CIC Global sells intelligent, prepayment meter platform to Meridian Energy 13 May 2003 CIC Global has sold its New Zealand-based prepayment meter transaction business to Meridian Energy. It is also licensing the necessary intellectual property to Meridian Energy to enable it to develop additional customer-focussed products. CIC is currently contracted to provide support for nearly 5,000 prepayment meters operated by Mighty River Power in Auckland. It also provides technical support for nearly 20,000 other CIC prepayment meters throughout the country. Announcing the sale, CIC Global's chief financial officer Chris Eastgate says he is pleased with the sale and licensing agreements reached. "The agreements represent a fair deal for both parties and reflect the potential of the business. They also protect the past investments made in the technology by both electricity retailers and customers, in terms of time, money and experience." He says while the existing prepayment service is valued by residential customers, it is the innovation possible with the technology which presents the greatest opportunity. "CIC has made a considerable investment in developing 'intelligent' metering which offers a huge range of advantages to residential customers. For example, customers will have the same saving opportunities as those offered to larger business customers because they will be able to buy electricity at different rates depending on the time the energy is used. "These systems have been designed in New Zealand based on CIC's considerable local experience. They represent a significant advance on the traditional electricity meter and provide customers with additional choice." Mr Eastgate says CIC has proven that a business providing support to a prepayment service can be successful in New Zealand. "Meridian Energy now has a solid foundation on which to build, nationally. "As part of the deregulation of the energy industry the Government wants all New Zealanders to have access to an electricity prepayment option. Meridian Energy's investment brings this closer to reality," Mr Eastgate says. Meridian Knowledge and Innovation director Helen Bremner says the acquisition of CIC will enable Meridian Energy to improve and expand access for customers to prepayment and additional capabilities provided by the CIC platform. For more information: Chris Eastgate
CFO, CIC Global
Mobile (021) 409-014 Alan Seay
Meridian Energy
Phone (04) 381-1343
Mobile (021) 494-475 Note: Chris Eastgate is available through until 9pm, Tuesday 13 May. If you require a CIC Global contact the following day, please contact Katherine Trought, on (025) 570 410.
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