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Syft Share Placement Oversubscribed

Syft Share Placement Oversubscribed

Syft Technologies Ltd recent offer of 1 million shares has closed oversubscribed, raising $3.75 million for the Christchurch-based high-tech company.

“The existing shareholders have responded very positively to Syft’s recent share placement offer,” says Chairman Stephen Collins.

Syft Technologies has developed an ultra-sensitive detection device (the Voice100), using Selected Ion Flow Tube Mass Spectrometry (SIFT-MS) as its technology platform, which can detect substances in minute quantities (below single digit parts per billion). Syft’s Voice100 device is not only accurate, it is fast and economical, and has a wide range of potential applications.

“The Syft Board sees this oversubscription as extremely encouraging, not only for Syft but for the local high-tech sector. In addition to the very strong support from New Zealand investors, we had a number of inquiries and subscriptions for shares from overseas investors.”

The share subscription opened on 13th September and closed on 1st October. The offer was for 1 million shares at $3.75 in Syft Technologies Ltd and a maximum of 1 million will be issued.

“Many of our shareholders come from the Canterbury community who have embraced the opportunity to invest in the hi-tech sector and in Syft specifically,” says Stephen Collins.

“They, like the company, Board and management, believe that Syft is already showing the potential to become another great Kiwi success story, generating jobs and export earnings from around the world.”

Syft is in the process of forming key strategic partnerships around the world that will allow the commercialisation of its products and services.

This includes a recent alliance between Syft and Seenex, a US-based company that provides security products and services. Seenex is planning on integrating the Syft technology into their Human Access Security Portal application to analyse a minute sample of air as a person passes through the portal, testing for traces of explosives or other substances.

Syft is collaborating with AgResearch in the development of container scanning technologies. Syft is also working with researchers in Christchurch in the medical diagnostics arena, including applications for non-invasive screening of conditions such as diabetes and for the early detection of carcinoma through breath testing.

For further information: Stephen Collins Phone 027 432-0552
Syft Technologies Ltd backgrounder What is Syft Technologies Ltd? Syft Technologies is a high tech company that has been formed to commercialise the analysis of Volatile Organic Compounds (VOC) that scientists at the University of Canterbury had been working on since 1981.

How long has Syft been operating? Syft Technologies has been working for two years on commercialising this technology. This work is based on research done by scientists at the University of Canterbury stretching over 20 years. The science is therefore well proven but the applications are new. The research and development team had been servicing key partners like NASA’s JPL for more than 10 years, but now can extend their scientific horizons to research in a variety of new and exciting areas

What are Volatile Organic Compounds? Volatile Organic Compounds (VOCs) are simply chemical compounds that vaporize at standard air temperature and pressure. There are many examples, for instance, the organic compounds produced by microbes (fungi and bacteria) that are given off as a gas under normal conditions. Different microbes produce unique combinations of VOCs as a result of their metabolic processes.

What has Syft been working on? Syft has been working on developing the world’s first commercially available semi-portable SIFT-MS machine that can detect and identify VOCs in trace amounts.

Why is this technology so powerful? The Syft system detects VOCs in extremely minute quantities – down to sub single digit parts per billion. No one else worldwide currently can deliver this technology in a commercial footprint. Its main advance over existing technologies is the speed with which it obtains these results plus the simplicity in operating the equipment. VOC detection occurs in milli-seconds and analysis of the readout takes a few minutes at most. It is also very fast and accurate in identifying the source of a VOC signature.

What are some of the potential applications? Syft is already investigating the use of its VOC analysis technology in a variety of areas.

These include: Medical: Research is already showing that by using Syft VOC analysis, a positive identification of a bacterial strain in blood within a few hours is possible, rather than up to 48 hours, which today’s established laboratory techniques deliver.

Border security: Syft is in the process of developing a VOC detection system that will be employed in shipping containers.

This should not only quickly identify any bio-security threats within a container but could also be adopted worldwide for detection of drugs, explosives and other VOC threats to national security Analytical services: Syft’s analytical capabilities are now available as a contract service, using Syft Analytics Ltd, for a variety of VOC analysis work including the identification of environmental toxins and pollutants, stack emission measurement and manufacturing/processing odour identification and control.

Leaky buildings: for detecting and identifying the fungi species that pose the major health risk of leaky house syndrome Oil exploration: for the detection of underground oil reserves by means of a simple probe to detect plumes of hydrocarbons being given off by oil from reserves a thousand or more metres below the surface.

Such a system could greatly enhance the speed and economies of oil exploration Process control: for monitoring purity of feedstock and products of high volume, high value industrial manufacturing, e.g. plastics, petrochemicals.

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