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Spectrum scores Aussie deal

By Phil Boeyen, ShareChat Business News Editor

Tuesday 9th October 2001

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Spectrum Resources (NZSE: SPE) says it has signed the first major Australian contract for its contract management and billing software, PV2.

The software, developed by SPE's Kinetiq subsidiary, will be used by Victoria-based TXU Networks, an energy distribution business with over half a million customers.

Spectrum says Australian states are currently pursuing deregulation of their energy markets and, in Victoria, full retail contestability will be introduced early next year,

"We targeted the Australian market a year ago because of the progress made in different states towards deregulation," says Gavin Mitchell, CEO of Kinetiq.

"Additional investment in business development activity earlier this year has improved our ability to consult with companies about the changes they are facing, along with options about how they can alter their business model to meet the needs of the new environment."

Mr Mitchell says the Australian company will use PV2 as its core tool for providing billing information for network use by retailers and large industrial customers.

"PV2 will also provide load profiling information, enabling the company to advise their customers on the best management of their energy needs," he says.

Spectrum has not disclosed what the deal is worth.

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