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Investor for DataCol Meter Reading Business

Tuesday, 4 July 2006, 2:18 pm
Press Release: DataCol

DataCol Group press release

DataCol Attracts Investor for Meter Reading Business

Award winning DataCol attracts investment from electricity lines company Electra.

4 July 2006. – DataCol Group, recent recipient of the New Zealand Incubator Hall of Fame award, today announced that electricity lines company Electra has invested in the company’s meter reading subsidiary.

“This deal is another step in the remarkable journey we have made from being a small entrepreneurial company in 1999 to a more mature organisation today,” said Grant Thomson, Executive Chairman and Founder.

In 2005 Mr Thomson appointed Group CEO Jason K Rogers to position the business for growth, diversify its business activities and launch new ventures.

Electra has purchased 50% of DataCol NZ, one of the Group’s subsidiary companies which provides meter reading services to over half of the New Zealand market.

“We wanted a strategic partner to help us grow the business further,” said Mr Thomson.

“Electra’s highly capable management, experience in the energy sector and successful track record of investment means they will be an ideal strategic partner for our contract services subsidiary.

“Our joint aim will be to increase the presence of DataCol NZ in the New Zealand field services sector, offering more services to our energy customers and expanding into new areas.”

Electra CEO John Yeoman said that the company had been looking to make another strategic investment as part of its planned growth and was delighted at the partnership with the DataCol Group.

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“We were impressed by the performance and culture of DataCol NZ and now look forward to contributing towards its continuing success.”

About the DataCol Group

Headquartered in Christchurch and with offices in Auckland and Wellington, the DataCol Group is a diversified business with interests in the energy, technology, mobile solutions and agricultural sectors. Formed in 2001, the company has featured in the Deloitte NZ's Fast50 and Deloitte's Asia Pacific Technology Fast500 indexes, and won the Hall of Fame prize at the 2006 New Zealand Incubator Awards. DataCol is privately owned.

About the Electra Group

Electra is a Trust owned electricity lines company in the Kapiti and Horowhenua region of the lower North Island. It has over 40,000 electricity consumers.

Electra owns Electra Contracting trading as Linework, and Stones Electrical Contractors, which provide power lines contracting and maintenance as well as commercial electrical services. It also owns Oxford Finance Corporation Limited supplying a range of financial services.

ENDS

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