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Radiola Now 100% New Zealand Owned


MEDIA RELEASE


For immediate release – no embargo
7 February 2002


Radiola Now 100% New Zealand Owned


BUCKING the trend of Kiwi companies moving offshore or being bought by foreign interests, Porirua-based Radiola Corporation is now fully New Zealand-owned.

Staff and management this month purchased the 60% equity held by the company’s long-term Australian investment partner, Catalyst Investment Managers Pty Ltd.

“Catalyst has proved an excellent business partner over the last eleven years”, said Radiola Managing Director, Brent Albiston.

“However our people have welcomed the opportunity to bring total control of the organisation back to New Zealand”, he added.

Radiola commenced operations in 1913 as the New Zealand branch of AWA’s Marine Communications. A management buyout in 1990 resulted in the major part of AWA New Zealand becoming a public unlisted company, with staff holding 40% of the equity. The company changed its name to Radiola in 1993.

Radiola is active in marketing Samsung and Kenwood branded consumer appliances, communications and IT products.

One of the company’s key divisions, Defence & Aerospace, is rapidly expanding its export business in navigation aids and communications systems for military and civil aviation applications.

“We’ve had exciting growth in this division, with projects recently completed in Mongolia, Australia, Turkey, East Timor and Bangladesh”, Mr Albiston said.

One of the largest was an $8.8 million contract to supply the Australian Air Force with mobile landing systems. These will be commissioned later this month.

Radiola currently employs 40 people and its turnover for the year to 31/03/01 was NZ$35m. Mr Albiston confidently predicts it will exceed NZ$43m this year.

Ends.


For further information or interviews,
Please contact:

Brent Albiston, Managing Director
Ph. Work: 64 (04) 237-1268
Ph. Mobile: 64 (21) 430-118
Email: brenta@radiola.co.nz
Web Site: www.radiola.co.nz

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