HONG KONG / REDWOOD CITY, CA (Feb. 28, 2000) -- Magically, Inc., a pioneer of the ASP industry, announced today several strategic investments in the company totaling $11.5 million. Investment partners include Pacific Century CyberWorks (PCCW), a Hong Kong-based technology and investment firm which has taken a 12 percent equity stake in the company; Japan Asia Investment Company (JAIC), and Cable & Wireless Hong Kong Telecom. Magically will use a significant portion of the funds for expanded marketing and co-branding campaigns as well as to add key management to the corporate team.

The company also announced the appointment of Michael Yahng as Chief Executive Officer and the opening of a Hong Kong office, headed by Chee Lung Tham. Previously, Mr. Tham served as Regional Director of W.L. Gore & Associates for the past 12 years. He holds a MBA from Harvard Business School.. Mr. Yahng had previously served as Chief Operating Officer for the company. Prior to joining Magically, Mr. Yahng spent 21 years with BankBoston, where he served as Division Executive in charge of high tech new ventures lending and investment activities. He holds an undergraduate degree from Yale University and a MBA degree from Harvard Business School. Mr. Yahng has also been appointed to serve on Magically's board of directors, along will Mr. Mico Chung, an executive vice president with PCCW.

"Our investment partners afford us the opportunity to continue moving forward with our global vision to offer custom collaboration tools via the web,?said Michael Yahng, Chief Executive Officer for Magically, Inc. ÒWhether that access is through a desktop computer or interactive television, users will not be limited by hardware, software, or geography.

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Jozelle Cox
Clio Communications for Magically, Inc.
925-277-2775
jcox@magicaldesk.com