Tengtu International Corp. (fka TNTU)

[EZ2]

TNTU news..........

Tengtu International Announces the Closing of US$4 Million in Private Placements; Announces Retirement of US$1.5 Million Quest Loan

TORONTO & BEIJING, Feb 21, 2003 (BUSINESS WIRE) -- Tengtu International Corp. (TIC) (TNTU), a developer, marketer, distributor and integrator of distance learning solutions and e-education software, announced today that it has successfully completed a series of private placements that include a recent placement through Dundee Securities Corporation (Dundee). The total amount raised by the Company in this round of private placements is US$4 million.

Individual investors from the U.S. and Canada participated in the private placement for approximately US$2.5 million. Canadian institutional investors, through Dundee and TIC Chairman William Ballard, participated for approximately US$1.5 million.

These private placements complete the Company's financing objectives set out in fiscal year 2002 to raise US$15 million. This funding was sought in support of the capital and development requirements of Tengtu's role as the operating partner of China's national e-learning portal (CBERC) and provincial e-portals (LBERCs).

On June 20, 2002 Tengtu announce that it had closed US$11 million in private placements.

This recent round of private placements was concluded on favourable terms to the Company and its shareholders at a unit price of $1.00 for two common shares, with a warrant exercisable at $0.75 over a 12-month period.

The company also announced that it had retired a US$1.5 million loan on November 30, 2002. This loan was provided by Quest Ventures Ltd. on the previous closing of US$11 million on June 30, 2002, as a short-term loan bridging completion of the US$4 million balance of equity financing the Company was seeking.

About Tengtu International Corp.

Tengtu International Corp. (www.tengtu.com) is a developer, marketer, distributor, and integrator of distance learning solutions and e-education software. Tengtu International Corp controls 57% of a joint venture with its China partner, Tengtu China. The JV (Tengtu) has been chosen by China's Ministry of Education to be the operating partner in the deployment of China's national education portal and distance learning network. Tengtu is a key player in "Operation Morning Sun," China's national initiative to make computerized education available to 250 million students in the country's 800,000 kindergarten through 12th grade (K-12) schools.

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Note: Portions of this press release include forward-looking statements made pursuant to the safe harbour provisions of the Securities Litigation Reform Act of 1995. Actual results could differ materially from the results discussed in this release and in the forward-looking statements contained herein for many reasons. Investors are cautioned that all forward-looking statements involve numerous risks and uncertainties, including but not limited to product development, product acceptance, licensing opportunities and general economic conditions. For more information concerning Tengtu International Corp., and risk factors that may affect its future results and may cause actual results to vary from results anticipated in forward-looking statements, investors should review the Company's public filings with the U.S. Securities and Exchange Commission.

Tengtu International Corp.
John Watt, 416/963-3999


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