Mr O Brien said the funding was part of a program of strategic venture investments in attractive and high potential new businesses which are adjacent to GPT s existing core investments, where GPT could provide targeted capital, expertise and strategic input, with the opportunity to create significant value growth.
GPT is a smart company that does property and we will continue to look at ways to optimise and grow our business particularly in areas that we know well but that are changing rapidly through new technology and changing customer preferences, he said.
At the end of last year GPT announced a strategic investment in a new parcel lockers system, developed by Mark Bouris TZ Limited, which is aimed at meeting the delivery requirements of online shoppers.
The Coventry company is already involved in supplying equipment for many of China's national and regional transmission networks and GPT
sees the Beijing project as a stepping stone towards further network products for the country's other principal cities .
project team is working as part of the Exodus programme, launched by a consortium of 12 international companies and academic groups, supported by the EU, to study the compatibility problem.
Some of the measurable savings GPT has witnessed since moving into the new fit-out include:
A survey of GPT employees reported that on average, they felt 15% more productive in the new work environment.
Michael O Brien is a highly experienced executive, who is widely respected within GPT and the industry, and has delivered outstanding results in his role as CFO.
Judy joined GPT more than two years ago to lead GPTs strategy and corporate affairs functions and is a highly respected professional who brings a depth of talent across many areas of the Group.
Peschio, GPT's President and Chief Executive Officer, commented, "This is a great success for GPT and its stockholders.
GPT plans to release its third quarter 2006 financial results after the market closes on Wednesday, November 1, 2006.
The notification said that GPT
will be provided a cure period, consistent with Marketplace Rule 4350(d)(4), until the earlier of GPT
's next annual shareholders' meeting or November 8, 2006 in order to regain compliance, and that in the event that GPT
does not regain compliance within this period, NASDAQ will delist GPT