Spectrum Resources Executive Director Moves Overse
Board to lead acquisition activity following successful integration of Kinetiq
* Spectrum Resources announces resignation of Executive Director Rob Levison; no replacement will be sought
* Levison's move comes following the successful integration of Kinetiq with Spectrum
* Board will lead assessment of suitable acquisitions but continues cautious approach to investment in technology
Auckland, Thursday 17 May 2001 - Spectrum Resources (NZSE: SPE) today announced the resignation of its Executive Director, Rob Levison. Levison has successfully guided the integration of Kinetiq, Spectrum's wholly-owned subsidiary, with Spectrum Resources and is leaving the company to pursue a similar role overseas.
Spectrum Resources Chairman, Alex Paterson, said Levison had given the company solid leadership during the significant changes over the past 18 months.
"Under Rob's direction, Spectrum has successfully transitioned from a mining company to a venture capital fund for promising New Zealand companies like Kinetiq," said Paterson. "He has also led the creation of a successful relationship with Kinetiq, which continues to make progress in overseas markets and deliver value to our shareholders."
A replacement for the position of Executive Director is not being sought. The Board, which has taken a cautious approach to investment over the past six months following the downturn in the technology sector, confirmed that it will continue to explore new opportunities for investment as they arise.
About Spectrum Resources Ltd Spectrum Resources is a company dedicated to investing in the B2B E-commerce area with particular emphasis on vertical market software. It is a late stage investor that takes majority or control positions in investee companies, adding financial, marketing and management expertise. Spectrum is strongly committed to the development of New Zealand companies and believes in the global potential of the intellectual capital in this country. For more information, please visit www.spectrumnz.com.
Kinetiq (www.kinetiq.com) is a software development company specialising in complex billing solutions and mission critical software. Its flagship product is its complex Contract Management and Billing Software PV2. Kinetiq continues to make sales of PV2, under the brand name Settlement One, to Canadian utilities and is also seeing strong interest in the software from North American utilities.