Infringement of Patents by e-gold Ltd. and DigiGold Ltd. is Cited

5 November 2001 - G.M. Network Ltd., the company that has developed GoldMoney, today announced that it is defending in the US District Court in New York City its digital gold currency patents against infringement by e- gold Ltd. and DigiGold Ltd.

e-gold and DigiGold are reportedly owned, operated and controlled by Doug Jackson and Barry Downey and related family trusts, all of whom were named in the Complaint. The Trustees of the e-gold Special Purpose Trust, the Escrow Agents used by that trust, and Gold & Silver Reserve Inc. (d/b/a OmniPay) were also named in the Complaint.

It has been the stated aim of G.M. Network through GoldMoney to set a high standard for digital gold currency in all respects, but particularly in areas of system integrity and the safety of customer assets. Their objective is to ensure that the new and rapidly growing payment process made possible by digital gold currencies is not adversely affected by firms that do not meet the standards for governance and customer protections that have been established by the patent owners.

GoldMoney aims to make digital gold currency the preferred payment mechanism for online global ecommerce. It will take steps that are necessary to help protect consumers from companies that are unwilling or unable to attain the standards set by GoldMoney.

G.M. Network has previously announced its willingness to license its patents to qualified companies. This will provide assurances to the marketplace that firms offering digital gold currency payment mechanisms operating under the GoldMoney patents will be meeting the same high standards that GoldMoney has already achieved.

GM Network has repeatedly attempted to reach an amicable resolution with the Jackson and Downey entities, but it has now been forced to defend its property rights. The Jackson and Downey entities are also currently involved in a dispute that they initiated against DigiGold's own software developers. GM Network would like to make clear that its dispute is with the Jackson and Downey entities, not the users of e-gold and DigiGold.

As the inventor of digital gold currency, GoldMoney is setting the global standard for instantaneous, 24/7 non- repudiable payments.

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GoldMoney is digital gold currency - gold in digital form that can be spent and transferred electronically. By converting the world's oldest money into a new and much-needed digital currency, GoldMoney allows consumers, merchants and consumers to avoid the intrusion and expense of credit cards as well as the hassle of using conventional fiat currencies online. GoldMoney founder, James Turk is the creator and GoldMoney is the patent holder to this asset-based online transaction system. GoldMoney services can be accessed at GoldMoney.com.

For more information contact:
James Turk
Founder, GoldMoney
info@goldmoney.com