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Sealegs Sells Stake in Golden Orb

Sealegs Sells Stake in Golden Orb

Auckland, 31 March, 2004: Listed marine company Sealegs Corporation (NZX:SLG), today announced that it has sold all 378 shares it holds in the Australian incorporated company Golden Orb Technologies Pty Limited for A$5,000, back to its original founders.

Golden Orb Technologies was held at zero value in the accounts of Sealegs Corporation and is no longer part of its new strategic direction.

As part of the sale agreement, Sealegs Corporation is indemnified against any past or future claims arising as a result of it having been a shareholder of Golden Orb Technologies Pty Limited.

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. For more information on Deep video imaging see www.deepvideo.com

(IT Capital changed its name to Sealegs Corporation Limited on 24th December 2003. The New Zealand Stock Exchange ticker symbol changed from ITC to SLG)

ENDS

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