", formerly known as MediaRing Ltd), Asia Pacific's premier IP communication solutions provider of Voice, Data, Computing services and Mobile Handset distribution, has reported a turnover of US$42.1 million (S$59.0 million) for the first quarter (Q1) ended 31 March 2010, a 40.8 per cent increase in turnover over the same period in 2009.

The increase in revenue was brought about by two main factors. First, the recently-concluded Spice-CSL venture contributed to the growth in revenue via sales of mobile handsets. In addition, the newly acquired subsidiaries, Spice BPO Services Limited and Bharat IT Services Limited, played a part in the increase through sales of voice services and computer hardware.

"The strategic partnerships, mergers and acquisitions that we have made in the past months are essential to our mission in building a Pan-Asian telecommunications and mobility business which has strong manufacturing, distribution and retail capabilities, in order to compete effectively against the leading global players. The inclusion of the mobile handset and value-added services business has contributed additional revenue of US$15.1 million (S$21.2 million), which paves the way for us to realise the mobility and digital lifestyle vision," said Mr Maneesh Tripathi, CEO of Spice i2i Limited.

Going forward, the Group will continue to develop its Voice, Data and Computing business, focusing on mobile internet, mobile handsets and value-added services. These operations will be amalgamated to integrate content, services and delivery platforms. Besides offering superior value to customers, this move will also allow Spice i2i to participate in the full spectrum of value creation in the mobility domain.

The Group's balance sheet remains strong, with a very healthy cash position. The earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q1 2010 was US$1.6 million (S$2.2 million) compared to US$1.4 million (S$2.0 million) for Q1 2009. Along with this, a net loss of US$0.4 million (S$0.6 million) is reported for Q1 2010.

Note:

S$ refers to the equivalent amount in Singapore dollar translated based on the approximate exchange rate of US$1: S$1.401. As our reporting currency is in US$, all S$ translated amounts should be used as a guide only.

About Spice i2i Limited
A global enterprise headquartered in Singapore, Spice i2i Limited (formerly known as MediaRing Ltd) has a strong presence in major cities around the world, including subsidiaries, branch offices and associates in India, Kuala Lumpur, Hong Kong, Shanghai, Beijing, Cape Town and Sunnyvale (California). With the involvement of Spice Global, Spice i2i is now further consolidating its global footprint, driving innovative technologies towards realizing the dreams of the ever-evolving mobile internet society.

Since acquiring a significant stake in Spice i2i through its subsidiary Spice Innovation Technologies Pte. Limited. (Spice) in 2009, the Spice Group, led by Dr. B K Modi, is committed to establishing a lead in the emerging space created by the convergence of communications and entertainment technologies. Spice i2i is poised to take on a synergistic presence in Spice's ecosystem that is built upon a base of strong intellectual property, joint-venture expertise, global connectivity, proven track record and excellence in corporate governance. Going forward, Spice i2i will play a role in further strengthening Spice's global positioning, particularly in the area of mobile VoIP.

Spice i2i Limited is listed on the mainboard of Singapore Stock Exchange and trades under ticker symbol SGX: M09.

Contact Information:

Email: investor-relations@mediaring.com