Continued confidence in Ecoya by Leading Investors

November 10, 2011

Continued confidence in Ecoya by Leading Investors

Existing investors in Ecoya Limited (NZX:ECO), Sam Morgan, the Miromutu Trust and a New Zealand Fund manager have this week increased their stakes in Ecoya through a placement of new shares.

In addition, Ecoya Director and Investor Rob Fyfe has increased his holding by a purchase of 277,778 shares from the company's founder.

Pricing is at 90 cents per share.

The total amount invested into Ecoya is $1,150,000 which equates to 1,277,778 additional shares.

Executive Chairman Geoff Ross says this is a strong signal of confidence in the Ecoya growth strategy.

Ross says the company has reached its operating break-even point sooner than expected and during the slower first half of the year.

Ecoya has previously indicated full year revenues in the region of $20 million or more for the 2012 year together with a modest profit.

The half year result showed expected revenue of $10.4 million. This is more than double for the same period last year when results included only one month's Trilogy revenue.

Yesterday Ecoya was recognised as the fastest growing exporter in the Auckland region at the Deloitte 2011 Fast 50 awards as well as placing 8th overall.

ENDS

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