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Kinetiq CEO To Head Spectrum Resources

Gavin Mitchell's Responsibilities Extended To Cover Spectrum Resources

Editors Summary
* The Spectrum Resources Board has extended Gavin Mitchell's responsibilities to cover Spectrum Resources
* Mitchell will continue in his role as Chief Executive of Kinetiq
* Mitchell will work with the Board in their ongoing assessment of suitable acquisitions

Auckland, Thursday 14 June 2001 - Spectrum Resources (NZSE: SPE) today announced that Gavin Mitchell, Chief Executive of its wholly-owned subsidiary, Kinetiq, will take on the Chief Executive role for the Spectrum Group. With this extension of his responsibilities, Mitchell is the Chief Executive of Spectrum Resources and Kinetiq.

Spectrum Resources Chairman, Alex Paterson, said the Board had been pleased with the development of Kinetiq under Mitchell's guidance.

"While the Board continues to be involved with acquisitions for the Group, Gavin will lead the development of our long-term growth strategy and manage its implementation," he said. "Gavin has enabled Kinetiq to make significant progress in international markets and we are looking forward to benefiting from his leadership marketing skills and industry understanding as the group develops."

Mitchell has been a key factor in the success of Kinetiq over the past year. The organisation has set up a presence in the United States and Australia, and has continued to enjoy growth in Canada.

"I am looking forward to the challenge of expanding the Group's portfolio with investments that are going to deliver the best return to shareholders," he said. "In the current economic environment, we will retain a cautious approach to acquisition opportunities. They must be taken at the right time, with the right companies and in the right markets for the Group."

Mitchell confirmed that Spectrum will maintain its commitment to supporting local companies. Potential investment targets will be technology companies and vertical software developers in high growth industries.

"Companies that have a unique product with global potential, based in New Zealand, are of most interest," he said. "We will remain a late-stage investor, providing the best of New Zealand's innovative young technologists with the financial, marketing and management expertise they need to achieve global success."

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.

Ends

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