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Altech acquires minority interest in Altech NamITech

By Namitech
Johannesburg, 14 Mar 2007

Allied Technologies Limited (Altech) and Giesecke & Devrient (G&D), the German smart card company, have concluded an agreement whereby Altech has acquired G&D's minority interest in Altech NamITech.

Altech has acquired G&D's effective 11% shareholding (taking into account the empowerment shareholding structure) and Altech now owns an effective 72% of Altech NamITech.

Pamodzi, the empowerment partner, retains its shareholding amounting to 28% of Altech NamITech's total issued shares.

Altech CEO, Craig Venter, commented: "We have enjoyed a successful long-term relationship with G&D, who have consistently contributed to Altech NamITech's technology growth. One of the fundamental reasons for this partnership has always been technology transfer from one of the world's premier smart card companies to Altech NamITech. Given our acquired depth of knowledge in embedded technologies, we have mutually agreed that the time is right to cut the umbilical, as Altech NamITech aspires to take fuller control of their destiny.

"Altech Namitech have successfully launched its operations in Nigeria West Africa and currently supply in excess of 55 million cellular prepay top-up vouchers a month to five major cellular network operators and other customers," Venter further commented.

Notwithstanding the new equity structure, Altech will continue a close commercial relationship with G&D and will continue to represent its products and technology in Sub-Saharan Africa for a period of up to two years. In addition, Altech and G&D have reached an agreement regarding technical assistance, supply arrangements and restraints of employees.

All of the conditions precedent to the transaction have been fulfilled by 31 January 2007, as required. Accordingly the transaction has taken effect on 31 December 2006.

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