Vsource(R) Announces Completion of Exchange Offer

Vsource(R) Announces Completion of Exchange Offer 


LA JOLLA, Calif., Nov. 22  /PRNewswire-FirstCall/ -- Vsource, Inc. (OTC:VSCE)
(BULLETIN BOARD: VSCE) , today announced that it completed its exchange offer
under which holders of its Series 1-A, Series 2-A and Series 4-A preferred
stock had the opportunity to exchange their preferred stock for the shares of
Ironbeak Limited, a wholly-owned subsidiary of the company, that owns Vsource's
61.2% interest in its former operating subsidiary, Vsource Asia Berhad.

Pursuant to the exchange offer, 92.8% of Vsource's Series 1-A Preferred Stock,
98.8% of the Series 2-A Preferred Stock and 100% of the outstanding Series 4-A
Preferred Stock were exchanged for shares of Ironbeak Limited and are no longer
outstanding.  As a result, 67,600 shares of Series 1-A Preferred Stock and
3,900 shares of Series 2-A Preferred Stock remain outstanding.

As contemplated by the exchange offer, since less than 100% of preferred
stockholders participated in the exchange offer Vsource sold all of its
remaining shares in Ironbeak Limited to Symphony Asia Berhad as part of a
purchase offer conducted by Symphony House for shares of Ironbeak Limited.
Vsource will receive $81,937.85 in cash proceeds as a result of the sale of
these shares to Symphony.  Consequently, Vsource no longer has an ownership
interest in Vsource Asia or in Ironbeak Limited.  In fiscal 2004, Vsource Asia
generated approximately 99% of Vsource's combined revenues.

As previously disclosed by the company, Symphony has also entered into an
agreement with several holders of Vsource's Preferred Stock pursuant to which
Symphony agreed to purchase the Vsource common stock and certain warrants to
purchase Vsource common stock owned by such Preferred Stockholders.  It is
currently anticipated that these transactions will be completed in the next
several days.  Upon completion of these purchases Symphony will own
approximately 32% of Vsource's outstanding common stock.  These transactions,
and the other transactions being completed by Vsource in connection with the
completion of the exchange offer, are described in the Schedule TO previously
filed by Vsource with the Securities and Exchange Commission.  The Schedule TO
can be obtained at no charge at the Securities Exchange Commission's website at
http://www.sec.gov/.

Vsource is a registered trademark of Vsource, Inc. 

DATASOURCE: Vsource, Inc.



CONTACT:  Jim Higham of Vsource, Inc., [phone],

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