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Clearlite Limited Announces Acquisition of Athena

Press release

18 July 2006

Clearlite Limited Announces Acquisition of Athena Products

Clearlite Limited, New Zealand’s leading bathroomware manufacturer, today announced it has reached agreement to acquire the assets of Athena Products. Completion of the acquisition is anticipated to be 31 August 2006.

John Morgan, Chairman of Clearlite, advised that the existing shareholders of Athena will have a stakeholding in Clearlite and Gary Guernier, currently Managing Director of Athena, will join the Board of Clearlite.

Both Clearlite and Athena manufacture a range of bathroomware products including showers, baths, vanity cabinets, and accessories that are distributed via plumbing and building merchants in New Zealand, Australia and the Pacific Islands.

In announcing the acquisition, Morgan added, “the combined revenue of Clearlite and Athena will be $50m. Both companies have very strong brands with complementary product ranges with reputations for high quality products. Combining the companies will bring operational and service benefits to suppliers and customers alike and ensure New Zealand retains a world-class competitive bathroomware manufacturing capability.”

Morgan is also enthusiastic about the industry experience that Guernier will bring to the Clearlite Board.

Speaking on behalf of the current Athena shareholders Guernier commented, “combining the two companies is a logical step for the bathroomware industry in New Zealand. Plumbing and building merchants will welcome the strengthening of their supply chain and the efficiencies that can be derived from a larger and stronger entity”.

Clearlite employs 100 people and has a manufacturing facility on the North Shore of Auckland whilst Athena employs 80 people and has a manufacturing facility in Avondale, West Auckland. Morgan stated that both manufacturing operations would be retained.

ENDS

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