Genesis signs up Newcall Group's Energy Online

30 August 2002
Media Release

Genesis signs up Newcall Group's Energy Online

AUCKLAND 30 AUGUST 2002: Newcall Group Limited announced today that it has signed an agreement in principle to sell certain assets of its electricity retailing subsidiary, Energy Online Ltd, to Genesis Power Limited for an undisclosed sum.

Newcall Group managing director, Jim Bracknell, says that while contingent on approval by the Commerce Commission and Newcall's shareholders, the sale will crystallise the value of the profitable subsidiary in the favour of shareholders.

"It also represents another important step in the group's transition to an IT focused company spearheaded by ISP Iprolink and specialised utility billing and CRM subsidiary, Newcall Technology," he says.

Genesis’ chief executive, Murray Jackson, says Energy Online will retain its separate customer base, its brand name and intellectual property. Energy Online has 20,000 customers throughout the North Island and is especially strong in Auckland, Hawke's Bay, Bay of Plenty and Waikato.

"Customers will continue to benefit from the competitiveness of Energy Online as we intend to substantially increase its presence throughout the electricity retailing market," says Mr Jackson.

Genesis Energy services 450,000 residential electricity customers, 2,200 large commercial and industrial customers and 95,000 gas customers throughout New Zealand.

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