Investment company Savoy Equities is tying up the loose ends of its brief foray into IT business by applying to liquidate its EZ Concepts subsidiary.
Savoy Equities chief executive Kerry Haycock says the company has no further plans to conduct business in the IT sector.
Savoy was one of a number of old-economy style companies such as hospitality company Wilson Neill and timber company Paynter Timber that rushed to buy dot-com-style and IT businesses in 1999 and 2000.
In February 2000 Savoy, which had concentrated solely on property investments including Auckland’s Britomart project, bought 70% of wireless networking company SafetyNet in a deal reported to be worth about $7 million. It also bought 75% of E-Zebra, a youth-oriented mobile internet service.
In December 2000, Savoy sold the operations side of E-Zebra to Ericsson. The E-Zebra shell was renamed EZ Concepts.
In May 2001 it sold IPFinity to businessman Prakash Pandey who renamed it SafetyNet Technologies, before on-selling the equipment to Glen Johnston, Chris Hitchins and William Kasper, who started up Freedom Vnet last October. Freedom Vnet is a fixed wireless network provider which plans to introduce a wireless service aimed at community access groups.