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Plus SMS directors to accept shares in lieu of meeting fees

Monday 14th July 2008

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Directors of Plus SMS Holdings, the unprofitable company that sells mobile phone services using Microsoft Windows Live, said directors agreed to get shares in lieu of fees.

Shares of Plus SMS, which trade on the NZAX, fell 10% to 6 cents. They traded as high as 80 cents in November 2005. Last week, Plus SMS said some 25 million 10-cent options lapsed after investors elected not to exercise them.

The company's CRE8 unit generates revenue from licenses and fees for services related to mobile phones, including embedding its clients' software on handsets and gaining income from billing and connectivity.

Plus SMS posted a NZ$6.96 million net loss last financial year, a 41% improvement from the previous year. Revenue soared 400% to NZ$5.6 million.

Chief financial officer Les Coates said on June 16 that the resources required to deliver its Microsoft Windows Live service has "increased costs and delayed other revenue generating initiatives."

He predicted a "much improved" financial performance this year.

By Jonathan Underhill

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