Planit Technology Holdings Limited - Media Release
BOARD CHANGES AT PLANIT
The restructuring of Planit Technology Holdings (PTH) has been completed,
resulting in changes to the company's board of directors.
PTH interim chief executive officer Dale Packham has resigned from the board,
having completed his assignment to lead the company to recovery. Brian
Packham, an executive director, has also resigned from the board, his
assignment in the restructuring of the company having likewise been completed.
The resignations are effective immediately and both leave to pursue other
business interests.
The PTH board will continue to be led by chairman, Tony Crosby, while Malcolm
Moodie will assume the joint role of chief executive officer and financial
director, with group operating units reporting to him. Frik Basson remains on
the board as a non-executive director, responsible for legal and other
corporate aspects of running the group, and Anthony Bock of Index Capital joins
the board as a non-executive director.
Crosby says that in the restructuring of PTH, the recent sale of non-core
unprofitable assets in Billcad, the issue of shares for cash and the conversion
of historic overdraft debt into equity, have substantially strengthened the PTH
balance sheet and contributed to the group's recovery.
The core focus of PTH is the development of Internet-based business solutions,
as well as the continued growth of existing vertical communities which rely on
proprietary technology developed by the group.
"PTH revenue streams are mainly annuity-based with strong exponential growth
potential," says Crosby. "This year the introduction of services including
business intelligence (BI), customer relationship management (CRM) and bespoke
solutions, will also strengthen earnings."
Strategic acquisitions are also under consideration and PTH is trading under a
cautionary announcement as it is engaged in negotiations which, if successful,
could affect its share price.
Ends
ISSUED FOR : Planit Technology Holdings Limited
CONTACT : Tony Crosby 011 783 6899 Cell 082 900 4289
FAX NO : (011) 883 6182
E-MAIL : dale@indexcapital.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart Tel : 011 325 4195 Cell 082 443 6399
FAX NO : 011 325-4199
E-MAIL : tish@tspr.co.za
DATE : 03 April 2001
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