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O2NZ adjusts shareholdings

Press Release
Wellington, 19 October 2005

O2NZ adjusts shareholdings

Neil Butler, acting chairman of O2NZ, has announced that Synergy International Limited has withdrawn from the O2NZ consortium but stated that this would not affect the business going forward. O2NZ is a consortium of New Zealand IT service companies focussed on developing a New Zealand presence it the UK IT outsourcing market.

“We thank Synergy for their support up until now,” said Butler. “Under the shareholders’ agreement, the remaining shareholders will purchase Synergy’s shares. A decision on whether to offer shares to another party will be made in the future.”

Plans for the launch of O2NZ in London are unaffected by Synergy's decision.

"Wax info Ltd., a Cambridge-based client of O2NZ shareholder Black Coffee Software, recently won the UK’s top award for the use of outsourcing by an SME from the National Outsourcing Association,” says Butler. “The Association noted that through Black Coffee, New Zealand was the only specialist offshore destination outside of India to be represented in the awards.”

“Wax info has stated that the quality of the New Zealand development team, combined with New Zealand Government support, has been vital in their ability to deliver a world-class product. That is vindication for O2NZ’s business plan and marketing focus.”

Jim Donovan, Synergy CEO, said that Synergy remains supportive of the efforts by the consortium partners and the Government to mount such a venture. Garth Hamilton, who led the O2NZ initiative whilst at Synergy, is the acting Establishment Manager working for the consortium partners.

ENDS

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