Data#3 in Discussions with Joint Ventures
Thu 22 Aug 2002
Published: Thu 22 Aug 2002 09:41:31
Document No: 148057
Document part: A
Market Flag: N
DATA#3 LIMITED 2002-08-22 ASX-SIGNAL-G HOMEX - Brisbane +++++++++++++++++++++++++ Listed IT Solutions company Data#3 Limited (ASX: DTL) today confirmed it is in discussions with the Receiver to ACN 056 159 963 Pty Ltd (formerly Powerlan (Qld) Pty Ltd) regarding its equity in the Joint Ventures, Queensland Desktop Services (QDS) and Queensland Software Services (QSS). Powerlan (Qld) Pty Ltd is a subsidiary of Powerlan Limited, and was placed into voluntary administration by Powerlan Limited on 15th August 2002. On the same day the Australia and New Zealand Banking Group, as a secured creditor of Powerlan (Qld) Pty Ltd, appointed a receiver to that company. QDS was formed in 1995 as a joint venture between Data#3 Business Systems Pty Ltd and Sunrise Computer Systems Pty Ltd (subsequently Powerlan (Qld) Pty Ltd) to fulfil procurement contracts for IT products and services for Education Queensland and Queensland Health. QSS was formed in 2000, again as a joint venture between Data#3 Business Systems Pty Ltd and Powerlan (Qld) Pty Ltd, to service a four year Microsoft Enterprise Licensing Agreement with the Queensland State Government. These actions by Powerlan Limited and ANZ Bank have triggered options in the QDS and QSS joint venture agreements for Data#3 Business Systems Pty Ltd to acquire Powerlan (Qld) Pty Ltd's interest in the joint ventures. Data#3 is currently considering the exercise of those options. Data#3 is also considering issues surrounding the financial obligations between Data # 3 Business Systems Pty Ltd, Powerlan (Qld) Pty Ltd and Powerlan Limited and is examining its rights and obligations in relation to joint venture customers and suppliers, whose support it will seek to ensure that the interruption to the business and to the customers is minimised and that the future position is confirmed as soon as possible. ABOUT DATA#3 LIMITED For more information visit www.data3.com.au.