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re: worth a small holding... NewSat AGM confirms vision for 07 and beyond
17/11/2006 23:59:07

NewSat Limited (ASX:NWT) confirmed its vision for 07 and beyond at the shareholders Annual General Meeting today held at Collingwood.
Chairman Mr John Walker welcomed the 50 or so shareholders present and conducted voting for a number of resolutions which were all carried overwhelmingly both by proxy and voters present in favour of the recommendation by the Board.

Founder and CEO of NewSat, Mr Adrian Ballintine outlined the company’s forward strategy which was resoundlingly endorsed by the meeting.

Mr Ballintine summed up the recent past detailing how the company had evolved into a pure play satellite business owning and operating substantial assets in the satellite sector delivering services from the Pacific westwards across Asia and Africa.

“We promised to sell subsidiaries MTD and AirWORKS Media which we achieved this calendar year,” said Mr Ballintine.

“We promised to integrate the media port acquisitions and get the satellite business cash flow positive.

“We promised to continue our no debt policy and implement a new strategic and financial plan.

“The Board and staff have delivered these promises to the shareholders and to cap it off we changed the company name to NewSat Limited to better reflect who we are and what we do.

“In addition to the range of services currently offered by NewSat, our new next steps will include development to be a key communications channel via satellite for business TV, remote and interactive education, data back-up, and Point of Sale Advertising (both video and audio).

“This past year we have been at the forefront of technology in developing satellite broadcast MPEG-4 for broadcast of video content and we are continuing to commit to further world first and industry leading satellite communications development,” he said.

Mr Ballintine also announced that NewSat Limited would seek to strengthen its Board of Directors in the coming year.