Freightways Acquires Brisbane Based Operation

Freightways Limited (FRE) announces that it has purchased the business and assets of Document Destruction and Paper Recycling Pty Ltd (DDPR), a Brisbane-based document destruction operation. This purchase follows closely on the acquisition of the Shred-X document destruction business announced on 2 July 2007. DDPR’s operations will be merged into those of Shred-X, further strengthening the presence of Shred-X in the Queensland market.

The purchase price for DDPR of A$3.5m will be funded from FRE’s existing finance facilities. Incremental annual EBITDA of $800k is expected to be generated from this latest acquisition following the merger of operations with Shred-X and realisation of the associated synergies.

This acquisition is consistent with FRE’s growth strategy of increasing its presence in the Australian information management market.

For further information please contact:

DEAN BRACEWELL
Managing Director
Freightways Limited
Ph: (09) 571 9670
Fax: (09) 571 9671