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Tourism Holdings Limited Acquires Hertz Campervans

FOR IMMEDIATE RELEASE
NZX / MEDIA RELEASE

Tourism Holdings Limited
Acquires Hertz Campervan Rental Fleet in Australia


Tourism Holdings (“THL”) today announced that it had taken over the Hertz Campervan Rental Fleet in Australia which Fleetwood Corporation Ltd of Perth has relinquished as part of a strategic review of the Hertz Campervan franchise in Australia.

The Hertz Fleet of 230 Campervans transfers to THL effective Sunday, 1st August 2004 together with the Hertz Campervan Australia forward bookings. All travel arrangements and Hertz Campervan Terms & Conditions will be honoured by THL with Hertz Campervan customers being welcomed at THL’s locations around Australia.

Under the agreement THL will assume financial responsibility for the Hertz Campervan Operating leases on the vehicles.

In announcing the fleet transfer Dennis Pickup, Managing Director of Tourism Holdings Limited, commented that the fleet was compatible with the existing Maui, Britz & Backpacker campervans operating in THL’s 10 locations throughout Australia. The extra fleet capacity and revenue would be a welcome “Bolt On” addition without any substantial increase in costs as THL will not assume responsibility for existing Hertz Campervans staff or property commitments.

The transferred fleet will operate under THL’s brands of Britz, Maui and Backpacker Campervans.

ENDS

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