IFS International Holdings, Inc. Announces Multiple License Fee Alternative Payment Plan.

TROY, N.Y., Oct. 26 /PRNewswire/ --

IFS International Holdings, Inc. (OTC Bulletin Board: IFSH) (BSE: EFT) As previously described in the Company's Annual Report on Form 10-KSB/A for the fiscal year ended April 30, 2001 and Quarterly Report on Form 10-QSB/A for the quarter ended July 31, 2001 (the "10-Q"), the Company in June 2001 entered into an agreement for the sale of multiple software licenses. The agreement called for payment of $2,000,000 in fees (the "Multiple License Fee"). Payment was to be made in two installments of $1,000,000 each in June and September 2001. Subsequent to the execution of the agreement the Company was advised by the customer that payment of the Multiple License Fee was delayed, since payment was dependent upon the customer receiving financing, which in turn was delayed. The Company, based upon representations and evidence presented by the customer, believed payment of Multiple License Fee would be received by September 2001. The Company believed that receipt of the payment would reduce or eliminate the Company's immediate liquidity issues. The customer's financing was not completed at that time and the Multiple License Fee has not been paid in accordance with the original terms.

The customer has assured us that payment for the Multiple License Fee would be made to the Company in full together with interest and agreed additional amounts. Therefore, parties in October 2001 entered into an alternative payment plan with the customer, which calls for payment over approximately 13 months with accelerated payments in full when the customer's financing is obtained. Payment of $100,840 has been made to date in accordance with alternative payment.

The deferral of payment by the customer of the Multiple License Fee has resulted in the continuation of the Company's liquidity issues previously disclosed in the 10-Q. The Company is in the process of formulating a strategic plan, which among other things will address long-term liquidity issues.

New Chairman

"Simon Theobald, CEO of IFS, announced that the Company had appointed Mr. James Denney as the new Chairman of the Board. This shift to a non-executive, independent director Chairman will enable Mr. Theobald to concentrate his efforts as the Chief Executive Officer of the Company. Mr. Denney said he looked forward to his new duties and responsibilities. Mr. Theobald stated, "I welcome the opportunity to devote myself even more aggressively to the important critical tasks, as we endeavor to continue our recent success in transitioning from the turnaround to growth phase in the company's evolution."

Previously Schedule Conference Call

The previously scheduled conference call has been rescheduled for mid November due to our approaching second quarter end on October 31, 2001, during which the Company will discuss accountability to previous projections and future projections.

About IFS International Holdings, Inc.

IFS International, Inc. and Network Controls International, Inc. are subsidiaries of IFS International Holdings, Inc. which has headquarters in the USA and subsidiary offices in the USA, UK and Australia.

IFS International, Inc. develops, markets and supports software products for the electronic financial market. IFS International's TPII and TP-CMS products provide support for ATMs, Point of Sale devices, network switches, smart cards and card management. IFS International's subsidiary, Global Insight Group, is a supplier of strategic business and technical implementation support services to the Retail Finance Industry.

NCI, Inc. develops innovative retail delivery applications like NCI Business Centre(TM) which combines network centric and browser based technologies in "One Application" to automate all delivery channels such as branch teller, platform service, call center, internet banking and customer relationship management

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions, and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

AT IFS INTERNATIONAL HOLDINGS, INC.:

Americas: +1-518-283-7900

Europe, Middle East and Africa: +44-1895-823626

Asia/Pacific and Australasia: +65-549-7414

e-mail: marketing@ifsintl.com

Company website: www.ifsintl.com

IFS INVESTOR RELATIONS:

Mrs. Rose Chonski

IFS International Holdings, Inc.

+1-518-283-7900

rosec@ifsintl.com

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