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Sealegs Annouces Rights Issue

Sealegs Annouces Rights Issue

Auckland, 13th May 2005: Sealegs Corporation Limited today confirmed that it is considering making a one for three renounceable rights issue of ordinary shares to existing shareholders of the Company. Money raised from the offering will be used to fund Sealegs global expansion and to increase production capacity by moving to larger manufacturing facilities. Managing Director David McKee-Wright says funds from the new capital raising will also be used to continue Sealegs investment in research and development and in the protection of its intellectual property.

The price of new shares offered under the rights issue will be 15 cents per share. To qualify for the rights issue shareholders must hold shares in the company as at the 27th May 2005. For every three shares that shareholders hold at that date, they will receive the right to buy one new share at 15 cents.

The rights issue is expected to be underwritten. If fully subscribed, the rights issue will raise a total of $2,122,961 in new capital. The Company expects to register a prospectus and investment statement on the 27th May 2005. No money is currently being sought and no application for securities will be accepted or money received unless the subscriber has received an investment statement. Investment statements are expected to be mailed to shareholders on June 1st 2005. -

ENDS


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