Australasian and US Institutions Invest inIT
FOR IMMEDIATE RELEASE
Australasian and US Institutions Invest a Further $3 million in IT Capital
Armstrong Jones & an affiliate of Snider Capital Increase Holdings in ITC
AUCKLAND, 19 January 2000 - IT Capital Limited (ITC) has placed 4.3 million shares raising proceeds of $2.95 million with two of its largest shareholders, Armstrong Jones and Springbrook Capital Partners, an affiliate of Snider Capital L.P. Springbrook has co-invested in a number of business ventures with Snider Capital including the $20 million deal with IT Capital, announced on 21 December and approved by ITC shareholders at the company’s Extraordinary General Meeting (EGM) on 14 January, 2000.
“This further investment by the Snider Capital group and Armstrong Jones, one of ITC's first institutional investors, is a testament to our leading position in the marketplace and the inherent value in our growing investment portfolio,” says Jeff Dittus, IT Capital’s Chief Executive Officer. “The principals of Springbrook have been highly successful investors in various business sectors of the US economy. Their contacts will further strengthen our ability to create the business to business e-Commerce companies of the future.”
This investment follows ITC's EGM in which shareholders unanimously approved the acquisition of Terabyte Interactive, as well as the employment contracts of key management. In addition, ITC announced its next investment; the acquisition of an 18% interest in Virtual Spectator Limited, an Internet based, interactive sports broadcasting company.
“We invested in Virtual Spectator, one of New Zealand's leading Internet companies, with the deliberate intention of leveraging the knowledge and extensive contacts that Snider Capital possess within the US sporting community,” explains Keith Phillips, Managing Director of IT Capital. “These relationships, coupled with the development expertise of Terabyte Interactive, our wholly-owned subsidiary, will provide significant synergies going forward.”
With more than 30 years in Australasia, Armstrong Jones is one of the region’s leading investment managers, managing in excess of NZ$3.0 billion in New Zealand on behalf of 80,000 investors. The company is a wholly owned subsidiary of Mercantile Mutual of Australia, one of the country’s largest insurance and financial services groups with more than A$25 billion under management. Both Mercantile Mutual and Armstrong Jones are subsidiaries of the ING group, the global financial institution with assets in excess of A$700 billion.
Snider Capital L.P. (www.snidercapital.com) is a leading venture capital firm investing in Internet based information technologies. The principals of Snider Capital are leaders in the media and sporting industries in the United States. The Snider family have owned and operated radio and television stations including the largest sports satellite broadcasting network in North America, as well as professional hockey and basketball franchises and the largest sports arena management company in the United States.
IT Capital is Australasia’s leading Venture Catalyst. The company focuses on investing in New Zealand and Australian based e-Commerce companies with the intention of transplanting them into larger overseas markets, principally the United States. It addresses the funding gap that currently inhibits a vast number of innovative Australasian firms by providing early stage funding and management expertise that is not readily available in the local markets. IT Capital’s international network of venture partners and technology companies accelerates global technology transfer.
IT Capital provides a basket approach allowing investors to diversify risk and participate in e-Commerce opportunities, giving public market investors access to leading Australasian companies at private market prices.
information on IT Capital Limited is available on the web at
http://www.itcapital.net, while information on Snider
Capital and Armstrong Jones can be found at
For further information, please call:
Jeff Dittus, CEO, IT Capital – tel: +1 610 688 1598
Keith Phillips, Managing Director, IT Capital – +64-9 375 2595
Nicholas O’Flaherty, Senior Account Manager, Botica Conroy & Associates, Tel: +64-9 303-3862