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Gallagher Buys Into Tru-Test

News Release
March 4, 2004

Gallagher Buys Into Tru-Test

Private company, Gallagher Holdings Limited, has confirmed it has acquired 4,234,552 shares (13.1%) in Auckland based Tru-Test Corporation for $1.20 per share.

Gallagher Holdings Limited is the parent company of Hamilton-based exporter, Gallagher Group Limited.

Deputy CEO of Gallagher Group Steve Tucker made the statement to clarify rumours currently in the market.

“We have moved cautiously as there is an element of risk in this purchase because no one is certain how long and how far the downslide will go,” he says.

Tucker says market conditions are tough and the high dollar is having major impacts for many companies.

END

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