Company Contact:
Michael Liss
WARP Technology Holdings, Inc.
610-715-5656
mliss@warpsolutions.com
 Public Relations Contact:
Domenick Cilea
Springboard Public Relations
732-863-1900 x.102
dcilea@SpringboardPR.com

For Immediate Release:

WARP Technology Holdings, Inc. Closes $3 Million Equity Financing;
Announces Intention to File for AMEX Listing

NEW YORK, January 23, 2003 -- WARP Technology Holdings, Inc. (OTC Bulletin Board: WRPT), today announced closing of a new $3-million tranche of financing. Financing was provided by shareholders from the current Series B and Series C groups. The funding provides new operating capital to increase the firm's sales efforts, and increases shareholder equity in preparation for WARP's planned listing on the American Stock Exchange.

"With this funding, we will be able to significantly expand our sales and marketing efforts. Our launch of the WARP 2063 last year proved to us the market understands the need for application acceleration. We are looking to add technology partners and to build customer relationships worldwide," said Karl Douglas, CEO of WARP Technology Holdings, Inc.

The company will provide additional details of its financial performance in its second-quarter 10Q, which will be issued before the filing deadline.

WARP management has decided to move toward listing on the American Stock Exchange. "We have conducted significant analysis to determine the right venue for the company," Douglas added. "We believe the specialist market is more suitable for us, based on our discussions with Cohen Specialists, Inc. We understand the many advantages the American Stock Exchange offers to early-stage technology companies, and we're excited to bring this technology stock to the AMEX." While listing on the AMEX is not guaranteed, the company firmly believes it will meet all listing criteria.

This announcement follows two other significant announcements earlier this month. On January 13, WARP Technology Holdings announced it completed the acquisition of SpiderSoftware, Inc., a Canadian company with products that enable dynamic content acceleration for small and medium-sized businesses. SpiderSoftware CEO Greg Parker joined WARP as chief technology officer and was elected to the board of directors. Earlier this week, WARP announced the availability of the WARP 2063e, a non-intrusive appliance that enables implementation of an Appliance Delivery Network to distribute Web-based business applications from the edge of a network. The WARP 2063e dramatically increases an origin site's capacity and performance, while also moving application delivery closer to customers and end-users in any geographic location -- reducing latency, speeding transmission times, and optimizing network performance.

The WARP 2063e is part of WARP's GTEN (Global Transaction Enabled Network) architecture, which includes a series of products to significantly improve network and server performance, and enable distributed application acceleration on a global scale. The company is currently developing GTEN partnerships with major telecommunications companies worldwide.

About WARP Technology Holdings, Inc.

WARP Technology Holdings (OTC BB: WRPT) is a leading provider of network and application acceleration technology solutions. Through its subsidiaries WARP Solutions, Inc. and SpiderSoftware, Inc., and its licensing arrangement with iMimic Networking, Inc., the company offers a strategic portfolio of software and hardware solutions to significantly improve the speed, performance, and reliability of business-critical applications and content delivered over IP-based networks. For information, contact 877-688-9277.

Cautionary Statement

Statements contained herein which are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties. Actual results could differ materially from those included in the forward-looking statements for a variety of reasons, including the level of acceptance of the WARP 2063e product by the marketplace, the ability of the product to achieve the results for which it is designed, the ability of the company to raise capital to fund operations and marketing programs for this product, competition from other approaches to application acceleration and network architecture, and other risks described in the Company’s filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.



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