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HARRIS TECHNOLOGY GROUP LIMITED — Capital/Financing Update 2008
Nov 11, 2008
65074_rns_2008-11-11_cce92aff-944d-4365-8e2e-38d6c2fcc47b.pdf
Capital/Financing Update
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12 November 2008
Australian Stock Exchange Limited Companies Announcements Office 4[th] Floor 20 Bridge Street SYDNEY NSW 2000
ACQUIRES BALANCE OF TORQUE COMMUNICATIONS BUSINESS
Swish Group is pleased to announce that it has acquired all of the shares in Swish Torque Communications which it does not already own. Swish Torque Communications, is the Company’s telecommunications sales and marketing services business which has agreements with both Vodafone and Primus to market and sell their telecommunications products and services. The Company initially acquired a 51% interest in the business in June 2006 and its performance has continued to improve since then.
Swish Torque Communications receives an initial commission based on the weekly sales it achieves and a trailer commission based on the telephony and other services utilised by customers for the duration of their services contract. Swish Torque is expected to contribute in excess of $2 million to Group revenues and deliver an EBIT of approximately of $200,000 in the 2009 financial year.
The consideration for the purchase will be the issue of up to 8,000,000 fully paid ordinary shares in Swish Group in tranches over the next 12 months based on the performance of the Swish Torque Communications business in the 2009 financial year.
Swish Group Managing Director Cary Stynes said “I am delighted that the Group has been able to acquire the balance of the Swish Torque Communication business which has positioned itself extremely well to take advantage of the significant growth that is taking place in the fixed, mobile and data communications space. Revenues are continuing to grow and the potential of the business is considerable”
If you require any further information please contact Cary Stynes.
Yours sincerely
Managing Director
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CARY P STYNES