New Investment in ECOYA

MEDIA RELEASE investment – 1

11 April 2012

New Investment in ECOYA

Ecoya Limited “ECOYA” (NZX: ECO) advised today that it received an approach from investment manager, Pie Funds to invest into ECOYA.

ECOYA has agreed with Pie Funds and existing institutional investor Milford Asset Management to invest $2 million. The investment will be through a new share issue of $1.7 million to Pie Funds and $300,000 to Milford at a share price of 90 cents.

Pie Funds is a boutique investment manager based in Takapuna Auckland. Its Australasian Growth Fund is one of the top performing funds in New Zealand with a return of 114 per cent since inception in 2007.

Pie Funds Managing Director Mike Taylor provided the following comment in respect to the ECOYA investment:

“Pie Funds is very pleased to join the register of ECOYA. We think the company has a bright future with a lot of upside potential. We like to invest in small companies that have the ability to grow revenue and profits significantly. We also like companies with dynamic CEOs such as Geoff Ross and good industry trends. Above all Pie Funds must be able to foresee substantial share price appreciation in the future. ECOYA definitely fits the bill and on top of that both Trilogy and ECOYA are fantastic products.”

ECOYA Chairman and CEO, Geoff Ross stated: “Whilst we are happy with ECOYA’s capital structure and current level of debt funding we thought it useful to have Pie Funds on our register. There are opportunities for both the ECOYA and Trilogy brands this year and this capital injection gives us greater ability to push them harder. Initially we will use the funds to reduce debt.”

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