Kinetiq Appoints New CEO

AUCKLAND - Spectrum Resources Ltd (NZX: SPE), today announced executive and board level changes to Kinetiq, its wholly owned subsidiary, which provides customer management solutions to energy companies worldwide.

Kinetiq's Tim Carswell has been appointed as the company's new CEO, taking over from Gavin Mitchell, who has held the executive role for five years and is now taking up a directorship on the Spectrum Resources board. Carswell takes up the position at the end of July.

Meanwhile, Dorchester Pacific's Managing Director Brent King has been appointed a director. Leaving the board will be Michael Thomas, Director of EDIS International, who steps down at the end of this month to return to the United States after three years.

New CEO Tim Carswell brings to the role exceptional industry knowledge with almost 20 years experience in the energy and process control industry. Previously, as Business Development Manager South East Asia, Kinetiq Australia, Carswell was key to negotiations with TXU Australia, Singapore Power and in further developing the company's Service Bureau opportunities.

Based in Melbourne, Australia, Carswell believes the increase in Kinetiq's recurring contracts, on top of the stable license revenue, achieved during Mitchell's tenure as CEO provides a positive platform to take the company into the future.

"Over the last five years Gavin has done a great job in building Kinetiq's revenue base and further developing its products and services. We will be sad to see him leave the executive position, but we're very pleased that he will remain involved in the company as a director," Carswell said.

Outgoing CEO Gavin Mitchell says he is positive about Kinetiq's future, remarking at the successful growth of its Service Bureau, which specialises in billing and settlement, and its diversification through acquiring Demand Response, utility and energy management providers.

"I have greatly enjoyed my role in growing Kinetiq and extending our services to help our customers better manage their energy consumption. I look forward to continuing my involvement with Spectrum and Kinetiq at director level," Mitchell said.

The vision for Kineti

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Looking ahead, Carswell says Kinetiq will refocus on its core strengths, such as its successful Service Bureau and award-winning energy management company Demand Response, over the next financial year.

"These areas of our business have done extremely well over the last year, giving us the right mix of services to respond to a growing global trend toward energy efficiency management and a need for energy businesses to decrease exposure to high spot market prices," Carswell said. "We believe focusing on them will help us ensure the company will be profitable in the medium term."

Carswell explains that this refocus will result in changes to its high value license business, which has been affected by a reduction in high value software purchases by the international business sector. These changes include reducing development while putting more staff into the Service Bureau and Demand Response parts of the business.

"Consistent with the global trend recently, we have experienced fewer high value licensing deals coming across the line this financial year. We're not alone at having part of our business affected by the current sluggish market, so we plan to retain, but not expand, the current revenue base while significantly reducing costs," he said.

"We are confident that by aligning our business focus with the long term market direction, we are not only ensuring Kinetiq will continue to provide an outstanding service to customers, but will maximise rewards for all key stakeholders."