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Technology Stocks : Sausage Software (SAS)
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To: Angelo Ferraro who wrote ()5/6/1999 4:16:00 AM
From: Angelo Ferraro  Read Replies (1) of 8
 
St George takes stake in Sausage Software

afr.com.au

St George Bank Ltd said it would buy six per cent of Internet concern Sausage Software Ltd in a private placement at $1.35 per share.

The placement of five million shares will cost St George $6.75 million.

Sausage said the two companies would also form a strategic partnership to "design, develop, market and operate e-commerce systems solutions in Australia and overseas".

St George managing director Ed O'Neal was effusive, saying the equity stake in Sausage would improve St George's customer service.

"The move to take an equity stake in Sausage represents an opportunity to further improve customer service, diversify our business opportunities and position St George as a pre-emminent provider of Internet-based e-commerce payment solutions to customers across Australia."

Sausage chairman Gil Hoskins said the partnership recognised the importance of the Internet to the banking sector and would be an opportunity for Sausage to provide e-commerce solutions to a wider audience.

Sausage re-invented itself as an e-commerce development company after its first listed as a web site authoring tool developer.

St George shares opened 3.1 cents weaker at $10.96 but Sauasge shares were 30 cents higher at $1.67 at 1011 AEST.
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