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Athens Olympic berth a dream for SmartWorld

JUST days after it entered into an agreement with Greek telecommunications giant OTE, WA-based public company SmartWorld Corporation has gone into voluntary administration.

SmartWorld told the Australian Stock Exchange on August 31 that it had agreed to collaborate with OTE to form Smart Home Hellas, which would import its Intelligent Home Gateway product.

The SmartWorld Gateway product is a home automation and lifestyle management control system that was to be installed in homes, small businesses and boats in the lead up to the 2004 Olympic Games in Athens.

However, by September 3, trading in SmartWorld shares was halted and on September 19 administrator Clout & Associates was appointed.

In an announcement to the stock market, SmartWorld company secretary Paul Benetti said the administration was called because the company had been unable to raise additional working capital.

To make matters worse, State Development Minister Clive Brown’s office put out a press release on October 2 praising the joint venture. A note was sent out the same day asking media outlets to disregard the release as SmartWorld had gone into voluntary administration.

It appears SmartWorld approached Mr Brown’s office seeking publicity after it had confirmed the status of its joint venture with OTE.

The WA Government had given SmartWorld a $50,000 WA Innovation Support Scheme grant in 1996 to help it develop home automation modules.

But while things have been going downhill for SmartWorld, the news is not all bad for WA companies.

CCD Australia Consulting Engineers has been appointed to assist in the planning and design of security for the city campus of the Singapore Manage-ment University.

It recently completed two major security projects – the Singapore Turf Club’s home at Kranji and the headquarters and storage facility for the Singapore Board of Commissioners of Currency.

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