Otto Managing Director to Resign

Otto advised that Mr. Paul Moore, Managing Director of Otto has given notice of his resignation effective close of business Friday, July 1, 2011.

Mr. Moore has explained that his decision, not made lightly, was for personal reasons and he will be relocating overseas.

The Board has commenced a formal search for a new CEO. Mr. Moore will work closely with the Board and management over the coming 3 months to continue with ongoing business growth and operations and ensure a smooth transition.

Non executive director Mr. Ian Boserio will provide assistance to the management team and new CEO where necessary to further ensure successful business delivery.

The Company has an experienced and stable senior management team in Perth and Manila who will ensure all Company operations remain on schedule.

Although disappointed to be losing his services, the Board understands Mr. Moore's decision and we wish him and his family all the best for the future.