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APH Transforms Into Biotechnology Company ICPbio

May 5, 2006

APH Transforms Into Biotechnology Company ICPbio

Statement made by Tracey Lake, Chairman,
Australasian Property Holdings Group

The shareholders of stock exchange listed Australasian Property Holdings Group ( APH ) have agreed to transform the company into a biotechnology company, and the company will be renamed ICP Biotechnology Limited ( ICPbio) once settlement and completion takes place next week.

At a special meeting of shareholders of APH held in Auckland today, shareholders passed a series of resolutions to facilitate the transaction.

The resolutions included

- APH acquiring for $12 million ICPbio, by allocating 80 million shares in APH to the owners of ICPbio
- The conversion of $2 million in liabilities into equity, through the issue of 13.3 million shares in APH to the owners of the debt
- Directors being authorised to raise new capital through the placement of up to 30 million new shares in APH, at no less than 15 cents
- The appointment of major ICPbio shareholder, Dr Earl Stevens, as a director.

Shareholders also agreed to the sale of The Escarpments Project at Katoomba in Australia for not less than $15.55 million. The sale was unlikely to result in any cash surplus.

Subsequent to the meeting, directors agreed to the renaming of APH to ICP Biotechnology Limited, and the appointment of Dr Stevens as Managing Director.

During the meeting Dr Stevens told shareholders that ICPbio is one of New Zealand's longest established biotechnology companies and currently manufactures and markets products for use in animal reproduction, animal health care and the fine biochemicals field.

ICPbio's vision is set on becoming a leading global manufacturer of quality biological products for the biotechnology, animal and human pharmaceutical industries.

Nearly 100% of its products are exported, primarily to North America and Europe, with increasing amounts to Asia and South America.

ICPbio is forecasting revenue of $22.8 million for the financial year ending March 31, 2007, and a net operating profit after tax of $2.1 million.

ENDS

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