WNS EMERGENT INC. (CDNX-WNS)
NEWS RELEASE
For Immediate Release: Wednesday, May 21, 2003
Calgary, Alberta

WNS ANNOUNCES 2002 ANNUAL AND Q1 2003 QUARTERLY RESULTS

WNS Emergent Inc. (“WNS” or the “Company”) has filed its financial statements for the fiscal year ended December 31, 2002 and the quarter ended March 31, 2003. As the Company has changed its year end from August 31 to December 31, the audited financial statements for the year ended December 31, 2002 consist of the four month period commencing September 1, 2002 (hereinafter referred to as the "Stub Period").

Revenue for the Stub Period was $2,388,000 resulting in a Net Loss of $1,431,000. The Net Loss for the Stub Period includes Amortization of $497,000 and a write down of goodwill and other assets of $657,000. Revenue for the quarter ended March 31, 2003 was $2,234,000 resulting in a Net Loss of $149,000. The Net Loss for the quarter includes Amortization charges of $286,000.

"In addition to successfully executing on our plan to become cash flow positive during the first quarter of 2003, WNS has significantly strengthened its long term viability over the last year. During a time where capital expenditures in technology have generally shrunk, WNS has increased revenue by 50% while decreasing operating expenses by 35% (comparing financial statements for the quarter ended March 31, 2003 to the quarter ended March 31, 2002). From August 31, 2002 to March 31, 2003, WNS decreased its long term debt by 40% and increased its current assets by 41%," reported Alykhan Mamdani, CFO of the Company.

"Almost one year ago, we set out to distinguish WNS as a premier provider of Document Management Solutions in Canada with a North American presence. In order to become a leader in Document Management Solutions, we identified the need to have significant depth in document management expertise and a strong services offering in order to provide a base for the integration of our proprietary products. Management strongly believes that in today's capital markets and general economic conditions, our services offering must be competitive and self sustaining. Our results for the quarter ending March 31, 2003 are indicative of a healthy and growing services base. Our objective over the next year is to strategically expand our services offering while building on our product offering to leverage into our services and to increase our growing base of recurring revenues. It is management's contention, that this mixture will provide not only operational stability, but long term sustained profitability" said George Watson, President & CEO of the Company.

WNS Emergent provides technology to clients to assist in the management of their vital information and documents. Our solutions allow our clients to Connect, Communicate and Collaborate. Our Connect solutions team consists of infrastructure specialists who handle everything from the complete outsourced management of networks to the most complex integration of wireless services. Our Communicate solutions include the design, development, implementation and support of specialized information and document management solutions using a team of experts deployed across Canada. Our Collaborate Solutions include proprietary document management technologies delivered through our ASP model enabling electronic plans rooms, management of large scale construction projects and bidding processes involving over $1Billion of procurement. For more information, please visit www.wnsemergent.com.

For further information, please contact:

Mr. George Watson
President & CEO
Tel: (403) 705-7500
Fax: (403) 705-7555
E-mail: george.watson@wnsemergent.com

or

Mr. Alykhan Mamdani
CFO
Tel: (403) 705-7500
Fax: (403) 705-7555
E-mail: alykhan@wnsemergent.com

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