Debt-free Clear to lift on-line focus

WELLINGTON - A $170 million cash injection from sole shareholder British Telecom has wiped out Clear Communications debts and put it on an aggressive path to build its share of the business on-line market.

Clear chief executive Tim Cullinane says this has strengthened the balance sheet as the company moves to finalise its capital programme for the next two years.

Clear was now debt-free as it tried to turn around the operating performance of its traditional tolls business.

Mr Cullinane said the company's goal was to become New Zealand's leading on-line service provider to the commercial sector.

He said Clear's financial result for the year ended March 1999 would reflect the company's rebuilding phase, although growth prospects were strong in the medium term.

While Clear would remain in its tools and residential businesses, its focus would increasingly be on business customers as an on-line service provider. - NZPA