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ALT
ALT
ALT - Altech - Altech concludes Black Empowement deal for Altech Netstar Fleet
Management Services
Allied Technologies Limited
(Registration number 1946/020415/06)
(Incorporated in the Republic of South Africa)
Share Code: ALT ISIN: ZAE000015251
("Altech" or "the company")
ALTECH CONCLUDES BLACK EMPOWEMENT DEAL FOR ALTECH NETSTAR FLEET MANAGEMENT
SERVICES
Altech today announced that it has successfully entered into an empowerment
agreement related to the fleet management division of Altech Netstar. A new
company named Altech Netstar Fleet Management Services (ANFMS) has been
established to purchase the fleet management division from Altech Netstar, and
to operate the business.
ANFMS will be majority (75%) owned by Altech together with a new black
empowerment consortium, Nariku (25%), headed by Dr. Enos Banda, former head of
investment and corporate banking of the HSBC`s South African and sub-Saharan
operations. Dr. Banda has had a long association with Altech, and was appointed
as non-executive director to the Altech Board on 1 February 2006. Nariku will
purchase 25% plus one share of ANFMS.
Part of the deal will see a royalty flow accruing to Altech Netstar for use of
the intellectual property developed for fleet management.
Craig Venter, Altech CEO said, `Altech Netstar has invested a great deal in
research and development resources over many years developing our fleet
management technology. We have been extremely successful since launching our
fleet management operation and we feel that the opportunities in this market
will be further enhanced as a result of this initiative. Dr. Banda`s broad
executive expertise over many years will be important in helping us take the
business forward`.
`Altech Netstar has developed the most advanced fleet management technology in
South Africa, and we believe that the opportunities in South Africa are
extremely exciting, as corporations increasingly look to optimise their fleet
assets. We are pleased to have the opportunity to participate in this new
venture`, said Dr. Enos Banda.
`Fleet management has become an exciting growth area for us, as companies`
worldwide start to focus on optimising their return on existing fleet assets.
All of our experience in tracking, location based technology; r f engineering
and consumer services, uniquely positions ANFMS, to explode this business into a
star performer for the group, both in South Africa, and in other developing
markets`, Venter concluded.
Altech is a broad-based global high technology listed company offering products
and services in the digital convergence space that lies at the intersection of
telecommunications, technology and multimedia.
FOR MORE INFORMATION PLEASE CONTACT:
JOHN REGAN: GROUP EXECUTIVE: MARKETING
TEL: (011) 715-9038
FAX: (011) 715-9044
CELL: 084 800 8008
EMAIL: jregan@altech.co.za
Date: 12/04/2007 16:56:18 Produced by the JSE SENS Department.
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