Sealegs Joint Venture in Middle East

Tuesday, 3 February 2004, 11:44 am
Press Release: Sealegs Corporation

Auckland -- Listed marine company Sealegs Corporation (NZX:SLG), announced today that its board has resolved to form a joint venture company to manufacture and sell its amphibious boats in the Middle East.

The Dubai based joint venture company will be called Sealegs Dubai LLC and will be 48% owned by Sealegs Corporation. The other 52% will be owned by Albwardy Investment.

The Albwardy Investment group has interests in a range of companies including those in the construction, manufacturing, logistics and marine sectors. The companies in the Albwardy group have a combined annual turnover in excess of US$1 billion and employ 25,000 people.

Albwardy Investment will initially advance US$500,000 into Sealegs Middle East LLC for the establishment of manufacturing and sales facilities.

The chairman of the new joint venture will be prominent Dubai businessman Mr Ali Albwardy. Mr Albwardy said “Dubai is an ideal location for a new Sealegs manufacturing facility and there is a large sales opportunity for Sealegs amphibious boats both in the United Arab Emirates and the surrounding region”.

Sealegs Corporation CEO David McKee Wright said “The joint venture will give Sealegs a strong presence in the Middle East and is the beginning of Sealegs international expansion”.

- ends-

About Sealegs Corporation Sealegs Corporation Limited is a public company listed on the New Zealand Stock Exchange Main Board with the ticker symbol SLG.
Sealegs Corporation owns 100% of Sealegs International Limited, the world's leading manufacturer of amphibious boats. For more information on Sealegs see www.sealegs.com

Sealegs Corporation has one other investment, a 19% share holding in Deep Video Imaging. Deep Video Imaging is a technology company which has developed multi-layer display technology.

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