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Casey fizzles out

Johannesburg, 07 Dec 2004

DataPro has released the last of Casey Investment Holdings` interim results, for the six months to 31 August.

The results are for the period before Casey was sold to Level 4 Group Holdings, which in turn acquired DataPro in what was in effect a reverse listing.

Troubled Casey, in conjunction with former major shareholder Black IT Empowerment Company (Blitec), closed all its divisions with effect from 31 August, after retrenching all its staff members.

Level 4 bought 75% of the shell for R75 000 and at the same time began talks to buy 100% of DataPro.

A deal was struck that saw Casey buy DataPro through the issue of 66.5 million new shares, as well as an issue of 87.5 million shares for cash at 55c a share. Casey shareholders approved that deal in September.

DataPro financial director James Herbst says Casey conducted limited trading during the six months to August.

Casey recorded revenue of R0.1 million and a loss of R0.2 million before interest, tax, depreciation and amortisation. A net loss of 0.19 million was incurred and the company recorded a headline loss of 0.3c a share.

Herbst says the first interim reporting period reflecting the DataPro acquisition will be for the six months to 28 February 2005.

The DataPro share, which trades on the JSE`s alternative exchange, AltX, was unchanged at 80c this morning after 20 600 shares changed hands in three deals.

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