Wellington-headquartered Contact yesterday said the e://volution e-business investment no longer fitted its business model and so it was selling its 30% stake in e://volution to Dynamic Commerce for an undisclosed sum.

It would, however, continue to use online procurement services from e://volution for its own operations. The disposal would have a negative NZ$300,000 after-tax impact on Contact’s net surplus for the September 30, 2004 financial year.

Contact spokesman Pattrick Smellie said the ebusiness involvement was a relic from former chief executive Paul Anthony’s reign. Contact paid NZ$2.5 million in September 2000 for the leading ebusiness.

Meanwhile, Crown Minerals says it is stopping printing Petroleum News from this month, though the news will still be available via email to anyone who wishes to subscribe through the Crown Minerals website.

“We have taken this step in response to calls from industry for the Petroleum News to be delivered in a more timely fashion. These changes will also allow Crown Minerals to increase the content delivered in each issue.”

Other Crown Minerals publications, Petroleum Update and Mining Update, will also go totally electronic over the next few months.