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Strong Year Positions Teamtalk For Growth

News Release
27 October 2004

Strong Year Positions Teamtalk For Growth

Wellington-based mobile radio company TeamTalk Ltd held its first Annual General Meeting as a listed company today, after a successful entry onto the NZX in May 2004.

TeamTalk delivered on all significant prospectus forecasts, and paid fully imputed dividends of 16.5c - in excess of the 15c forecast.

Chairman Joe Pope said that the company had made a successful transition from private to public ownership, and that the listing was already starting to create opportunities for the company to expand it operations.

“We’re very happy with the year’s results and are looking forward to another productive year. We expect the net surplus for the June 2005 year to be in line with the result achieved in the 2004 year.”

Managing Director David Ware said TeamTalk had a strong year, supported by moderate growth in revenue and ongoing efficiencies created within the business.

Mr Ware said TeamTalk’s acquisition strategy is focused purely on proven business models in the New Zealand environment, where it could add value.

“To that end, we have identified some market segments of interest and we are in an extremely good position to acquire some compatible businesses,” Mr Ware said.

All resolutions put to shareholders were passed and current directors Paul Collins and Geoff Davis were re-elected to the Board of TeamTalk.

ENDS

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