REL: 1251 HRS Rakon Limited
GENERAL: RAK: Peter Maire continues re-investment in NZ Tech Companies
Tahia Investments Limited
25th September 2008, Auckland, New Zealand.
Peter Maire continues re-investment in NZ Tech Companies
Peter Maire intends to boost his investments into several of New Zealand's
growing high-tech companies through his investment vehicle, Tahia
Today Mr Maire has sold a portion of Tahia's holding in NZX listed Rakon
Limited (NZX:RAK) to increase Tahia's pool of funds to make these additional
He said Rakon continues to be a star performer for Tahia. "It is a true
global technology business, based out of New Zealand, with more than 800
people world-wide, and a world leader in quartz crystal components for timing
reference and frequency control applications, such as global positioning
systems (GPS) and wireless communications".
Peter Maire said it was an extremely reluctant sale, but in the current New
Zealand market situation, with a non-existent private equity market, he saw
no other option.
One of the investments Maire is making is to increase his state in Fusion
Electronics Limited, which will see him take the majority interest.
Fusion is an Auckland based global consumer electronics brand that has
achieved rapid global expansion in the last year. The company will use the
investment capital to fund the rollout of new product lines as well as
further expansion into new territories.
Maire has been driving the addition of new products, markets and people
drawing on the same experiences and resources built up during equivalent
growth periods at Navman.
"Recession was the best time of growth for us at Navman. Global retailers
want new and innovative products on the shelves to keep drawing in consumers
but in recession the large, blue chip brands tend to slow down", said Maire.
Peter Maire 021 624 878
Nick Maire 021 448 984
Issued by Jan Sedgwick, Carrara Communications Ltd, 021 804 749
End CA:00170590 For:RAK Type:GENERAL Time:2008-09-25:12:51:23