Disposal

EmdexTrade PLC
11 November 2002


                              EmdexTrade PLC

                         Disposal of EmdexIslami


EmdexTrade PLC ('Emdex') the international trade financing company, announces
that it has entered into a Memorandum of Understanding ('MOU') to sell its
wholly owned subsidiary EmdexIslami FZ-LLC ('Islami') to Watamu Trading EC 
('Watamu').

Watamu is a company which is registered in Bahrain and is wholly owned by Eren
Nil, who is also a Director and 60% shareholder of Emdex. In addition, Stephen
Corley, who is a Director and 10.25% shareholder of Emdex is also a Director of
Watamu.

The Directors believe that the arrangements detailed below, will prove
beneficial to Emdex shareholders by reducing risk and cost, whilst still
maintaining the potential for significant revenues from the planned Shari'ah
compliant website, which Islami was set up to provide.

The consideration for the share capital of Islami is AED 500,000 (approximately
£87,000), which equates to Islami's issued share capital originally paid by
Emdex. To date there has been no trading by Islami and the consideration
received by Emdex will be used for ongoing working capital purposes.

There are no changes to service contracts relating to Emdex Directors as a
consequence of the MOU.

In addition, the MOU sets out the commercial terms of a further agreement,
binding for the next three years, to be entered into by Emdex and Islami which
it is expected to be concluded by 30 November 2002 on the following basis:-

(a)   Islami will have the right to acquire certain intellectual property rights
owned by Emdex so far as they relate to Islami's Shari'ah compliant website for
a consideration of US$500,000;

(b)      Emdex will be entitled to receive 75% of Islami's annual pre tax profit
for the period of the agreement;

(c)       Islami will be responsible for all costs incurred in developing its
website (including any costs incurred by Emdex); and

(d)      if a minimum of US$2 million in the form of equity capital is raised by
Islami during the three year period of the agreement, then (b) above will cease
to apply and Islami will be required to pay US$350,000 per annum for the
remainder of the period covered by the agreement and a one off payment of
US$200,000 towards the costs incurred by Emdex in the development of the Emdex
website.

Having consulted with the Company's Nominated Adviser, Nabarro Wells & Co
Limited, the Directors, other than Eren Nil and Stephen Corley, consider the
terms of the arrangements disclosed above to be fair and reasonable insofar as
Emdex shareholders are concerned.


                                                                11 November 2002


Enquiries:


Company:               Patrick Kennedy (FD) London           [phone]
                       Ken Mackay (MD) New York              [phone]

Public Relations:      Matthew Smallwood: College Hill       [phone]



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