| Shareholders Approve Share Purchase Plan 27 February 2007 Shareholders unanimously approved an offer of up to 5,666,667 shares at 33 cents per share at Connexionz's Special General Meeting 27 February 2007. Connexionz produces GPS-based electronic systems that allow bus passengers to find out where their buses are in real time. In the third quarter of 2006, Connexionz purchased a 50% shareholding in a joint venture company formed to acquire the assets of another UK competitor. The new joint venture, trading through Connexionz UK Limited provides an entry for Connexionz's software, BusFinderTM Xpress signage and development services into this important market. Through the joint venture, Connexionz gains access to technology that supports cellular telephone communications systems and in-vehicle computers that can support passenger counters and full motion video displays. In addition to its shareholding, Connexionz has a contract to manage and market the joint venture. Connexionz projects that for the year ending 31 March 2008 (FY2008) consolidated group sales will rise to $6.63m from a projected $2.67m for FY 2007. A net profit before tax and amortisation of $0.62m is projected for FY 2008. Under the Share Purchase Plan shareholders have the non-renounceable right to purchase up to $5,000 worth of shares. The funds raised will be used to integrate the strengths of the two company's technologies, assist with marketing activities in the US, retire debt and contribute toward the company's future working capital requirements. For further information Ph (03) 339 4536 or email Tony Kan. |
