Teamtalk Takes Majority Stake in Araneo

Press Release

For immediate release 25 Sept 2007

Teamtalk Takes Majority Stake in Araneo

Listed telecommunications company TeamTalk announced today that it had increased its investment in last-mile telecommunications infrastructure provider Araneo.

TeamTalk Managing Director David Ware said the deal will see TeamTalk pay an undisclosed sum to lift its shareholding from 33% to 55.9%.

Wellington based Araneo has been providing last mile broadband and ultra high speed services to Internet Service Providers (ISPs) since May 2004. These services are used for high quality internet connections, voice and video over IP, video conferencing and inter company virtual private networks (VPN) (www.araneo.net.nz)

“TeamTalk is particularly happy with Araneo’s performance since we became a shareholder a little over a year ago”, Mr Ware said. The company has successfully entered the all-important Auckland market and it has expanded its range of wireless and microwave offerings with a range of new licensed band services including New Zealand’s first gigabit (1000mbps) wireless links.

Furthermore the company provides an ideal bridge between our wireless business at TeamTalk and the high speed fibre optic based services of our subsidiary CityLink.

Araneo Managing Director Jonathan Brewer was excited about the development. “Araneo is a great business and to be really successful in the New Zealand market we needed a company with the financial strength and resources of TeamTalk behind us”, he said.

ENDS

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