Submarines Australasia Ltd (SUB) joins Unlisted

13 July 2003

Media Release

Submarines Australasia Limited (SUB) joins Unlisted

Submarines Australasia Limited (SUB) has become an issuer on Unlisted, the internetbased share-trading platform. With the recent addition of Active Equities, King Country Energy and Escalator Advertising, this brings the total number of issuers to thirteen (equating to fifteen quoted securities).

Craig Tarres, SUB’s Managing Director, said “SUB has chosen Unlisted as it offers a cost effective solution. We believe that Unlisted is the best way forward for our shareholders to trade their shares”. SUB was involved in the tourism sector from late 2000 to late 2002, and was put into liquidation in July 2003. Craig Tarres and his company Readers Capital Investments Limited (RCIL) revived the company on May 31 2004.

RCIL has been issued 10% of the outstanding shares, and intends to complete a renouncable rights issue and acquisition no later than August 20 2004. SUB will be involved in the software and services sector, and will change its name to reflect its new direction.

Unlisted allows small to medium sized New Zealand companies to facilitate the trading of their shares and to communicate with their shareholders, through a central, easilyaccessible, Internet-based trading facility. While not a registered stock exchange, for many companies Unlisted will act as a stepping-stone on the path to a registered exchange listing.

ENDS

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