UPDATE ON ACQUISITION OF REAL ESTATE ASSETS

News Release #4-03
Symbol: SIII
Exchange: OTC: BB
September 24, 2003
Shares issued: 17,293,596
Sec # 33 - 28188
NEWS RELEASE

Strategic Internet Investments Incorporated (“SIII” or the “Company”) is pleased to announce that Bin Hassan Establishments Trading Group (“Bin Hassan”) has signed a contract with Ernst & Young to conduct a value check-up of the 14 combined Real Estate assets listed in the Company’s Letter of Intent with Bin Hassan dated June 30th , 2003.(the “LOI”)

The purpose of the value check-up is to provide a preliminary indication of the value of the revenue generating real estate assets, forming the targeted acquisitions in the LOI, consisting of 10 schools, 2 colleges, a resort as well as an amusement centre.

The value check-up will be based on an objective analysis of business performance, reviewing key indicators of financial statements of the Bin Hassan group entities for the last 3 years and a review of the prospective financial information for the next 3-5 years based on forecasted financial model. Ernst & Young will appoint three independent real estate valuators to value the properties of the group.

As full consideration for the purchase(s) of any individual asset or all of the assets at the purchase price established under the value check-up, Bin Hassan has agreed to accept common shares of SIII issued, under Regulation S of the U.S. Securities Exchange Act, at a deemed price of not less than $2.00 per share and not more than $5.00 US per share. (refer to news release issued by the Company dated July 17, 2003 for additional information concerning the acquisition)

Additional details of the targeted assets will be available upon the conclusion of the preliminary report being prepared by Ernst & Young.

In addition to the above, SIII owns certain indirect rights to, and is a co-developer of, the Dream Island Resort, a planned leisure & entertainment complex located in Manama, Bahrain. For further information please visit the company’s web site noted below.

 

For further information contact:

Corporate Contact: Strategic Internet Investments, Inc. (604) 684-8662 email: info@siiincorporated.com www.siiincorporated.com

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

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