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GAS Signs Card And Top-Up Agreement with Smartpay

MEDIA RELEASE March 17, 2006

GAS Signs Card And Top-Up Agreement with Smartpay NZ Ltd

Pre-pay top-up and international calling card network distributor SmartPay NZ Ltd has secured a major contract within the service station industry, signing an agreement with Gasoline Alley Services Ltd to provide a new generation of payment solutions and systems to its sites nationwide.

The agreement will eventually see one SmartPay terminal on all GAS retail counters which are capable of processing a wide range of products including pre-paid cards, BP fuel cards, EFTPOS and credit cards, Farmers Card and a range of Cardlink cards.

GAS general manager Mrs Jocelyn Murray says the latest technology will bring many benefits to its retailers, including quicker payment solutions, more counter space and acceptance of new initiatives soon to be released by SmartPay.

GAS has 81 sites around the country, with a further 30 planned for 2006.

“The agreement is good news for our branded retailers and their customers,” explained Jocelyn. “It demonstrates that as an independent in the market we are committed to being up with the play in supplying our sites the latest of electronic equipment available from our service providers.

“We identified SmartPay as being a leader in the technology and products it supplies and is planning further initiatives in the market which will help our retailers to grow their business too.”

Pre-pay and calling card products contribute valuable revenue through service stations and convenience stores – a market which SmartPay is continuing to exploit and expand throughout New Zealand.

The market size for pre-paid mobile phone in New Zealand is about $500 million with a further $100 million in international calling cards.

SmartPay is creating a network of chain outlets in parallel with continued growth in the convenience and route trade. Other retail chains that are SmartPay customers include Harvey Norman, Hill and Stewart and Smith City / Powerstore.

SmartPay chief executive Linc Burgess says the success of SmartPay to date is attributed to sales centred around helping retailers to make money which enabled SmartPay to extract greater value from its network.

“This will create greater brand connection by retailer to SmartPay which will create the platform to retain existing business and to develop new revenue initiatives in the consumer pre-paid and convenience space.

- Meanwhile NZX listed Cube Capital Ltd has announced that it has completed due diligence and has entered a formal agreement to acquire 100 per cent of SmartPay NZ Ltd.

ENDS

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