bill express to buy $10m unlisted company

Bill Express to buy $10m unlisted company
09:06, Friday, 3 June 2005

Sydney - Friday - June 3: (RWE Australian Business News) - Bill
Express Ltd (ASX: BXP) has entered into an agreement to acquire an
unlisted company that is in a similar business to Bill Express.

The agreement provides for the target company to be acquired for
$10 million, comprising of a mixture of shares and cash, plus
performance overrides of up to $3.5 million over a 2 year period.

The acquisition is expected to increase gross revenue by $150
million plus natural growth in the 2006 financial year and add 3,700
additional terminals to the Bill Express network.

This will take the number of Australian terminals in the Bill
Express network to 13,000.

This acquisition will establish Bill Express as the dominant
supplier to the prepaid and electronic market.

Bill Express is Australia's largest network for prepaid,
electronic tickets and bill payments.

The agreement provides for a due diligence to be conducted and a
formal purchase agreement to be entered into by 30 June.

Further
detailed information will be provided to the market in relation to the
transaction after completion of the due diligence.

ENDS