Exus Converts $378,000 of Secured Debt to Equity; Reschedules $187,500 of Debt and Strengthens Balance Sheet

NEW YORK, Jan. 21, 2003 -- Exus Networks, Inc. (OTCBB:EXUS) (NIPHIX:EXUSG) today announced that New Canaan Investment Partners LLC ("New Canaan"), its secured creditor, has converted $378,000 of current debt to 25,000,000 shares of restricted Exus common stock and has extended the due date on the remaining balance of $187,500 due New Canaan to December 2004.

This latest debt reduction is in addition to the announcement on August 29, 2002 that liabilities totaling $760,624 were forgiven or converted to equity.

Ike Sutton CEO of Exus stated: "This debt restructuring lifts a heavy weight off of our balance sheet and gives Exus the ability to raise new capital and proceed with our plans to be a Global Provider of Distant Education. New Canaan's support is further tangible evidence of our partner's long term support for Exus and all shareholders applaud the action announced today".

Rick Girouard, managing partner of New Canaan commented: "Exus' plans and foresight through its Distant Education program have the ability to make a real difference in the world. We fully support Exus in achieving its goals, and by our action today we are investing in the value of Exus common stock for the future."

About Exus Networks, Inc.

Exus Networks, Inc. is a global provider of a broad array of value-added services, concentrating on Distant Education, delivered via a combined satellite and terrestrially based network. These services are provided to a diverse client base in emerging markets that includes medium to large multi-national businesses, universities, Internet service providers and government agencies. Through its subsidiaries, EEN World University, Exus offers the first prepaid Smart
EducationCards(TM) to students worldwide and through Votelnet, Inc, prepaid Voice cards to the International market. To learn more about the Company, please visit its Website at www.exus.net and www.eenworldu.net

The preceding includes forward-looking statements which involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Forward-looking statements above are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, competition, intellectual property rights, litigation, needs of liquidity, and other risks detailed from time to time in the company's reports filed with the SEC.

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Contacts:
Exus Networks, Inc.
Ike Sutton, 212/514-6600
isutton@exus.com