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HARRIS TECHNOLOGY GROUP LIMITED — AGM Information 2011
Nov 28, 2011
65074_rns_2011-11-28_879552b5-85ec-4cae-bd72-f1404434eb02.pdf
AGM Information
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ADEFFECTIVE LIMITED (ASX: ABN)
ASX and Media Release
29 November 2011
AdEffective Annual General Meeting Chairman’s Address to the Shareholders
During the year, the Group’s main focus was on completing the reconstruction of the business around online advertising (which was completed with the name change to AdEffective in December 2010) and the evaluation and subsequent rationalisation of a number of areas within the business.
Throughout the 2011 financial year, we focussed on settling outstanding matters and undertaking several initiatives to reduce our operating costs. In addition, the Company developed and subsequently launched new online advertising platforms created to provide better yields to advertisers and publishers.
The Group’s sales revenue from online advertising continued to grow during the year, increasing 8.5% from July 2010 to 30 June 2011.
As the industry in which the Company operates is a rapidly evolving one, the Company has focussed on both its existing core business of the syndicated online advertising business AdFeed, as well as the development of new online advertising platforms. The first of these, Footar is now being commercialised.
Whilst Footar’s entry into the market is very new, preliminary results indicate that attractive returns are potentially available from this product during the latter part of 2011/2012.
Outlook
The Directors remain cautiously optimistic about the outlook for AdEffective.
The Board continues to explore possible options for strategic growth through both acquisitions and collaborative partnerships. Shareholders would now be aware that the Company has entered into preliminary discussions with HCMI (S) Pte Ltd, a Singapore based private company which specialises in large scale sourcing and supplying of international workers to meet regional work force shortages, particularly in the resources and mining sector.
LEVEL 3, 1 COLLINS STREET MELBOURNE VIC 3000 T+ 613 9665 0403 Website: www.adeffective.com.au Email: [email protected]
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However, this is only one option being considered by the Board, and ultimately any decision by the Board to augment the Company’s core activities will not be taken lightly and will be subject to a thorough due diligence process with the overriding requirement that it be in the best interests of the Company and of all shareholders.
The Directors believe the Company is well placed to leverage a number of opportunities and look forward to being in a position to provide shareholders with further updates on the Company’s progress shortly.
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For further information contact:
Sophie Karzis Company Secretary
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T: + 61 3 9665 0460
About AdEffective Limited
AdEffective is an online advertising business that provides Publishers and Publisher Networks with enhanced search advertising exposure to increase their rate of return on advertising.