announces completion of healthpoint acquisition

20 January 2005
The Manager Australian Stock Exchange Limited (“ASX”)
Company Announcements Office


Completion of Healthpoint Data and Kiosk Business Acquisition

The Directors of Quadrant Iridium Limited (“Quadrant” or “the Company”) are pleased to announce the completion of the purchase of the Healthpoint Data and Kiosk business, Information Kiosk Systems Pty Ltd (“Healthpoint”) from HLT Limited. The effective date of the acquisition was 31 December 2004 and was the subject of an announcement on 1 December 2004.

Healthpoint is a leading provider of health information services to consumers and health professionals throughout Australia, New Zealand, United Kingdom and the USA. The Healthpoint database contains more than 3000 fully referenced topics and a range of instructional videos. The information that has been developed for the kiosk business is consistent, easy to comprehend and complies with international standards. Information in the Healthpoint database has been compiled by Healthpoint staff who obtain it from medical research scientists, pharmacists and health and science journals.


The Healthpoint Kiosks are currently installed in more than 1000 pharmacies throughout Australia, Britain and the USA. The Kiosk is normally rented to a pharmacy on a three year term. Licence agreements are in place for overseas sales.

For Quadrant, the Healthpoint business represents an opportunity to broaden its market offering in technology to include the growing healthcare sector. Importantly, the acquisition represents the opportunity to grow the revenue and profitability of the Healthpoint business.

The business is currently profitable and to Quadrant would be expected to contribute positive EBITDA to the Company in excess of $400,000 in the first year.

The base cost of the acquisition is $2,000,000. Quadrant has funded the acquisition through a recently approved commercial bill facility with the National Bank of $4.2 million. The bill facility has now been fully drawn down with balance of the facility, after the Healthpoint purchase, being used to repay approximately $2.2 million from the convertible note issued during September 2003.

Yours faithfully


Michael Abela Chief
Executive Officer and Director