Titan Hunter European acquires Noske Kaeser

Titan Hunter European Investments Ltd acquires Noske Kaeser GmbH from ThyssenKrupp AG.

Auckland, 3 July 2006 :- New Zealand based investment company Titan1 and private equity firm, Hunter Capital Group have acquired 100% of Noske Kaeser GmbH from ThyssenKrupp, one of Germany’s largest conglomerates via their investment company Titan Hunter European Investments Ltd.

Noske-Kaeser has operations in Hamburg, New Zealand, and Argentina that equip merchant and naval vessels of all kinds with air-conditioning, refrigeration and ventilation devices, plants, and systems as well as fire-fighting and NBC protection systems. It is one of the leading providers in these fields of business and has an excellent reputation for quality and engineering excellence.

Founded in 1879 in Hamburg, Noske Kaeser has been demonstrating its top-class technology in equipping rail and special-purpose vehicles with air-conditioning systems and in the market for refrigerated container engineering for many years. The company established its New Zealand operations in 1997 in Palmerston North where it has grown to become a leading provider of air conditioning systems for trains in the region. Noske-Kaeser's 340 employees generated sales of EUR 55 million (NZ$116 million) in fiscal 2004/05.

Titan Hunter European Investments has acquired Noske Kaeser for its turnaround potential and the growth opportunities in international markets. The company is already a supplier to ship owners, shipyards and rail companies in Germany, France, Finland, Greece, Turkey, Australia, New Zealand, Russia amongst others.

About Noske Kaeser GmbH

Noske Kaeser develops individual innovative and economic system solutions for climate control, ventilation, refrigeration, pipe connections, fire fighting and specialist NBC (nuclear, biological, chemical) protection. Technology and equipment is in worldwide operation in merchant ships, passenger vessels, naval vessels, mega yachts and passenger trains.

Noske Kaeser is also a specialist in the creation of economic solutions for protection technology used in civil defense and disaster aid. The company celebrated its 125th anniversary in 2004.

About Titan 1

Titan1 is an investment company with offices in Auckland, Palmerston North, Wellington and Dubai with interests in manufacturing and property. Conzept Engineering Solutions, which is currently owned by Titan1 is also being acquired as part of this transactions. Conzept Engineering Solutions is the manufacturing partner of Noske Kaeser New Zealand.

Titan1 principals are John Pendergast and Richard Chisholm.

About Hunter Capital Group

Hunter Capital Group is an Auckland based private equity firm with interests in manufacturing, finance and property. Hunter Capital arranged the financing and provided investment banking services to this transaction. Hunter Capital Group’s principal is Paul Bublitz.

ENDS

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