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Telstra Saturn buys Paradise

Media statement
For immediate release 2 April 2000

Telstra Saturn buys Paradise

Austar United announced today its subsidiary, Saturn Communications has purchased Internet Service Provider (ISP), Paradise Net Limited.

Austar United and Telstra Corporation recently announced the merger of their subsidiaries, Saturn Communications and Telstra New Zealand. After the merger Paradise Net will become part of Telstra Saturn.

Telstra Saturn Chief Executive, Jack Matthews said he considered the purchase of Paradise Net to be the first strategic move made by his management team and Board.

“The purchase of Paradise is logical because it delivers to Saturn residential what Netlink currently provides for Telstra Business. Whether our customers are at home or at work we will deliver them affordable high-speed Internet products and services,” Jack Matthews said.

Paradise Net Limited has 33,000 subscribers throughout New Zealand. Most subscribers are residential. Paradise Net was founded by Shane Cole and Harry Galanakis in 1997.

“This decision sends clear signals to our customers and the market that Telstra Saturn is focused and determined to move quickly to build a nationwide state-of-the-art communications company,” he said.

As part of the purchase agreement Telstra Saturn will employ Shane Cole, Vasilis (Billy) Giannakakis and other Paradise staff.

“Paradise is a well run company and it was important to us to retain their skills, their vision and energy,” Jack Matthews said.

“Paradise have proven technology and a reputation for excellent customer service and consequently they have grown rapidly in four years.

“As a partner to Saturn, we have admired their company for some time now.

“The Internet, Voice-over IP, and broadband content are fundamental elements of Telstra Saturn’s business plan and Paradise Net represents an integral part of this strategy,” he said.

Ends

For further information, please contact:
Sean Wynne
Director, Corporate Development
Saturn Communications
Tel: 0-4-939 5006 Mobile 021 638 191

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