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DELOITTE TOUCHÉ IT ISRAEL SIGNS JOINT VENTURE AGREEMENT WITH MEGANET CORPORATION FOR THE APPLICATION OF THE VME ENCRYPTION TECHNOLOGY

DECEMBER 27, 2000

TEL AVIV, Israel--(BUSINESS WIRE)--Dec. 27, 2000--Deloitte Touché Information Technology, of the Deloitte Touch Israel Consulting Group, has signed a joint venture agreement with Meganet Corporation, following a comprehensive technical review by DT IT, in order to distribute and apply the Virtual Matrix Encryption enabled applications- developed by Meganet.

VME technology (Virtual Matrix Encryption) is a core technology, considered today to be the strongest encryption technology worldwide. Unlike other encryption technologies (broken in the past), which operate by a worldwide standard of 128 bit, VME is based on one million bit standard and cannot be broken by any other computing power, present or future.

According to Saul Backal, Chairman & CEO of Meganet, combining VME based solutions for info-security for Deloitte Touche's customers created a ``win-win'' situation for all parties concerned. Backal added that the international info-security market, rolling to exceed over 25 billions dollars, and combined with further e-commerce development, is expected to reach some 250 billion dollars in the foreseeable future.

According to Keren Shaked, CEO of Deloitte Touch IT Israel, the cooperation with Meganet is another step in the company's strategy attempting to grant its customers the best comprehensive solution for info-security. Recently, the firm entered as a partner to Avnet, a leading consulting and integrator Data Security Company in Israel.

About Meganet

Protecting data, communications, and assets. Meganet Corporation is a client-focused data and communications security company committed to the continual development of revolutionary technologies and innovative information security solutions. Meganet has developed a revolutionary symmetric encryption algorithm coined as Virtual Matrix Encryption (VME). The power of VME results from a unique data mapping technology that creates exceptionally random cipher text and from its ability to use up to a million-bit key. Meganet aims at propelling VME to be the industry's standard for encryption. Established in 1997, Meganet is a privately held California corporation headquartered in Los Angeles, Calif., with offices in New York and Oregon. (URL: http://www.meganet.com)

About Deloitte Touche IT Israel

Deloitte Touche Information Technology Israel offers overall IT solutions: choosing and implementing ERP and CRM systems, e-Business project management, implementing data warehouse systems and data security systems. The company is part of Deloitte Touche Management Consulting Israel.

Contact:
     Meganet Corporation
     Saul Backal or
     Michael M. Vaknin
     16133 Ventura Blvd., Suite 640
     Encino, CA 91436
     800/MEGANET
     www.meganet.com

     Deloitte Touche IT Israel
     Keren Shaked
     1 Azrieli Center, Tel-Aviv 67021
     Israel
     972-3-6085323
     www.deloitte.co.il

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