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NewSat: new name for new era

  • 03 October, 2006 22:27

<p>Australia’s leading independent satellite company formalises name change</p>
<p>NewSat Limited (ASX: NWT) announced today that it had completed its name change process to reflect its pure play in the satellite telecommunications sector.</p>
<p>From today, NewSat will have the ASX trading code, NWT.</p>
<p>The company resolution to change the name from Multiemedia Limited was passed overwhelmingly at an Extraordinary General Meeting of shareholders on the 16th August, 2006 in Melbourne.</p>
<p>“The re-badging completes the Board’s decision last year to re-invigorate the company into a major player in the satellite industry,” said Mr Adrian Ballintine, Founder and CEO of NewSat Limited. “The new name reflects the new business proposition and our sole concentration as a satellite telecommunications leader.</p>
<p>“NewSat already is the leading independent satellite communications provider in Australia.</p>
<p>“To achieve these goals, the company needed to divest itself of non-core activities and make a major acquisition of satellite assets to ensure it was a leader in the market in charge of its own operations rather than simply being a reseller,” he said.</p>
<p>“The investor market was continually informed and the first step along the way was to acquire two mediaports from New Skies of the Netherlands. These extensive facilities are based in Perth and Adelaide and were acquired in September 2005 for $13 million.</p>
<p>“Next step was the March 2006 hiving off of technology distributor MTD and shortly the sale of subsidiary, AirWORKS will follow.</p>
<p>“The transformation has taken eighteen months and now the NewSat is focused on growth opportunities in the satellite business both locally as well as over its satellite footprint particularly across Asia, the Middle East, Oceania and Africa,” Mr Ballintine said.</p>
<p>Copy ends</p>
<p>For further information please contact:
Adrian Ballintine, Founder and CEO, NewSat Limited: 03 9674 4644</p>

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