POLTECH INTERNATIONAL LIMITED (ASX.PLL)

name changed to Northern Energy Corporation Limited

we understand that on or about this date the company consolidated its shares 1 for 25

a reorganisation of the capital of the company by way of consolidating 25 fully paid ordinary shares into 1 fully paid ordinary share is effective as of today

all 21 resolutions at today's AGM passed on a show of hands

company invites subscriptions from investors for up to 20,000,000 new shares each at an issue price of 20 cents per new Share payable in full on application to raise up to $4,000,000 - under the prospectus it is also making other offers - and it intends seeking re-quotation of its shares - and it intends changing its name to Northern Energy Corporation Limited

company advises it has received commitments of $1.02m in relation to its seed capital raising

lodges annual report and calls AGM for 20/01/05

a new board and management will pursue a business strategy in coal exploration and development

advises that ASIC has granted an extension of time to lodge its 30 June 2004 full year accounts until 16 March 2005

company advises it has been relocated to Perth, directors are reviewing projects which the company could acquire in conjunction with a capital raising to meet the ASX requirements for re-listing and it is expected that this process will take at least a further three months

terms of the Deed of Company Arrangement have been fully effectuated and control of the company reverts to the directors - in due course they will be informing shareholders of a restructuring of the company and its future direction

shareholders approve the issue of shares to Cygnet Capital, a change of directors and the issue of shares to creditors

calls general meeting for 30 April to approve the issue of shares to a company injecting capital and to creditors

administrators are currently working through the extensive process required for the sale of a listed shell and expect to send a report to shareholders within the next 3 weeks - Locktronic has been placed into liquidation but investigations continue into a number of matters relating to the conduct of that company including whether any avenues of recovery are available

enters in a deed of company arrangement - deed administrators J Lindholm and G Georges of Ferrier Hodgson say the deed in essence provides for the sale of the listed shell of Polltech - they are also the liquidators for Locktronic

Redflex announces it has signed an agreement with the administrators and receivers of Poltech International Limited and Locktronic Pty Ltd to acquire assets of both companies - the acquisition will result in payment to the administrator of approximately $1.3 million

it rarely augurs well for shareholders when external administrators are appointed - as yet a liquidator has not been appointed, nor a liquidators declaration issued and shareholders are therefore unable to claim a capital loss

receivers D McEvoy and S Longley of PricewaterhouseCoopers appointed receivers

administrators J Lindholm and G Georges of Ferrier Hodgson appointed - meeting of creditors to be held on 19 Nov 03 - the company has been forced into administration after supplying faulty speed cameras to the Victorian police

shares suspended from quotation