ServicePoint to acquire Allied

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Communications company ServicePoint Limited is seeking shareholder approval to acquire privately-held Canberra-based Allied Technologies Group.

Communications company ServicePoint Limited is seeking shareholder approval to acquire privately-held Canberra-based Allied Technologies Group.

In a statement to the ASX, ServicePoint chairman Michael Addison, claimed the acquisition would create a large, profitable company with an enhanced ability to deliver secure, voice, video, data and web-based communications services and solutions "at a time when Australia and the world are facing some of their greatest security challenges."

Both companies are contracted to build voice, video and data networks for various government departments including the Department of Defence.

The combined company would have turnover in excess of $100 million in the short to medium term, he said. "We believe the merger has a market logic that will make it very attractive to investors, Addison said.

Company directors are proposing to undertake a roadshow to brokers in Sydney, Melbourne and Brisbane over the next six weeks, a statement said.
Allied has been in existence since 1991 and expected to have revenues of $30 million for the 12 month period ending 30 June 2004 with a tax profit projection of $1.5 million.

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