CORPORATE UPDATE

Toronto, Ontario, Canada - January 15, 2001 -

ASTAware Technologies INC. ("ASTAware" / the "Company") pleased to provide its shareholders with an update in respect of its affairs as follows:

Board Appointment

The Company wishes to announce that Mr. Dwayne Mathers has been appointed as a director by the board to fill the vacancy created by Jeffrey Puritt's resignation on September 1, 2000. As at the date hereof, the following persons now constitute the board of directors of the Company: Govin Misir; Howie Wong; Mervyn Smith; Dev Misir; Justin Mariani; Thomas Axworthy; and Dwayne Mathers.

Mr. Mathers has served as an officer of SLMsoft.com since May 31, 1999 and is presently Vice-President of Corporate Strategy and Business Development with responsibilities for strategy development and mergers and acquisitions. Prior to joining SLMsoft.com, Mr. Mathers was the Mergers & Acquisitions Service Line leader within Deloitte & Touche’s Toronto strategy practice (Braxton Associates). At Braxton, Mr. Mathers also specialized in market strategy for the financial services industry and developed the United States market analysis for SLM. Prior to joining Deloitte & Touche, Mr. Mathers served in a number of executive roles within the Canadian Standards Associations, including International Secretary-General for the ISO 9000 standards committees.

Biographical information on the other directors of the Company (who were elected at the Company's annual meeting held on July 31, 2000) is provided in the Company's information circular dated June 16, 2000.

Amendment to Outstanding Debentures

On June 28, 1998, the Company issued a convertible debenture in the principal amount of $1,000,000 and 5,000,000 share purchase warrants (after giving effect to a 2 for 1 share split) to Misir Holdings Inc, a company owned by Dev Misir, Chief Executive Officer of the Company and a director. Following a review with CDNX and the independent directors of the board, the Company and Misir Holdings Inc. have agreed to retroactively amend the face value of the secured, convertible debenture to $800,000 and to adjust the number of outstanding share purchase warrants to 4,000,000. This amendment will be reflected in future financial statements of the Company.

ASTAware is a leading provider of B2B solutions including E-CAT, a solution that combines ASTAware's cutting edge index, search and retrieval software with e-commerce technology to produce an electronic catalog with product searching and ordering functionality integrated within a CD-ROM/DVD and/or online. The company's information retrieval solutions include, SearchKey API, SearchKey PRO, SearchDisc and E-Cat. ASTAware's current licensees include: Hewlett Packard, Hunter Engineering, IBM, Lockheed Martin Tactical Systems (UK), Ontario Hydro, Qualcomm, RedBack Networks, Rogers Media, Siemens Telecom Networks, Silicon Graphics, Sun Microsystems and Transport Canada. For more information on ASTAware's products and services, feel free to contact the company at its websites: http://www.astaware.com, http://www.searchkey.com, or e-mail: ejewell@astaware.com.