PACIFIC BIOMETRICS, BESTNET COMMUNICATIONS EXECUTE A LETTER OF INTENT TO ENTER INTO A STOCK PURCHASE AGREEMENT

Pacific Biometrics and BestNet Communications have announced the execution of a Letter of Intent between the two companies. Under the terms and conditions of the Letter, the companies agree to negotiate the terms of (a) a Stock Purchase Agreement and (b) an Asset Purchase and Management Agreement. Under the proposed Stock Purchase Agreement, PBI agrees to issue series A convertible preferred stock, representing 25 percent of the voting power, in PBI Technology, a wholly owned subsidiary of PBI, to BestNet at an aggregate purchase price of $1,000,000.

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