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Blue Chip announces changes to board of directors and cfo

Media release

Friday 11th February 2005

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The Board of Blue Chip New Zealand has announced the resignation of two directors, effective immediately.

David Stubbs has been a Blue Chip director since July 1, 2004 (and prior to that was a director for three years of Newcall Group Limited, the company Blue Chip New Zealand took over last year by way of a reverse takeover) and is resigning to pursue his business interests as a Blue Chip licensee. It would have been a conflict of interest for Stubbs to operate as a licensee and hold a position as a Blue Chip director.

"With Blue Chip recently listing on the NZX, it has been a very exciting time to have held a position on the Blue Chip board of directors, however I am very much looking forward to starting my own business as a Blue Chip licensee," said Stubbs.

John Lowther is stepping down from his position on the board to enable Blue Chip's board of directors to become fully independent apart from the managing director, Mark Bryers. Lowther will continue to assist the company in his role as principal of Lowther and Associates.

A new chief financial officer has also been appointed. Gregor Duncan, who was for four motnhs in a contract role, has been permanently appointed as Blue Chip's chief financial officer.

As Chief Financial Officer, Duncan is responsible for company accounting and reporting and liaison with auditors.

Duncan's career commenced with Deloitte where he spent time in the audit and receivership teams as well as mergers and acquisition, including being based in Hong Kong for part of this time. He then worked for Motorola in Moscow for two years and returned to New Zealand in 1996.

Since 1996 he has been involved in a variety of roles which have seen him take part in several company public listings including the listing of JustWater International Limited.

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