Melbourne, Mar 7, 2008 (ABN Newswire) - GoConnect Ltd (ASX: GCN)("GoConnect") is pleased to announce the signing of a Memorandum of Understanding ("MOU") with Beijing's Hope Software Co Ltd ("Hope") to establish an equal partnership in order to cooperate on the development and operation of a Business-to-Business ("B2B"), online networking platform, for both businesses within Mainland China and international businesses targeting China. It is intended that this platform will become the "Facebook" of the business world in China. GoConnect has already been developing an online portal, www.bguanxi.com to establish this business.

The portal will be a B2B market place to promote networking between businesses, allowing them to expand contacts and build relationships within a business environment. This will also allow business people to provide and access personal information, business and product information.

Hope, a substantial IT company based in Beijing China, with over 1,500 employees, is a company soon to be listed on the Shanghai Stock Exchange and is a subsidiary of the Academy of Sciences ("ACS"). The ACS is the pre-eminent state owned IT, scientific, and engineering research institution of China, while Hope has a 20-year history and is experienced in public service, government relationships, and IT research and design. Working with over 200,000 of its national distributors, suppliers, and customers, Hope will provide the initial Chinese business user database, which is integral for non-Chinese businesses to ease their entry into the Chinese market. For Chinese individuals and businesses, www.bguanxi.com will provide a platform to allow them to present their credentials to non-Chinese users. Hope will be responsible for the customisation of the system appropriate to the Chinese market, provide legal services, arrange the necessary government permits and licences and manage government and public relations in China.

GoConnect will research and develop the system prototype, operate the non-Chinese versions of the system and provide commercial planning for the business, which may include future fund raisings and possible public listing.

Both GoConnect and Hope view this development as a unique product and opportunity which will allow businesses and their key business people access their relevant counter parties both inside and outside China. All users, whether potential customers or suppliers, will benefit from the personal connections which will help overcome the barriers of language, legalities, technology and politics involved in operating in different economies. It is expected that the user database will expand rapidly as individual networks become interlinked through access to this online platform. Use of the portal is expected to become an integral aspect of business dealings in the future.

Via www.bguanxi.com , GoConnect will become the gatekeeper for Western businesses to access Chinese businesses, while Hope jointly with GoConnect, will become the gatekeepers for Chinese businesses accessing Western businesses.

China's online population of over 210 million users already ranks it as the largest online community in the world. Businesses around the world are eager to be "connected" with Chinese businesses in order to benefit from the substantial economic growth of China and to access the Chinese market.

The GoConnect-Hope partnership will be able to derive significant strategic and commercial value in the establishment of www.bguanxi.com as the East/West online business-networking platform.

Revenues to be generated from this platform will be based on technology and application licensing, listing fees and advertising.

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