Final payment made for Phoenix Organics

Charlie’s Group Limited

News Release for Immediate Release

Final payment made for Phoenix Organics

06 March 2006

Premium beverage company Charlie's made the final payment of $2 million to the vendors of Phoenix Organics Limited, manufacturer and distributor of the popular super premium soft drink brand, Phoenix Organics on 28 February 2006. The Phoenix vendors remain actively involved in the business, and in the integration process.

The purchase, for a total $10 million, was announced in December 2005. It brought together two of the country's most high-profile beverage brands leading the trend towards healthy, convenient juice and carbonated drinks.

Phoenix Organics has sales throughout New Zealand and a growing export business. The purchase included fully-owned manufacturing, warehousing and distribution facilities. Integration of the Charlie's and Phoenix operations is expected to be complete in approximately 12 months.

The merged entity has the two New Zealand companies that have both altered the face of the local beverage business, under one umbrella.

ENDS

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