NOT PRICE SENSITIVE
REL: 0850 HRS Rakon Limited
GENERAL: RAK: Rakon increases investment into internet of things company
2 MARCH 2016
RAKON LIMITED (NZX: RAK)
RAKON INCREASES INVESTMENT INTO INTERNET OF THINGS COMPANY
Rakon Limited ("Rakon" or "the Company") today announces the completion of
further equity investment in Australian company Thinxtra Pty Limited
("Thinxtra"). The Company is today investing AUD 747,701, increasing its
shareholding in Thinxtra to 18.1%.
Thinxtra is an Internet of Things (IoT) business that plans to launch
operations in Australia and New Zealand in the second quarter of 2016.
Thinxtra's focus is on bringing a network, products, services and solutions
to customers having machine-to-machine (M2M) communication needs, or
themselves providing M2M products and solutions to their own customer base.
Rakon sees opportunities ahead with the IoT where there is exponential growth
in the number of devices connected to each other, through the advancement of
the IoT network and M2M connectivity. A global IoT eco-system is growing
quickly that will soon enable more efficient and cost effective M2M
communication. This investment in Thinxtra provides Rakon an excellent
opportunity to leverage future IoT opportunities - both through the
investment in Thinxtra itself and the business opportunities that Rakon
expects it to bring with Rakon's current technology base and ability to
develop new products for the IoT market.
The Company expects to be able to provide a further update of our plans for
the IoT in April.
Chief Executive Officer
Louise Howe (Media Liaison)
021 206 0985
Rakon is a global high technology company and a world leader in its field.
The company designs and manufactures advanced frequency control and timing
solutions for telecommunications, global positioning and space and defence
applications. Rakon products are found at the forefront of communications
where speed and reliability are paramount. The company's products create
extremely accurate electric signals which are used to generate radio waves
and synchronise time in the most demanding communication applications. Rakon
has five manufacturing plants including two joint venture plants and has five
research and development centres. Customer support centres are located in ten
Rakon is proud of its New Zealand heritage; it was founded in Auckland in
1967. It is a public company listed on the New Zealand stock exchange, NZSX,
ticker code RAK.
Thinxtra is a newly formed Internet of Things (IoT) company. Thinxtra will
empower Australia and New Zealand's Internet of Things with world-leading IoT
solutions & services, bringing a full eco-system of IoT solutions & suppliers
to enable the non-connected to connect, to increase productivity, accelerate
decision making, improve quality of service or simply solve problems in an
economic & connected manner.
End CA:00278637 For:RAK Type:GENERAL Time:2016-03-02 08:50:20