MUL multiemedia limited

To Post $3million Profit

  1. 308 Posts.
    MUL for the first time ever will bve profitable this quarter.

    Following the closure of the deal with ANZ.

    Furthermore, it looks like they have funded thier Broadband Satellite Business.

    read ann:

    Additional Info.re: Transactions with ANZ & other matters

    MULTIEMEDIA LIMITED 2002-10-01 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    Earlier today the company advised of its receipt of a temporary
    waiver from the ANZ Bank regarding settlement transactions in
    relation to a loan with ANZ.

    In order to keep the market fully informed of developments in this
    matter the company is pleased to advise that it has secured investors
    to satisfy a condition precedent to settlement, whereby 35,486,827
    ANZ shares will be purchased at a price of 1 cent each.

    The company also advises it will pay $600,000 to ANZ to extinguish
    the $3 million loan. Settlement will occur this month, and the
    company will be debt free save for trading creditors.

    The investors Clinton and Dr Matthew Starr are very successful
    businessmen in their own rights.

    Clinton has a long and distinguished history in Funds Management and
    International Marketing, having worked for AXA/National Mutual Funds
    Management for 27 years in Executive Management positions worldwide,
    prior to retirement. Clinton is currently a Management Consultant, a
    Director of the Australian Wheat Board - AWB (International) Limited,
    and a Director of a number of private companies.

    Matthew has a comprehensive background in Banking, Financial
    Services, and computer hardware and software sales. Over the past 22
    years Matthew has held various senior management positions with
    National Mutual Royal Bank, ANZ Bank, Stratus Computer, EMC
    Corporation, Computer Associates and co-founder of Switchcorp Pty Ltd
    - an electronic payment processing bureau with specialist skills in
    EFTPOS.

    The Starr's have also made application for approximately 86 million
    shares in Multiemedia which will make them the company's largest
    shareholders when added to their ANZ purchase.

    Recently Multiemedia advised of the formation of a subsidiary to
    conductits Broadband Satellite business. Following discussions with
    several Asian based funds, the Board is confident of substantial
    investment shortly.

    It is also Multimedia's intention to form a subsidiary with the
    Starr's to launch Switchcorp in order to take advantage of the recent
    relaxation of Reserve Bank rules.

    Switchcorp will act as a value-added service provider and aggregator
    between a merchant (or group of merchants) and an acquiring bank that
    clears the transactions.

    Switchcorp's business is to create and maintain sophisticated EFTPOS
    solutions that have major appeal to new and existing EFTPOS
    merchants, while lowering the cost of transaction processing for the
    merchant.

    The Directors believe that introduction of new investors, and the
    addition of Switchcorp will create significant benefits for
    Multiemedia's future. Additionally, the ANZ transaction will have a
    positive impact on profitability for the current quarter and will
    render the company debt free.

    Mr Adrian Ballintine, Chief Executive Officer & Group Managing
    Director on (03) 9603 3200, or by email at
    [email protected]



 
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