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Island Pacific Selected by Lerner New York

From: ASAP

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Island Pacific, a division of SVI Solutions, Inc. (AMEX: SVI), announced the signing of a contract with Lerner New York/New York & Company. Lerner New York/New York & Company is a women’s apparel retailer operating more than 520 stores.

“Island Pacific’s Merchandise Management System offers us the most affordable, flexible and scaleable solution available today for our business,” said Ronald Ristau, Chief Operating Officer of Lerner New York. “Perhaps more importantly, Island Pacific knows retailing and the apparel industry. Their system has been proven time and again with leading apparel retailers.”

Island Pacific’s president, Steve Beck, commented, “We are pleased that Lerner New York has selected Island Pacific to support their merchandise management needs. While our system is utilized equally by soft and hard good retailers, the apparel industry has very specific requirements that we know how to address. Not only is our software developed to support the apparel retailer, our professional services team is also well-versed in providing the appropriate assistance.”

About Lerner New York Acquired by an investor team led by Richard P. Crystal and Bear Stearns Merchant Banking in November 2002, Lerner New York is redefining competitively priced fashion with its New York & Company brand. New York & Company is sexy, affordable and trendy fashion. More information about the brand can be found at www.nyandcompany.com.

About Bear Sterns Merchant Banking Bear Stearns Merchant Banking, the dedicated private equity arm of Bear, Stearns & Co. Inc., invests private equity capital in compelling leveraged buyouts, recapitalizations and growth capital opportunities alongside superior management teams. Bear Stearns Merchant Banking currently manages a $2 billion equity capital pool and, since its inception in 1997, has been an investor in 27 portfolio companies across a broad range of industries, including apparel and specialty retail. It recently completed the initial public offering of Aeropostale, Inc., which it acquired from Federated Department Stores in 1998. More information about Bear Stearns Merchant Banking can be found at www.bsmb.com.

About Island Pacific With more than 130 customers worldwide, representing 31,000+ stores, Island Pacific has taken the most widely used, most highly scalable, and most reliable retail enterprise software, and in concert with client and partner companies, crafted the most creative and affordable software and services solutions for retailers. InFocus and InVision are the company’s core products and operate on IBM iSeries and AS/400 platforms. Founded in 1978, Island Pacific is headquartered in Irvine, California, and has offices in the United States and the United Kingdom. Additional information about Island Pacific can be obtained at www.islandpacific.com or [email protected]

About SVI Headquartered in Carlsbad, CA, SVI provides multi-channel technology solutions to retailers. The company’s suite of offerings includes store systems as well as enterprise management, merchandising and direct-to-consumer solutions sold under the Island Pacific brand. Complementing these offerings, the Company provides an expansive menu of professional services including consulting and implementation services, as well as technical and project management services. SVI maintains offices in the United States and the United Kingdom. SVI’s subsidiary, SVI Training Products, is a leading provider of state-of-the- art PC courseware, customization tools and skills assessment software for educational institutions and government entities. More information about SVI can be obtained on their website at www.svisolutions.com.

Certain statements contained in this news release regarding matters that are not historical facts are forward-looking statements. These statements relate to future events or the Company’s future performance. These statements are only predictions. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed in the Company’s Form 10-K (as amended) for the fiscal year ended March 31, 2002 and other risk factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. SVI undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.

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