EIGER ANNOUNCES PRIVATE PLACEMENT

Toronto, March 5, 2003 /CNW/-- Eiger Technology (TSE: AXA, OTCBB: ETIFF)
("Eiger") is pleased to announce that it is conducting a private placement of
units (the "Private Placement") in its securities at a price of $0.45 per unit.
Each unit (the "Units") is comprised of one share and one share purchase warrant
(the "Warrants"). The Warrants, each of which is convertible to one common share
upon exercise, are exercisable for a period of one year at an exercise price of
$0.55 per warrant. As a result of market conditions a non-brokered private
placement announced in a press release of January 15, 2003 is not being pursued
at this time.

The Private Placement has a maximum subscription of 1,000,000 Units. If the
Private Placement is fully subscribed, the Company will receive proceeds of
$450,000.

Proceeds from the Private Placement will be used to fund ongoing working capital
requirements of Eiger, which include the funding of new marketing initiatives
aimed at substantially accelerating the growth of Onlinetel's already growing
Voice over IP telephony business.

"Onlinetel continues to establish and enhance market share through its
advertising campaign while continuing to enhance its positive cash flow
initiatives", says Gerry Racicot, President of Eiger Technology, Inc.

The Private Placement is a non-brokered private placement. Under the policies of
the TSX, it is anticipated to close within 45 days.

Eiger Technology, Inc.,  headquartered in Toronto, Ontario is a publicly traded
company listed on the Toronto Stock Exchange. Visit Eiger Technology, Inc's.
Website at www.eigertechnology.com. For more information please contact, Roland
P. Austrup, Vice-President at (416) 216-8659.


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The management of the company, who take full responsibility for its content,
prepared this press release. The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements relating to future events
and results that are based on Eiger's current expectations. These statements
involve risks and uncertainties including, without limitation, Eiger's ability
to successfully develop and market its products, consumer acceptance of such
products, competitive pressures relating to price reductions, new product
introductions by third parties, technological innovations, and overall market
conditions. Consequently, actual events and results in future periods may differ
materially from those currently expected.