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Multiemedia To Become NewSat |
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Written by Adam Gosling
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Thursday, 17 August 2006 |
Multiemedia is destined to adopt the name of one of its divisions
in a move that will more accurately reflect its core business going forward.
The name change, which was approved at by shareholders at
the company's AGM, is likely to take a couple of weeks while the company is
issued with its new ASX code.
Addressing the shareholders, Multiemedia Chairman, John
Walker, said the future for the company was positive. NewSat anticipates
consistent revenues and strong profitability in the coming financial year, he
said.
"The Board's resolve to acquire various media port assets
late last year is proving to be an excellent decision as they continue to
attract quality customers and increase profits," he said at the AGM.
The company's Executive team has just completed a review based
on the Board's decision to be singularly focused on satellite communications,
almost $2 million has been reduced from the company's annual cost structure and
the management structure greatly simplified, he explained.
NewSat has been approved by the Federal Government to
participate in the nationwide Broadband Connect' program and services provided
under ‘Broadband For Health' increase on a weekly basis, said Walker.
Key contracts across the Military, Oil, Gas and Mining
sectors as well as new services such as MPEG-4 compression techniques which
will allow the company to broadcast IPTV to commercial outlets from such as pubs
and clubs, shopping malls and airports all serve to give NewSat a brighter
future, he said.
"Webcasting, Voice, Teleconferencing and Data Broadcasting
remain our bread and butter," said Walker,
but expanded services including hosting, telemetry, tracking and control and carrier
monitoring were all new directions for the company.
Multiemedia will release what Walker said were positive results for the
year ended June 30 prior to the conclusion of the name change.
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