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Sealegs Unable to Agree Middle East Venture Terms

Sealegs Unable to agree terms in Joint Venture Agreement with Middle East

Auckland, 11 February 2004: Listed marine company Sealegs Corporation (NZX:SLG), today announced it has been unable to reach agreement over the licensing of its intellectual property to the Albwardy Investment Group and that the parties have therefore decided not to proceed with a Joint Venture to manufacture and sell Sealegs boats in the Middle East.

"Matters surrounding the protection of the IP of our amphibious boats are very important to Sealegs, and we were not prepared to compromise on this matter,” said CEO David McKee Wright.

"While it is disappointing that this venture will not proceed, it will have little impact on the business. National and international interest in the boat remains strong, and sales opportunities are significant".

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