Spectrum head resigns

Mr Levison joined the company in March last year. He was previously with D F Mainland.

Spectrum appointed Mr Levison to manage its change in focus from a mining concern to the business-to-business e-commerce area.

Chairman, Alex Paterson, says Mr Levison has successfully guided the integration of Kinetiq, Spectrum's wholly-owned subsidiary, with Spectrum Resources and is leaving the company to pursue a similar role overseas.

"Under Rob's direction, Spectrum has successfully transitioned from a mining company to a venture capital fund for promising New Zealand companies like Kinetiq.

"He has also led the creation of a successful relationship with Kinetiq, which continues to make progress in overseas markets and deliver value to our shareholders."

The company says it will not be replacing Mr Levison.

For the six months ended December Spectrum posted a profit of $120,000 compared with a loss the previous year of $265,000.

The company's board says it has taken a cautious approach to investment over the past six months following the downturn in the technology sector, but is still looking at new investment opportunities.

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