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Millions Flow In For Syft Technologies

Millions Flow In For Syft Technologies

Press release, 23-August-06, Syft Technologies Ltd, Christchurch, New Zealand: Syft Technologies, a private company listed on the unregistered New Zealand securities exchange, Unlisted (www.unlisted.co.nz), has received a multi-million dollar cash investment from a small group of new investors. The Christchurch-based producer of advanced analytical solutions floated a private share placement of 13.5m shares for the funding, raising its total number of outstanding shares to 133,574,678. The new shares were placed at 26c per share.

The funds are earmarked for a range of company activities, including European expansion and new product development.

The new investors, including institutional investors, bring the total number of shareholders to just over 400, with a market cap of around NZ$49 million.

"We welcome our new investors to the shareholder roster on Unlisted," says Geoff Peck, Syft Technologies' Chief Executive Officer. "Syft Technologies is a company with the potential to substantially impact people's lives, whether by making borders more secure or by allowing doctors to diagnose disease instantly and accurately. Our shareholders recognise the possibilities opened up by our products and services, and their funding will additionally help to ensure that we will be able to reach our goals."

Syft's acting Chairman, Bill Luff, confirms the share purchase by the new investors will enable Syft to fast track efforts in establishing a firm footing in Europe. "With the Voice100's ability to produce outstanding results for such a wide array of potential applications, Syft is focussing its initial efforts on key industry areas including border security and medical diagnosis, and targeting one core market at a time as part of a long-term export strategy. The addition of these significant funds will enable Syft to make stronger and faster inroads into Europe, which we anticipate will benefit all shareholders."

The next Syft Technologies Annual General Meeting will be held on Wednesday, 27th September at 5.30PM at the Hotel Grand Chancellor. Annual accounts for the financial year to March 31, 2006 will be sent to all shareholders prior to the AGM.

About Syft Technologies

Syft Technologies is a private enterprise formed out of Canterbury University, New Zealand in 2002 to commercialise SIFT-MS technology (Selected Ion Flow Tube Mass Spectrometry) - a scientific breakthrough previously confined to specialist research labs for identification of Volatile Organic Compounds (VOCs).

The company successfully honed the technique into an ingenious device called the Voice100TM that can instantly and accurately identify trace level VOCs to a few parts per billion. For more information visit www.syft.com.

ENDS

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