IntraPower will buy Destra communications subject to various conditions including listing on the Australian Stock Exchange.

IntraPower have lodged their prospectus to the Australian Securities and Investments Commission in a $12 million capital raising underwritten by Bell Potter Securities.

IntraPower is expected to list on July 5 2007.

DESTRA ANNOUNCEMENT

June 1st, Australia’s largest independent digital media company, destra Corporation Limited (ASX:DES), announced today that it is divesting of its communications business, destra Communications (Comms), to IntraPower for $6.25 million in cash.

Premium IP protocol based professional services provider, IntraPower, will acquire destra Comms for a consideration of $6.25 million cash subject to various conditions including the listing of IntraPower on the Australian Stock Exchange (ASX). IntraPower have lodged their prospectus with ASIC in a $12m capital raising underwritten by Bell Potter Securities. IntraPower is expected to list on 5 July 2007.

In addition, destra has agreed to provide digital music services to IntraPower, thereby providing IntraPower with the opportunity to sell digital music to its customers and partners.

Destra CEO, Domenic Carosa said “The sale completes destra’s transition to becoming a purely media focused entity. Our intention is to develop the media assets within the company through acquiring & generating further content, building online communities around content, as well as selling advertising and content. Today’s announcement strengthens destra’s balance sheet and hence our capacity for growth through acquisitions such as the proposed acquisition of ASX listed Magna Pacific.”

Carl Olsen, destra Chairman stated “We would like to thank the destra Communications team for their hard work in building the business; we wish them continued success in the new IntraPower business.”

“Acquiring destra Communications is an effective means for IntraPower to successfully penetrate the Sydney and Melbourne markets and will also enable IntraPower to offer its clients even more robust Service Level Agreements (SLA’s). Most importantly, the acquisition will enable IntraPower to access over 900 clients and add further redundancy to its independent network with new carrier relationships to build out its carrier diverse network,” the chief executive of IntraPower Mr. Greg Kennish says.

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