Ex-Sausage Software CEO Wayne Bos is severing his 12-month connection with investment group Tomorrow, which is changing course away from technology plays.
Bos is swapping his stake in Tomorrow, majority owned by Sir Ron Brierley's Guinness Peat Group, for Guinness Peat's 28 per cent share of tech company Focus Technologies.
Tomorrow will not be seeking further investments in the technology sector "at this time", said chairman Gary Weiss.
Tomorrow became the global Guinness Peat Group's main vehicle for technology investments when it joined forces with Bos last year. Its decision to limit further exposure to the technology sector was "prudent business sense", according to Bos.
"With current market conditions having technology out of favour, it is time to pay specific attention to operating businesses rather than applying resources to an investment company," Bos said.
Rather than a commentary on the tech sector, "it is more a recognition of where we are; it is in line with the interests of our shareholders to preserve value", Weiss said.
Tomorrow will hold onto its option stake in one of its investments, Aerosonde Holdings, and has $20 million cash on deposit to take advantage of other opportunities.
However, Weiss made it clear those opportunities will probably be sought in the areas traditionally favoured by Guinness Peat, which has Australian investments in malt, brick-making and aluminium businesses.
Bos is a non-executive director of Focus Technologies, the group of e-commerce companies he has built around the carcass of listed dotcom 131shop. It includes mobile solutions company TIG and electronic catalogue specialist Redstar.
Through Bos, Focus also holds options of 19.9 per cent of software company Mincom, which this week successfully resisted attempts to place Bos on its board.
Bos said the shifting of his interests out of Tomorrow and into Focus would "probably have very little impact" on the Mincom situation.