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Safetynet to Strengthen Market Position

Media Release


Safetynet to Strengthen Market Position With New Cornerstone Shareholder

AUCKLAND - Friday, 11 February 2000 - Total network solutions company Safetynet (NZ) Limited today announced that Savoy Technologies, a wholly owned subsidiary of Savoy Equities (NZSE: SVY), has acquired a 70% stakeholding in the company. The deal will see Savoy Technologies and associated companies in New Zealand and overseas, provide finance, strategic advice and a network of relationships to assist Safetynet strengthen its market position in New Zealand as well as assist the company to migrate its services internationally.

Safetynet currently specialises in providing high-speed wireless Internet and Virtual Private Network (VPN) connectivity to commercial clients throughout New Zealand. It also provides a range of integrated e-commerce services ranging from Web site design and development to virtual database development and integration.

Kevin Wheeler, sales director, Safetynet, says since the company's establishment 18 months ago it had grown more rapidly than forecast, driving the need for additional working capital. "Our wireless Internet and Virtual Private Network connectivity solutions are proving highly successful with an increasing number of businesses. Our customers are typically finding that past solutions to networking, such as dedicated leased lines, do not provide the flexibility required for quickly creating new partner links or supporting project teams in the field. This approach also reduces equipment and support costs for customers."

Commenting on the announcement, Savoy chief executive Mr.Kerry Haycock says that although Safetynet is in the beginning of its business growth cycle the technology and its application by the company had already gained a credible track record and sales prospects were very encouraging. "Anytime, anywhere communication has become a banner for the twenty first century," says Haycock "The most important thing for customers is the ability to reach the desired party at a cost that helps meet their business objectives. Safetynet is all about combining the flexibility and low cost of wireless technology to ensure that connection is made in the most efficient and effective way possible."

As a result of Savoy's new stakeholding, Stuart Walbridge, CEO of Savoy Technologies will be one of the Savoy appointments to the board of Safetynet, joining Safetynet technical director Craig Sutherland and director of finance, Craig Wigglesworth.

About Safetynet (NZ) Limited
Safetynet is a total network solutions company. It specialises in providing high-speed wireless Internet and Virtual Private Network (VPN) connectivity to commercial clients nationwide. It also provides a range of integrated e-commerce services ranging from Web site design and development to virtual database development and integration.

ENDS

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