Sealegs Looking To Raise Up To $15 Million To Speed Global Expansion
31 July 2007
31 July 07
Sealegs Looking To Raise Up To $15 Million To Speed Global Expansion
Sealegs Corporation Limited (NZX:SLG) today announced plans for a rights issue to raise up to $15 million.
Chief Executive David McKee Wright told shareholders at the company’s annual meeting in Albany that “Sealegs is looking for further capital to take the company global.”
He explained that the funds raised from the rights issue would be used for increasing working capital to assist with rapidly growing sales, strategic international expansion and market development, as well as creating new boat models and more production efficient designs.
”We have global opportunities knocking at our door which need answering. The proven and growing demand for Sealegs amphibious boats is an opportunity that needs to be filled."
Sealegs has also announced a new revenue guidance target for the full year ending March 2008, lifting revenue expectations from NZ$9million to NZ$10million.
At today’s Annual General Meeting of Shareholders, all resolutions considered by shareholders were passed.
