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NewSat hives off AirWORKS subsidiary

NewSat Limited has sold its subsidiary AirWORKS Pty Ltd, a leading in-store media company delivering advertising to the moment of purchase, for a deal worth up to $7.25 million.


The Board accepted the offer for AirWORKS from the Claude Group Pty Ltd, in a sale structure featuring payment of $2.25 million now and a further $5 million over time subject to certain on-going commercial conditions.

The move finalises NewSat's shift to become a purely satellite company, a process directors flagged last year when they announced the acquisition of two mediaport assets in Adelaide and Perth for $13 million.

AirWORK's has been nurtured in the parent company's stable since acquisition in October 2004. Directors reported in the 2005 annual report that AirWORKS was trading profitably and today its sale represents a strong return on investment for the company.

"Under our parent umbrella, AirWORKS has blossomed into being Australia's leading in-store marketing media company featuring the exclusive contract to deliver advertising content at the moment of purchase across more than 720 Woolworths supermarkets and 360 Woolworths liquor outlets," said Adrian Ballintine, Founder and CEO of NewSat Limited.

"AirWORKS in-store advertising media is aimed at the Fast Moving Consumer Goods, financial services and telco sectors encompassing radio, floor, trolley and shelf advertising, targeting 5.36 million Woolworth shoppers per week in 13.4 million transactions.

"NewSat delivers centrally managed advertising content by satellite for AirWORKS to a network of audio and in-store television," he said.

"AirWORKS business is performing strongly and we will continue to be the exclusive provider of satellite services, notably to the key client Woolworths under the deal announced today.


"NewSat gains a cash injection to invest back into our business development, we retain a major client and we put the last piece of the jigsaw into place delivering the pure satellite play we previously promised the market," he said.

NewSat Limited (ASX:NWT) is an Australian-owned company delivering global satellite technology and communications services.


23 October 2006