VBT Vebnet (Hldgs)

RNS Number:1885E
Vebnet Holdings PLC
19 October 2004




                              VEBNET (HOLDINGS) PLC

                             Material Contract Win

Vebnet, the Edinburgh-based AIM-traded provider of technology-based employee
benefit solutions, announces that it has signed a contract with a major UK
financial institution to develop a worksite marketing solution based around FIX&
FLEX(R), the Group's core product.

Phase A of the development is likely to contribute significant revenues in the
current year ending 30 June 2005 and further phases could follow.

Gerry O'Neill (CEO) stated "This significant contract not only brings a further
prestigious organisation to Vebnet's client and partner portfolio; it underpins
our objective to double turnover in the current financial year".

Notes for Editors:

Vebnet develops and deploys technology for the management and administration of
fixed, flexible and voluntary employee benefit programmes, using internet/
intranet delivery platforms. Vebnet's core product, FIX&FLEX(R), was launched in
September 2001, with the first customer implementation of this technology in
March 2002. This product is sold to corporate customers through both licence and
direct channels.

Enquiries:

Vebnet (Holdings) plc
Gerry O'Neill (Chief Executive Officer)                          07990-584 096
Stephen Thurlow (Chief Financial Officer)                        0131-270 5503

Seymour Pierce Limited
Jonathan Wright                                                  020-7107 8050

Bankside Consultants Limited
Charles Ponsonby                                                 020-7444 4166




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