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Sealegs Reports $ 1.5 million in Forward Orders

Sealegs Reports $ 1.5 million in Forward Orders

Auckland, 22 November 2005: Listed marine company, Sealegs Corporation Limited (NZX:SLG), today announced that it has forward orders in excess of $1.5 million for its unique patent-pending amphibious boats.

Chief Executive, David McKee Wright, says the orders for 18 amphibious boats “are a clear demonstration of the increasing worldwide demand for our unique amphibious boats. They represent just over $1.5million in future revenue and are for customers in Great Britain, Europe, Australia and New Zealand.”

This latest batch brings to 34 the total number of rigid inflatable and d-tube aluminium amphibious boats that Sealegs has received orders for this year. This is more than double the number of orders received in the same period last year.

“The signals are positive for continued growth next year with our new expanded assembly plant in Albany almost at capacity, as are our subcontractors,” he said. “Everyone is flat out meeting the strong demand and we are continuing to field regular enquiries from local and offshore buyers.”

As a result of increased production and cost efficiencies Sealegs has been able to reduce the price of its standard 5.6m rigid inflatable amphibious boat, with 90hp outboard, from last year’s initial release price of $98,000 down to $69,000 plus GST.

The company also announced it had received final approval of the first international patent for its amphibious boat technology with further worldwide patents pending. It also recently announced plans to design a high volume, low cost craft selling for $50,000 to have underway by 2008.

Earlier this month Sealegs reported earnings for the six months to 30 September of $1.2 million, up 70% on the figure of $700,000 for the same period last year.

ENDS

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