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Cadmus Consolidates Head Office

MEDIA RELEASE FOR IMMEDIATE RELEASE

Cadmus Consolidates Head Office.

Auckland, 3 November 2005 – Cadmus Technology, New Zealand’s leading exporter of payment solutions announced today that it has sold its head office in Hillside Road, Glenfield for $1.235M and will be amalgamating its entire business operations into a newly refurbished 37,000 sq foot facility on a prime location on Wairau Road in November.

The building was the former Mitre 10 support centre building and has a good combination of office and warehouse space where Cadmus’ manufacturing, support, sales, development as well as head office will be located under one roof.

Ian Bailey Managing Director for Cadmus Technology says that selling the company’s existing Glenfield offices as part of the move to bigger premises made very good financial sense.

“Cadmus has sold the existing Hillside Road site for a profit, and we will be using the money to retire debt as well as to increase working capital to meet expected orders and growth in a number of countries,” says Bailey.

Ian Bailey also says that renting the new space in the Wairau Road building has a number of other advantages.

“Currently the Cadmus Group has approximately 20,000 sq feet spread over five buildings and seven offices throughout Auckland. This move brings our key staff together to better facilitate communications, deliver synergies and efficiencies and give us more room as Cadmus continues to grow.”

ENDS

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