NewSat appoints two new directors

Follows just one day after the satellite communications provider's chairman personally moved to reassure investors over the company's finances

Just a day after its chairman issued a personal address to shareholders over the state of the company’s finances, NewSat (ASX:NWT) has announced that it has appointed two new directors to its board to progress development and growth.

In an ASX statement the satellite communications company said it had appointed Mark Fishwick and Andrew Plympton, both with media, sales and financial services experience.

Fishwick is currently the group managing director of Ambient Advertising, chairman of Blue Media Group, Captive Vision Network and Plasma OOH Indonesia.

In the ASX statement Fishwick said he would look to strengthen the company’s sales pipeline in retail space across Australia and the East Asia markets.

NewSat currently runs the digital media satellite multicasting network Woolworths across 800 stores.

Plympton is an Executive Member and Director of The Australian Olympic Committee, President of Yachting Australia, and is non-executive Chairman of four other boards.

NewSat’s chairman Richard Green said Fishwick’s financial experience, networking and negotiating skills would further enhance the company’s profitability and leadership to launch Jabiru-1, a planned new satellite.

Yesterday, [[xref: http://www.computerworld.com.au/article/336554/newsat_moves_reassure_investors/ |Green reassured investors that the company was in a position to take advantage of the $80 billion market worldwide satellite communications market.]]

“NewSat is well placed to leverage off its infrastructure, with our teleports having a footprint of 75% of the worlds’ surface to continue to grow the business in this robust global market,” Green said in the address.

“Our recent announcement regarding half year financial results for the period ending 31 December 2009 further signify we are owners of a unique-to-Australia cashflow positive, monthly recurring revenue business that is on track for continued strong annual financial growth.”

The company has also made a number of reassurances that its Jabiru--1 project is on track.

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