Sealegs Posts Revenue Of $2.57m

26 May 2005

Sealegs Posts Revenue Of $2.57m

Auckland, 26 May 2005: Sealegs Corporation Limited (NZX:SLG) today announced a record consolidated operating revenue figure for the year ending 31 March 2005.

The listed marine company reported earnings for the period of $2,574,604, a substantial increase of 886% up on the same period last year of $261,367. This figure included $1.025M from the sale of DVI Investment Company Limited.

Total operating deficit for the year totalled $1.063M, an improvement of 61% on the deficit of $2.695M for the previous year. The deficit included amortised goodwill of $1.214M relating to the original purchase of Sealegs International Limited.

Chief Executive Officer, David McKee Wright, says he is pleased with the results, “which show that Sealegs is beginning to build a real revenue stream from its amphibious boat sales”.

“The company is now focusing on its sales into international markets with a push into the Australian market planned for the next 12 months. Since April 2004, 24 Sealegs amphibious boats have been delivered to customers, and production orders have now topped 35”.

Sealegs showed its 5.6m Amphibious RIB for the first time in Queensland at the Sanctuary Cove International Boat Show last weekend. Mr McKee Wright says “Sealegs is receiving strong interest from recent marketing activities in Australia and with a growing installed base of Sealegs amphibious boats in New Zealand, it is now ready to begin expanding sales into its next closest major market”.

Sealegs also confirmed that its planned attempt on the fastest crossing of the English Channel by an amphibious vehicle is on track for an attempt next month. UK entrepreneur Richard Branson holds the current record set last year.

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.

Sealegs International has developed a patent pending system of hydraulically motorised, steerable and retractable wheels for amphibious boats. Designed and built in Auckland, New Zealand, Sealegs International has supplied its amphibious boats to customers in New Zealand, Australia, USA, France, UK and The United Arab Emirates.

In June 2005, Sealegs will attempt to set a new world record for the fastest crossing of the English Channel by an amphibious vehicle.

ENDS

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