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Carich Training Centre Limited

Carich Training Centre Limited

Effective 29 October 2003 Kerryn Downey and William Black KPMG partners in the advisory firm of KPMG were appointed receivers to Carich Training Centre Limited by the debenture holder at the request of the Company’s directors.

The Company no longer has the funding support of Government and has no other sources of funding to continue trading.

The Directors and senior management of Carich have worked hard to assess the options and find a resolution to the difficulties facing the Company. After considering all available options, the Directors decided that the best interests of all stakeholders will be served by the appointment of Receivers.

The Receivers are currently evaluating the business and operations and are working with representatives of Government, tertiary education industry associations and senior management to seek out potential investors/purchasers of the Company’s business. Pending the outcome of such discussions, the operations of Carich will remain closed until further notice.

At this stage, no information is available on the potential outcome of the receivership or the outcome for the company’s secured and unsecured creditors.

As significant developments occur, we will advise through another statement. This is likely to be mid next week.

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