Spike drives further into Hong Kong

Spike drives further into Hong Kong

Internet services company Spike Networks announced last week that its joint venture with, Spike CyberWorks, will acquire an interest in two Hong Kong-based businesses. These include a 35 per cent interest in Web site developer for $US1.4 million and a 45 per cent interest in software developer Linux Center Limited for $590,000.

"As a result of the prevailing market environment, Spike CyberWorks' earlier expectation that it would achieve an operating cashflow break-even result by the June quarter of financial year 2001 will not be met," said Spike Networks' executive chairman, John McGuigan.

"Nevertheless, we are confident

that under Peter Williamson's [CEO of Spike CyberWorks] leadership, Spike CyberWorks will be well positioned to capitalise on opportunities in the Asian region."

Under the terms of the transaction, Spike CyberWorks will acquire a 35 per cent interest in SoftPub from (BVI) Investments, a wholly owned subsidiary of techpacific, for $1.4 million.

Spike CyberWorks will acquire a 45 per cent interest in Linux Center from techpacific (BVI), Applied Research Council ("ARC") and Nirvana at an aggregate value of $590,000.

"These additions to our corporate portfolio will enhance our already impressive capabilities in the digital and e-enablement services markets in the Asia-Pacific region," said Williamson.

"We anticipate the synergies these companies will bring to our current activities will be very valuable."

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