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Redport Limited A.C.N. 061 559 840
ASX: RPT
76 - 78 Jolimont St. Victoria 3002, Australia
Tel: +61 3 9650 0922 Fax: +61 3 9654 0788
Page 1 of 1 Docno: License Termination - Comstac 20040811.doc
Redport Limited ASX Announcement
11 August 2004
The Board of Directors of Redport Limited (“Redport”) (ASX:RPT) announce the
following development:
Termination of Comstac License
Colloqui Pty Ltd (Colloqui) a wholly owned subsidiary of Redport, has terminated the
License Agreement it granted to USA based Comstac Global Corporation (Comstac).
Due to default by Comstac and other compounding issues with respect to Comstac,
Colloqui have, under terms of the License, terminated the Comstac License
Agreement. In the period to 7 June Comstac paid Colloqui approximately A$1,000,000
being non-refundable deposit credited to the purchase of ChatStack Exchanges made
by Colloqui. Under the terms of the License, Colloqui must deliver Exchange
components to the value of the deposit and has this in stock. It is not required to
provide either a functioning Exchange or refund cash.
Determination of New USA Licensee
Colloqui is conducting discussions with Comstac shareholders who expressed interest
in: (a) securing a License from Colloqui under terms similar to that offered to Comstac
and (b) establishing a company in the USA to commercially deploy and operate
Exchanges.
Colloqui as Operator
The Company is also investigating whether Colloqui or, a newly incorporated whollyowned
US subsidiary, can raise capital in the US to deploy and operate exchanges in
its own right as was proposed by Comstac. Initial discussions to this effect have
commenced with the US-based investment firm which was negotiating the placement
by Comstac of equity to fund its operations. Such a proposal, if able to be
implemented, could maximize shareholder value for the Company's members. The
Company's discussions are at an early stage and, in the event that they are
successful, the results of those discussions will be advised to the market as and when
appropriate and required under the provisions of both the Corporations Act and ASX
Listing Rules.
For further information contact:
Web Sites Managing Director Contact
www.redport.com Rick Spielrein Telephone +61 (3) 9650 0922