Wellington exercises option to acquire iProximity Pty Ltd

® is a registered Trade Mark of Wellington Drive Technologies Ltdin New Zealand
Wellington Drive Technologies LtdWT9046
21 Arrenway Drive, Rosedale, Auckland0632, New Zealand
PO Box 302-533,North Harbour, Auckland0751, New Zealand
Telephone: +64 9 477 4500Facsimile: +64 9 479 5540
Email:info@wdtl.comWebsite:www.wdtl.comPage1of2
22 May 2018
Media Release
For Immediate Release
Wellington Drive Technologies exercises option to acquire
iProximity Pty Limited
Wellington Drive Technologies Limited (NZX:WDT) advises that it has today exercised its
option to acquire all the shares in iProximity Pty Limited (iPX) pursuant to the Sale and
Purchase Agreement (SPA) with iPX’s shareholders announced to the market on 28
February.
The board of Wellington has decided that considering positive customer response to the
iProximity digital marketing solution, including the first purchase order received for a pilot
installation in Latin America, it would accelerate the closingof the transaction.
The company will pay a closing amount of AUD 1,100,000 on 2 July 2018, financed in part
by a USD600,000loan from Meta Capital Limited (Meta Capital), with the balance being
funded from cash reserves. Meta Capital Limited is a company owned and controlled by
John McMahon, a director of Wellington. The new loan is repayable on 21 December 2018.
The loan was approved by the independent directors of Wellington.
Also as previously advised, the consideration for the purchase of the iPX shares includes the
future issue of fully paid ordinary shares in the capital of Wellington (“Consideration
Shares”) in tranches based upon meeting specified EBIT targets and SCS™ Connect System
controllersales performance targets for the period to 31 December 2020.The maximum
number of Consideration Shares that may be issued, assuming 100% fulfilment of these
targets, has been calculated in accordance with the SPA to be 18,897,928shares.
Consideration Shares not “earned” by 31 December 2020 are forfeited.
CEO Greg Allen commented, “We are pleased to welcome David Burden and Rohan Lean to
the team. It is exciting that we arealready seeing positive customer response to the
iProximity toolset with our food and beverage customers.We are also excited by the

® is a registered Trade Mark of Wellington Drive Technologies Ltd in New Zealand
Wellington Drive Technologies LtdWT9046
Page2of2
potential to grow iProximity’s Smart Cities business, which is already providing solutions to
three large city councils in Australia.We look forward to expanding the Smart Cities
offering in Australia and introducingiProximity’sdigitalmarketing solutions to our food and
beverage customers globally.”
About Wellington Drive Technologies
Wellington Drive Technologies is a leading global provider of energy efficient electronic
motors, airflows solutions and ‘Cloud Connected’ refrigeration control solutions for the
commercial refrigeration markets.It serves some of the world’s leading food and beverage
brands and refrigerator manufacturers with advanced products and solutions that reduce their
costs improve product sales and reduce energy consumption.Wellington is headquartered in
Auckland, New Zealand, and is listed on the New Zealand stock exchange under the ticker
symbol NZ:WDT
About iProximity
iProximity delivers location intelligence through technology, platforms and software that
connects digital information with physical spaces. Founded in 2013 by successful tech
entrepreneurs David Burden and Rohan Lean, iProximity has developed the iPX cloud based
IoT management platform and products that include Mobile Coupon Factory, HelloLocal,
ScreenSmarts and an IoT smart Hub–the iPR. Based in Melbourne Australia, iProximity
services a growing global customer base.
For further information visitwww.wdtl.com.
Contact:
Greg AllenTony Nowell
Chief Executive OfficerChairman
Phone +1-778-238-6494+64 21 488-895