August 11, 2006

MEDIA RELEASE (For Immediate Release)

North Shore and Waitakere City Councils have approved the sale, in principle, of their respective 50% shareholdings in Techscape Limited.

The final sale of their shares is subject to the satisfactory negotiation and completion of contractual documentation with Bilfinger Berger Services New Zealand Ltd (BBS NZ).

Further details will be announced if and when the sale is completed.

The decision comes after a public tender process in which expressions of interest were received from both New Zealand-based and overseas companies.

Techscape has been a contractor to both cities since its formation in 2000, providing maintenance services for pipes, parks, reserves, beaches and sports fields.

It is one of the larger pipe maintenance operators in New Zealand, employing close to 300 staff at its Albany and Henderson depots.

The intention is that the new owner will be awarded long term maintenance contracts. Waitakere City CEO Harry O’Rourke and North Shore City CEO John Brockies say the awarding of long term contracts will provide a strong foundation for the future of the company and its workers.

BBS NZ says the key factor in the purchase of Techscape is the technical skills and industry knowledge of the existing management and staff.

General manager David Edwards says that BBS NZ plans to grow the business and pursue opportunities both with the existing client base and the wider Auckland market.

“Techscape brings with it the skills, expertise and industry knowledge of over 300 staff. The acquisition of a business such as Techscape consolidates BBS NZ expertise in the water and greenscapes sector, enhancing existing contracts with clients like Metrowater and Capacity in New Zealand.”

ENDS

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