Nextnation’s Bonus Issue Approved

KUALA LUMPUR, 17 November 2006 – The Board of Directors of Nextnation Communication Berhad (“Nextnation” or “Company”) (MY: Mesdaq:NEXTNAT), a leading global mobile multimedia Application Services Provider today announced that Bursa Malaysia Securities Berhad (“Bursa Securities”) had, vide its letter dated 15 November 2006, approved in-principal the listing of and quotation for up to 138,600,000 bonus shares arising from the proposed bonus issue.

Nextnation had proposed for a bonus issue of up to 138,600,000 new ordinary shares of RM0.10 each in Nextnation (“Bonus Shares”), to be credited as fully paid-up, on the basis of one (1) bonus share for every two (2) existing ordinary shares of RM0.10 each in Nextnation (“Nextnation Shares”) held by shareholders whose name appear in the Record of Depositors of the Company on an entitlement date to be determined and announced later. Fractions of new Nextnation Shares, if any, shall be dealt with in such a manner by the Directors of Nextnation in their discretion as they deem fit. The bonus issue will be implemented via the capitalisation of the share premium of Nextnation.

As at 17 November 2006, the issued and paid-up share capital of the Company stood at RM 26,820,000 comprising 268,200,000 Nextnation Shares. The approval from the shareholders of Nextnation for the proposed bonus issue has been obtained at Nextnation’s Extraordinary General Meeting held on 18 October 2006.

PY Tey, CEO of Nextnation commented “We are delighted to reward and show our appreciation to our loyal shareholders for their continuous support for the Company by enabling them to have greater participation in the equity of the Company. At the same time, the Bonus Issue is also intended to augment the issued share capital base of the Company to appropriately reflect the growth and expansion of the Group's business”. He further added that with the bonus issue, Nextnation shares on Bursa is expected be more liquid and marketable with a higher capital base.

The Bonus Shares, when allotted and issued, will rank pari passu in all respects with the existing Shares.

About Nextnation

Nextnation‚ a mobile application service provider‚ enables businesses and individuals to access‚ connect‚ and transact across today's complex global mobile networks. Its core product MINDCEP™ Platform is a mobile multimedia communication platform‚ facilitating and enabling mobile data transmission worldwide using WAP‚ MMS‚ SMS and Java technologies. MINDCEP™ is connected to some of the largest premium messaging networks in the world in order to offer a broad range of services from content distribution to mobile m-commerce and place the company at the forefront of this rapidly growing messaging market. Additional news and information about the company is available at www.nextnationnet.com.