Finzsoft appoints Keith McLaughlin as Managing Director

13th September 2007                         Media Release

Keith McLaughlin, the high profile former Managing Director of Baycorp Holdings, is to become the Managing Director of Finzsoft Solutions Ltd.

Finzsoft Solutions Ltd is a publicly listed specialist financing and banking software company readying itself for growth in services and markets.

"I love the challenge of growing businesses. Baycorp used to be small once and we grew into an Australasian listed company with revenues of $197 million," says Keith McLaughlin.

"Finzsoft has an excellent software product in Sovereign and it has high calibre and loyal customers in both New Zealand and Australia. It has highly skilled staff. I am looking forward to joining the Board and leading the company through its next phase of growth.

The Sovereign finance and banking software package is a leading product. I share the Board's belief that there is lots of potential to expand the suite of software products and the range of services it offers as well as the markets it operates in.

I have enjoyed my time in Sydney out of the corporate environment and I am excited to be rejoining corporate life in New Zealand to lead Finzsoft," says Keith McLaughlin.

The Sovereign software is used by over 25 financial services companies in New Zealand and Australia and also in the banking sector by St George Bank in Australia.

Chairman, Don Hattaway, said that the Board was very pleased to have attracted a leader of Keith's stature to take Finzsoft into the next stage of its development and growth in Australasia and Asia.

As was announced in June, following the partial take-over by Pi Capital Investments (FS) Ltd, the current Managing Director and founder of Finzsoft, Barrie Shannon, steps down as Managing Director now that his successor has been appointed. Barrie founded Finzsoft in 1986 and has led it for 21 years.

Pi Capital Investments (FS) Ltd acquired 63.61% of the company's ordinary shares in June. Andrew Holliday and Ian Wills, directors of Pi Capital, joined the Board in June and, with Barrie Shannon, began strategic planning for a new phase of growth. Keith McLaughlin's role is to develop and implement that strategy.

"The Board thanks Barrie for his vision, leadership and courage in taking Finzsoft from an embryo in 1986 through its public listing," says Finzsoft chairman, Mr Don Hattaway.

Keith McLaughlin was a founder of Baycorp Holdings in New Zealand and Managing Director from 1996 through to its merger with Australian based Data Advantage in December 2001.

Keith then re-located to Australia to assume the role of Managing Director of the merged entity, Baycorp Advantage, on a fixed term contract. His role was to see the company through its integration process and international expansion.

Baycorp Advantage as a merged entity in the financial services sector generated a pre-tax profit of $45m in 2003.

In 2003 Keith elected not to seek an extension of his contract and spent time travelling internationally before returning to Sydney to establish a successful business in the hospitality sector.