New Subsidiary, New Chairman For Aoraki Corp

Christchurch, New Zealand. 29 May 2001. - New Zealand software company Aoraki Corporation Limited, the company behind JADE, today announced the formation of a new subsidiary company and the appointment of former Minister of Finance Hon Ruth Richardson as its new Chairman.

Aoraki Corporation's Chief Executive Sir Gil Simpson announced the formation of a new subsidiary company called JADE Capital Limited, which will house five of Aoraki's operating divisions.

"Aoraki has five strategic operating divisions which have used JADE to build software for specific market sectors and now need a new structure to expand.

"Within Aoraki they have been able to undertake the necessary research and development and to create a solid Australasian customer base, under the rigours of a separate commercial structure they will be able to expand to other markets at a faster rate."

"This structure will also enable Aoraki to realise some more value for the intellectual property we have created in these areas, and enable us to focus more clearly on the heart of our business, which is JADE."

The initial Aoraki appointed directors of JADE Capital will be Sir Gil Simpson (Chairman), Peter Helms and Murray Valentine.

Sir Gil said the operating divisions which would be grouped under the new company were in the areas of transportation, healthcare, student management, customer relationship management and payroll/human resource management.

Sir Gil also announced that Ruth Richardson was replacing Murray Valentine as chairman of Aoraki Corporation Limited, with Mr Valentine remaining on the board.

"Murray has played an important role over the last 11 years in creating a company that is capable of competing against any other software organisation in the world," said Sir Gil.

"His experience and business acumen will continue to be crucial to the success of our company and its subsidiaries."

Sir Gil said Ms Richardson's appointment anticipated the substantial international growth the company was likely to experience in the next two to three years, particularly in demand for JADE. "Ruth has spent the last few years working at a high level in many countries, so I think she is uniquely placed to help us understand and navigate markets such as Europe and the United States."

Aoraki Corporation's other board members are Wellington lawyer Bill Howie, and three executive directors in Sir Gil, Peter Helms and Mike White.

CONTACTS

Greg Williamson, tel 03 365 2500, mobile 021 229 5870, gwilliamson@jade.co.nz

ABOUT AORAKI CORPORATION LIMITED

Aoraki Corporation Limited is a privately owned New Zealand company, headquartered in Christchurch. It employs 400 people in New Zealand, Australia and the United Kingdom. The company's founder and Chief Executive is Sir Gil Simpson.

Aoraki produces a software development technology called JADE. JADE is used throughout the world to create customer-focussed systems.

More than 40 JADE Partners, including companies such as IBM, Pricewaterhouse Coopers, Telstra Saturn, Ernst & Young, KPMG, gen-I and Mi Services Group use JADE in their product or service offering. JADE is used in New Zealand, Australia, Japan, Singapore, Korea, India and the United Kingdom.

In addition to its JADE division, Aoraki has a subsidiary company called JADE Capital Limited which has five divisions focussed on building software for specific market sectors, namely transportation, healthcare, tertiary student management, customer relationship management and payroll/human resource management.

For more information visit www.discoverjade.com

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