Actually Ewl, I think the performance guidance (reproduced below...

Actually Ewl, I think the performance guidance (reproduced below for anyone else interested) is independent of anything that may or may not occur with the Iridium investment.

In the event Qad's 10% of Iridium is realised, the sums for the Company look really sexy!



2005/2006 PERFORMANCE GUIDANCE

Melbourne, July 8, 2005: The Directors of Quadrant Iridium Ltd (“Quadrant” or “the Company”) are pleased to provide the following guidance as to the anticipated performance of the entity in the 2005/2006 financial year.

The Company’s major asset, a $20.8m (USD) investment in Iridium Satellite (“Iridium”) continues to perform positively. Iridium has maintained its growth after reaching profitability. Strategic options are currently being explored by US management such as the structure of the investors debt facilities and the Directors of Quadrant believe this to be a positive evolution of the investment.

The Company’s operational activities remain a strong focus of management. The telecommunications operations continue to perform to expectation. The Company continues to explore ways to maintain and grow profitability of this group while minimising risk. The group is currently implementing more wholesale opportunities. Whilst these deals will provide less top line revenue, they have less downside risk and deliver higher margins and profitability.

The Company’s most recent acquisition, Healthpoint Technologies Pty Ltd (“Healthpoint”) is also performing strongly. The Company has focused on the cost, production and delivery of the information kiosk business since taking ownership of the business at the start of the year. In 2005/06, the Company will be investing to grow the market base both in Australia and offshore (both in existing markets such as the UK and new markets).

Based on the current run rate of the business and anticipated growth, the company anticipates achieving EBITDA of $1.1m for 2005/06 and a post-tax profit of $560,000.


Michael Abela
Managing Director