OneLogix is on track

Johannesburg, 27 Feb 2001

JSE-listed OneLogix says it`s well on track to achieving its earnings per share forecast of 7c despite difficulty in the freight and express industry.

Maiden interims from the logistics and supply chain fulfilment group show interim headline earnings of R7.9 million and headline earnings of 4.05c from revenue of R60.5 million.

Management says this has placed it well on track to achieve the pre-listed earnings forecast of 7c per share.

OneLogix was reverse listed into the Venmil cash shell after the company acquired the operating company of Postnet in December 1999.

OneLogix embarked on a number of joint ventures in the period under review. IQLogix entered a joint venture with The IQ Business Group to provide IT logistics process solutions to the group and its customers.

FPLogix is a partnership with Francotyp Postalia SA, a mail technology supplier based in Europe which provides mailroom management services.

A joint venture with Independent Online, Independent Newspapers` online division, was put in place to develop OneLogix`s BizzNet portal into an online directory and business services listing for small and medium enterprises.

"While the freight and express industry has experienced severe difficulty in the last six months, GoLogix, our third-party logistics services business, has sustained exponential growth month-on-month and is anticipated to be a large profit contributor moving forward," says OneLogix CEO Tony Wiese.

"Postnet continues to expand its national footprint and we are now concentrating on extracting group-wide benefits from this exclusive counter-to-counter potential.

"Corpcapital, our major shareholder, is a strategic partner continuously assisting us to identify and implement organic and other growth initiatives within the parameters of strict financial discipline. We are confident that our sound growth strategy and experienced management team will ensure that we meet our headline earning per share forecast of 7c per share," Wiese concludes.