Smartpay Announces Appointment of CEO And Management Changes

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Smartpay Announces Appointment of CEO And Management Changes

AUCKLAND, 25 January 2011 - SmartPay (NZX: SPY), New Zealand’s leading provider of merchant services, today announced the appointment of Andrew Donaldson as New Zealand Chief Executive Officer. Andrew joined the company as Chief Financial Officer in September 2010 to streamline the company’s operations, and support the business as it secured additional market share as New Zealand’s EFTPOS market adopts new payment card industry and banking standards.

Mr Donaldson has extensive experience in the technology sector in both start-up and growth based companies. His experience in both the New Zealand and United Kingdom markets includes Vice President of Atlas Ventures, a leading Trans-Atlantic venture capital firm, and most recently Managing Director of Brightstar New Zealand where he grew the company into a successful business with over 100 staff. Prior to that he spent four years with Telecom New Zealand, leaving as Chief Financial Officer of its retail business.

In addition to his New Zealand market responsibilities, Andrew will assist the company’s Australian-based management team as it expands its Australian market base. With the focus on the Australian market and the ASX listing, the company has implemented a number of other senior management changes.

To support the Australian expansion, Linc Burgess will take over responsibility for all sales and new business development in both New Zealand and Australia as General Manager Sales. Managing Director Ian Bailey will - in conjunction with recently appointed Australian- based Chairman Wayne Johnson - focus on increasing shareholder value with specific emphasis on the development of the ASX listing strategy and potential acquisitions in Australia.

2010 was an enormous year for SmartPay, says Andrew Donaldson, SmartPay CEO.

“Following the integration of ProvencoCadmus payments division we have been focused on the industry–wide EFTPOS 5.1 terminal upgrade which is due for completion in May.

“While New Zealand is a very important market for us, we are just as enthusiastic about the growth opportunities in Australia where the EFTPOS sector is going through a similar upgrade process to New Zealand. Leveraging this recent experience, SmartPay is well positioned to grow its business in Australia.”

Wayne Johnson, Chairman, says “It is fantastic that Andrew has accepted this role and I look forward to working with him. One aspect of the appointment will be to fully review all aspects of the current operations, and to ensure that it is clearly focused on higher margin business where there is a significant point of difference.”

Donaldson adds, “It is clear that SmartPay makes the majority of its margin and profits from its terminal and value added transactional processing business divisions. The significant Trans-Tasman opportunities in those products make it sensible to ensure that the majority of the company’s resources are focused in Australia. Over the next few months we will review how best to manage and increase sales in those segments”.

ENDS

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