APN becomes a Major Shareholder in Roamfree

APN becomes a Major Shareholder in Roamfree

APN News & Media Limited announced today that a wholly owned subsidiary of APN has agreed to acquire up to a 20 per cent stake in the online tourism services business Roamfree Limited.

APN will invest up to A$20 million in Roamfree over five years. APN will also take up a seat on the Roamfree board.

APN is one of the Australasia¹s most broadly-based and successful media companies with a market capitalisation exceeding A$2.7 billion. APN publishes New Zealand's leading metropolitan newspaper, The New Zealand Herald, and is the largest operator of regional newspapers, radio broadcasting and outdoor advertising in Australasia.

Roamfree has recently launched one of the world¹s most extensive global accommodation search engines, roamfree.com.

APN Online Chief Executive Officer Warren Lee said the investment was an excellent opportunity to become involved in an emerging leader in online tourism.

³The roamfree.com model is unique ­ there is nothing else like it in the market,² Mr Lee said. ³Roamfree allows consumers to search, compare and book a huge and growing range of accommodation and then pay the provider directly on the one platform. I recommend everyone to the site,² he said.

³We believe that Roamfree has the potential to become the Google of the global accommodation industry.²

Roamfree.com Managing Director Tony Smith said, ³We welcome APN¹s investment as it is a clear show of confidence in Roamfree and its strategy to become the leading provider of online search for global accommodation. APN is an ideal cornerstone investor for us not only for their broad reach in the media but for their collection of high-volume web sites that will all connect to roamfree.com.

³Consumers can already search more than 100,000 accommodation providers via our website but we¹re aiming much higher than that. We want to offer at least one million accommodation providers and with APN¹s support we¹re a big step closer to making this a reality,² he said.

Mr Smith said that an inventory on that scale would make roamfree.com the largest global accommodation search engine in the world.

Roamfree¹s technology would also feed information on room availability to last- minute websites and the websites of all major travel agents, visitor centres and automobile clubs.

Roamfree aims to establish an unrivalled network of online tourism solutions that help tourism operators such as hotels, resorts, motels and apartments meet the increasing demand for up-to-the-second online information on room availability, rates, packages and reservations.

Tony Smith, the founder of BreakFree Resorts, established Roamfree in 2006.

ENDS

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