Sydney, Oct 28, 2005 AEST (ABN Newswire) - Diversified industrial services company Service Stream Limited (ASX: STR) is pleased to announce the signing of a Heads Of Agreement to acquire Milcom Pty Ltd, Australia's largest privately owned training company to the communications and utilities sector.

The aquistion totaled 1.8MAUD, being 1.3MAUD cash and remainider in ordinary stock shares. The cash component will be funded from existing cash reserves and the acquisition price represents 4.2 times Milcom's earings for the FY2005.

Milcom (North Ryde, Sydney) has delivered training services to the communications and utilities sectors for the last 15 years, and is a qualified RTO (Registered Training Organisation).

About Service Stream Limited

Service Stream is a public company listed on the Australian Securities Exchange (Code: SSM). The Service Stream Group is a provider of essential network services to the telecommunications, energy and water industries. Service Stream operates out of more than 40 locations nationwide and maintains a workforce of around 3,000 employees and contractors. For more information please visit



Patrick Flannigan
CEO Service Stream Ltd
Tel: +61 3 9677 8888

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