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January 25, 2008 |
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CONNEXIONZ LTD: Now Owns 100% of U.K. Joint Venture CIL Connexionz Ltd disclosed that it had acquired the remaining 50% shareholding in its United Kingdom joint venture Connexionz Investments Ltd. Accordingly, Connexionz now owns 100% of the U.K. operation. CIL's shareholders accepted 1,875,000 CNX shares at a price of NZ$0.25 per share in return for their holding. Connexionz's chairman, Craig Boyce, said, "Its in the best interests of both companies to be part of one global organization." Christchurch, New Zealand-based Connexionz Limited -- http://www.connexionz.co.nz/ -- is a technology company that develops real-time vehicle tracking systems for the local and international markets. The company's products include city-side systems, airport buses, bus interchanges, the BusFinder and technical papers. Connexionz has a real time system for tracking a fleet of buses across a city, handling up to 10,000 vehicles and up to 2,500 routes. The Company's BusFinder signs provide passengers with information citywide at bus stops, within interchange buildings and in malls and restaurants. The Company has also customized their system to provide real time information for airport bus services. For the 12 months ended March 31, 2007, Connexionz reported a net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss incurred in the previous fiscal year. |
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