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WEL Tech's software proves a winner

By Ben Dutton

Monday 16th October 2000

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Spectrum Resources' subsidiary WEL Technology has announced a major partnership with U.S. energy provider MidAmerican Energy Company.

MidAmerican has purchased WEL Technology's PV2 customer management software to use for its customer acquisition and retention strategy.

The value of the deal has not yet been disclosed, but Spectrum Resources CEO Rob Levison has described it as "substantial" for the company.

Mr Levison said that the deal was the breakthrough WEL Technology had been looking for in the U.S. market. "This is the first time the full system has been put up against international competition and it has come up tops," Mr Levison said.

MidAmerican Energy Company is a wholly owned subsidiary of MidAmerican Energy Holdings Company which is owned by investors who include Berkshire Hathaway, Warren Buffett's investment company. MidAmerican also has a presence in the United Kingdom and other international energy markets, which widens the scope for the usage of the PV2 software.

Gavin Mitchell, the CEO of WEL Technology said "the sale is a vindication of our industry leadership in providing solutions to deregulated energy environments, based on the experience we have had in New Zealand." WEL Technology's New Zealand customers include Contact Energy and Transalta.

Rob Levison said that because the PV2 software has already been developed, the margins on the sale are good and payment is in U.S. dollars, which is an added bonus because of the current state of the N.Z. dollar.

"Our work with MidAmerican Energy Company will provide a solid platform on which we can continue to build our presence in this important market," he said.

Spectrum's shares reacted favourably to the news and were tracking upwards in late morning trading.

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