Deep Video Imaging Limited Litigation Settled

Friday, 2 April 2004, 9:29 am
Press Release: Sealegs Corporation

Deep Video Imaging Limited (DVI) Litigation Settled

Auckland, 01 April 2004:

Listed marine company Sealegs Corporation (NZX:SLG) today announced that K One W One Limited, an investment company owned by Stephen Tindall, has advised that it has purchased the remaining 3% shareholding held by Power Beat International Limited (PBIL) in DVI. As part of this acquisition the Tindall interests and PBIL have ceased all litigation.

As a further result, IT Capital/Sealegs is no longer subject to litigation brought by PBIL in relation to shares in DVI that it sold to IT Capital/Sealegs. That litigation was resolved in favour of IT Capital/Sealegs by summary judgment in November 2003 at the High Court. However, the judgment was appealed by PBIL and as a result of this settlement the appeal has now been abandoned.

The only matter outstanding is the payment of costs awarded in the High Court. The amount of $15,710 is due from Power Beat to IT Capital/Sealegs.

Sealegs Corporation CEO David McKee Wright said “we are very pleased with this outcome, as it takes away any uncertainly over Sealegs’ 19% stake in DVI and at the same time gives greater control to the major shareholder in DVI”.

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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