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Smartpay Restructures With New Managing Director


FOR IMMEDIATE RELEASE

Smartpay Restructures With New Managing Director And Chairman

Auckland, 21 August 2008 – SmartPay (NZX:SPY), New Zealand’s leading integrated merchant services provider and electronic product distribution company today announced that it has appointed Ian Bailey as its new Managing Director and John Seton as acting Chairman of the Board.

Chairman Bob Parkinson resigned his position, effective immediately, to take up a role as acting CEO for the Auckland Rescue Helicopter Trust (ARHT). ARHT are the operators of the Westpac Rescue Helicopter and this will add to his interest and involvement in the health services sector. Bob Parkinson also has a related executive position in Fiji.

John Seton who has been a director of SmartPay for several years will take up Bob Parkinson’s role in an acting Chairman capacity until such time as a decision is made for a permanent replacement.

Chairman John Seton says that SmartPay has also appointed former head of Cadmus Technology Ian Bailey as its new Managing Director.

“We’re delighted to have someone of Ian Bailey’s calibre as SmartPay’s Managing Director as he has ICT experience in the technology solutions sector in sales, management and product development that is second to none. As the founder of Cadmus, Ian brings a wealth of experience which will be a great asset to SmartPay as it positions itself as New Zealand’s only integrated merchant services provider offering the full spectrum of services,” says Seton.

Since leaving Cadmus Technology in a planned exit in 2007, Bailey established Merchant IP Services (MIPS) which developed the IP-POS product and company, recently acquired by SmartPay. The IP-POS product set allows legacy EFTPOS terminals to connect to the Internet in a secure manner and is the only such product approved by Paymark. Recently Provenco/Cadmus included the IP-POS service into its latest generation EFTPOS terminals under and agreement with SmartPay, which compliments a distribution agreement recently signed with Paymark, NZ’s largest EFTPOS switch.

As advised at the AGM on Wednesday 20th August, the company intends to review all aspects of its business in light of the current economic environment, and reassess priorities and performance of each operating division. The company remains focused on the development of its merchant base with our unique portfolio of Merchant Services and products.

As part of the restructure Linc Burgess, the CEO will take a role focusing on the development of vertical markets SmartPay is involved in including the Taxi sector as well as a senior role on developing sales for SmartPay in New Zealand, the Pacific and Australia.


ENDS


For further information contact:

Ian Bailey, Managing Director, SmartPay Ltd, Ph +64 21 664 941

Julien Leys, JML Communications, Ph +64 21 655 598

About SmartPay Limited

SmartPay is a provider of Merchant services utilising the Internet and broadband. SmartPay’s product set includes telecommunications products and services including Voice Over IP, Broadband, EFTPOS connectivity, prepayment products and integrated merchants services.

SmartPay Core Products include:
• Wi-Fi – largest network in New Zealand
• Instore Audio Visual Promotional Systems – Retail Radio
• EFTPOS equipment sales and rental
• Gift Cards
• Secure Internet Payments
• Mobile Top-up
• Calling Cards
• Bill Payment Solution
• VOIP

ends
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