AgriQuality Farewells CEO

12 September 2006

AgriQuality Farewells CEO

AgriQuality’s long-serving CEO John Morgan is to move on from New Zealand's largest food safety and biosecurity business to pursue his private business interests. He has been CEO of AgriQuality for seven years, coming on board soon after the Company’s inception in 1999. John will remain with AgriQuality until November as the company begins a search for a new CEO.

John is the Chairman and a shareholder of Clearlite Bathrooms who recently acquired Athena Bathroom Products, significantly increasing Clearlite’s revenue. In light of this growth, John has decided to take a more active role and become Managing Director of Clearlite.

AgriQuality Chairman Rakihia Tau said that John has been an outstanding CEO who leaves behind a strong company and team.

“Under his leadership, AgriQuality has become a world-leader in food safety and biosecurity services - growing annual revenues from $38m to over $80m and delivering an uninterrupted run of profitable trading. John oversaw investments in AgriQuality’s infrastructure throughout the supply chain, in particular state-of-the art laboratory equipment and methodologies and an integrated network of Web-accessible information systems that deliver ultimate traceability.

“AgriQuality’s Australian sales grew from zero in 1999 to $10 million in 2006 – recognising the increasingly trans-Tasman nature of many of our food and agricultural businesses.

“John has built up a strong and capable executive team, supported by an equally competent team of managers and leaders that will continue to drive AgriQuality’s progress.

“The Board of AgriQuality congratulates John and wishes him the best of luck managing his own business,” said Chairman Rakihia Tau.

The Board has begun a search for a successor to John Morgan, who will stay with AgriQuality until November.

“The food industry has been an important part of my life, just as it is a key part of the Australasian economy. I feel privileged to have worked with AgriQuality and the food safety and biosecurity industries, and to have been part of the supply chain for food products that command such extraordinary respect across the globe.

“At AgriQuality, we’ve remained focused on exceeding food safety expectations, which have continued to rise as consumers demand more and more proof that the food they are eating is tasty as well as safe to eat. There is no question that AgriQuality has risen to the challenge and achieved a level of expertise that food safety and biosecurity companies around the world aspire to,” John said.

AgriQuality is a global leader in the science of bringing together leading edge technology and the most technically proficient experts to deliver excellence in food safety, quality assurance and biosecurity work. It employs more than 850 people at 52 offices throughout Australia and New Zealand.

ENDS

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