Kachingo! Operators Welcome Strathmore Decision
February 5, 2002
The decision by listed Strathmore Group Limited to focus resources on its investment in Kachingo! has been welcomed by the developers of the rewards programme.
Global Online Promotions Chairman Chris Aiken says his board views Strathmore's move as positive.
"Strathmore has supported Kachingo! since it's early stages and has added real value to Global for the past two years," Mr Aiken said.
"Even though it is a minority shareholder, Strathmore plainly recognises the potential for Kachingo! and Global Online Promotions (GO).
"It is important for any business to have the support of a balanced group of committed shareholders - as we do."
GO has a number of significant other investors who hold 75 per cent of the capital of the business, Mr Aiken says.
They include interests associated with Wellington-based investment bankers Morrison & Co, Eric Watson's Cullen Investments, Challenger, which is an investment fund, ASB Nominees and private investors.
"All of these organisations and people are providing excellent long-term support to GO's future development and growth. There's been millions of dollars invested in Kachingo! with the goal of producing world-leading technology.
"Long term our goal is to launch Kachingo! in a number of offshore markets. GO has protected its intellectual property with patents internationally and has offices in Auckland, Sydney and San Francisco," Mr Aiken says.
"We look forward to a long and fruitful association with all our shareholders and especially Strathmore as it completes its restructure."
Kachingo! is a customer rewards programme invented in New Zealand. It is the only one to reward shoppers with Big Cash prizes and instant rewards just for shopping at any store within the Kachingo! village of partners. The village consists of BP, KFC (north of the Bombay Hills), Super Liquor and Woolworths, Big Fresh and Price Chopper supermarkets.
Issued for Global
Online Promotions by Pead PR