OFFICE: PLU: Pulse Founder Retires From Board

10 Mar 2010 9:57 am

PLU 10/03/2010 OFFICE

REL: 0957 HRS Pulse Utilities New Zealand Limited

OFFICE: PLU: Pulse Founder Retires From Board

The founder of Pulse Utilities New Zealand Ltd, James Martin, has announced his intention to retire from the Pulse Board effective 31st March 2010.

"I thank James for all that he has done for Pulse" said acting chairman, Joseph van Wijk. "James has achieved a lot since he founded the company. He's taken us from a fledgling start-up to a company poised to be a significant player in electricity retail.

Mr. Martin said "Since the appointment of Dene Biddlecombe as CEO the company has made rapid progress in reaching its strategic goals. In the past twelve months Pulse has developed a faster and more effective customer acquisition strategy, acquired the metering assets of former energy retailer EDL and successfully completed capital raising to fund further growth.

"Pulse's business strategy and services are expanding to fill a real gap in the market. We've gained industry recognition through the services we now provide to third parties such as the recent contract for metering with Contact Energy," Mr. Martin said.

"Now that Pulse has the financial backing required to fuel further growth I have full confidence in Dene to lead the company to greater success. With the company in such good hands it feels like the right time to retire from the board," Mr. Martin said.

Mr Martin has recently established an Energy Sector Investment Fund which among other investments will be looking at international opportunities in the Smart Metering space and focus on assisting Pulse Utilities NZ in gaining access to privately owned electricity generation.

Mr. Martin will still retain some involvement with the company. He will join a Board sub-committee to evaluate the best options for governance of the company including the appointment of a permanent Chairman.

Dene Biddlecombe will join James Martin to investigate opportunities for taking Pulse's unique Technology world wide.

Mr Martin founded Pulse Utilities New Zealand Limited in February 2004; the company listed on the New Zealand Stock Exchange NZAX board in November 2007 and is New Zealand's first electricity retailer to offer variable tariffs to its customers via Smart Metering.

For more information contact: Dene Biddlecombe Chief Executive Officer Pulse Utilities New Zealand Limited Tel +64 9 378 9981 Email: dene.biddlecombe@punz.co.nz www.punz.co.nz

About Pulse Utilities: Pulse Utilities New Zealand Limited was listed on the New Zealand Stock Exchange - on the NZAX Board in November 2007. www.punz.co.nz

[Ends] End CA:00192304 For:PLU Type:OFFICE Time:2010-03-10:09:57:59

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