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Cadmus Looks To Grow Finance Company

Cadmus Looks To Grow Finance Company

Auckland, 24 November 2005 - Cadmus Technology, New Zealand's leading exporter of payment solutions announced today that it was looking to create a new key managerial appointment to grow its recent Product Rentals Limited acquisition.

Within the Cadmus Group, Product Rentals Limited (PRL) is a separate finance company specialising in the provision of rental services to merchants, banks and resellers. Having its own operational staff, working environment and systems, PRL also has a need for an experienced financial executive to manage its books.

Ian Bailey, Managing Director for Cadmus Technology says that as part of the PRL purchase Cadmus invested in the Finpower finance software package and is undertaking modifications to allow new services to be offered to its resellers.

"The plan is to offer finance services, in both the New Zealand and International markets, to other non-Cadmus parties and dealers. This also requires us to operate clear and concise 'Chinese walls' and therefore PRL will need its own manager and operations group," says Bailey.

Bailey also says that while all PRL's operations will be housed in the new premises, the company has separated PRL's offices into its own separate and secure environment that cannot be accessed or made available to third parties.

"We've been very careful to ensure that there are distinct lines separating PRL from all third parties including the Cadmus Group. This is in line with the recent
restructuring of the Group whereby all operational level services have been allocated specifically to each operating division."

As part of the restructuring process, Kevin Joyce, the Chief Operating Officer and Company Secretary has resigned from Cadmus to pursue an interest as an independent consultant.

Bailey says that while Kevin's resignation was unfortunate it was nonetheless a natural outcome of the restructuring of the company to drive performance responsibility to the individual operating divisions as opposed to holding it as a head office function.

"We thank Kevin for his contribution to the company. From today the role of Company Secretary will be temporarily amalgamated into John Nimmo's role as Commercial Director," says Bailey.

"This appointment will play a key role in the development of PRL and will be another key appointment as we continue to implement Cadmus' business growth strategy."

ENDS


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