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Sealegs Plans for Volume Manufacturing

Sealegs Plans for Volume Manufacturing

Auckland, 09 November 2005: Listed marine company, Sealegs Corporation Limited (NZX:SLG), has today announced that the board and management have resolved the next stage in the execution of the Sealegs strategy, as a result of the last two years market analysis and research.

The company has determined that there is a significant international demand for amphibious boats and that Sealegs can satisfy the demand.

Project X is the name given by Sealegs for the design and manufacture of a new amphibious marine craft. The new boat will be designed as a high-volume, low-cost craft. An initial estimate of the production commitment is 100 boats in 2008.

Project X will be isolated to the Research and Development division of the company. The existing business, built on the current Rigid Inflatable and Aluminium models, will continue to prepare the market for the volume product. Project X will require a strategic partner willing to fund and assist in the execution of the plan.

Sealegs Managing Director, David McKee Wright, says “demand for the Sealegs amphibious boats has been most encouraging. We have tested the elasticity between demand and price thus the need for us to commit to a low-cost production efficient boat. The company is very excited about the project as it could see Sealegs grow into a significant internationally recognised boat manufacturer.”

Further to this Mr McKee Wright said, “The Company has moved to new Auckland premises and is confident it will continue to grow sales”.

ENDS

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