Datasquirt ASX float on track

For Immediate Release
6 September 2007

Datasquirt ASX float on track

New Zealand contact centre software company, Datasquirt, has confirmed its share float on the Australian Stock Exchange is on track, with the minimum subscription amount of $A7 million achieved.

Datasquirt director and co-founder Mark Loveys says he is delighted with progress - achieved despite a difficult investment climate.

“We still have until Friday 14 September when the offer closes. The maximum subscription amount is $A12 million so there’s still time and shares available for investors on both sides of the Tasman,” Mark Loveys said.

Datasquirt’s original offer closed on 16 August following a week of major market volatility caused by US mortgage market jitters. On Wednesday 15 August, the market fell more than three percent. Since that time, the market has firmed up and institutional investors have confirmed their continued strong support. Accordingly, Datasquirt decided to extend the offer to Friday 14 September, but for a minimum subscription amount reduced to $A7 million from $A10 million.

One large investor is Macquarie Bank's Australian Small Companies Fund. Portfolio Manager Neil Carter, says Macquarie believes the IT sector on the Australian stock market will experience very strong growth over the next three years.

"We think IT stocks are good value," said Mr Carter. "Many of these companies are in a strong growth position with better top and bottom line growth than industrial companies. IT is a sector in which we at the Macquarie Small Companies Fund are very happy to be 'overweight'."

The revised New Zealand Investment Statement, and all other details New Zealand investors require are available at www.datasquirt.com
The minimum application size remains at 2,250 shares at $NZ1.0 per share ($A.90) with additional shares applied for in multiples of 500 shares.

About Datasquirt
Datasquirt was founded in 2001 by current shareholders and directors Aaron Ridgway and Mark Loveys. Mark Loveys was the developer of the market leading Exonet business software package, now owned by listed Australian company MYOB.
Aaron Ridgway, Datasquirt’s managing director, CEO and major shareholder, has extensive experience in the mobile phone market, owning several ‘First Mobile’ Vodafone franchises in New Zealand.
Non-executive chairman Jens Neiser manages the Neiser Capital Investment fund and was previously a partner with Boston Consulting Group. He joined the Board following his investment in Datasquirt in 2006.
Non-executive director David Lyons is the CEO of Continuum Voice and Data Systems, a hardware and software distribution company with a team of 35 people based in New York.
Non-executive director Lindsay Phillips is the Managing Director of Phoenix Development Fund and Nightingale Partners in Australia. His experience includes seven years with Price Waterhouse.

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