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SYFT Technologies’ Successfully Raises $4.4 Mil

SYFT TECHNOLOGIES’ SUCCESSFULLY RAISES $4.4 MIL

Press release, 31 August 2007, Syft Technologies Ltd, Christchurch, New Zealand: Syft Technologies Limited (Syft) announced today that it had successfully completed a $4.4 million placement to professional investors. The placement was completed at 12 cents per share.

The company, head-quartered in Christchurch, is undertaking a capital-raising in two stages to raise approximately $10 million. The first involved a placement of shares to professional investors and the second-stage is a rights issue to existing shareholders which will commence in September.

Chairman, Bill Luff, said today a total of $4.4 million had been successfully raised in the placement to professional investors.

“This is a very creditable result, bearing in mind the turmoil and volatility in global financial markets in recent weeks,” Mr Luff said.

“We appreciate the support we have received from New Zealand institutions and other professional investors. We look forward to putting the funds to work in expanding our market-reach and in further research and development of the innovative Syft technology.”

Mr Luff said the Company was at a very exciting stage in its development. It had launched the second generation Voice200TM in Europe last month and was working hard on boosting growth in global markets.

“We are now poised to launch stage two of our capital-raising. This is a one for five non-renounceable rights issue to existing shareholders, including those professional investors who took part in the placement,” he said.

“The rights issue will take place during September and October. Syft shareholders on the register on 7 September will be issued rights to subscribe for new shares at the same price, 12 cents per share, as under the placement.”

Attached to every new share allotted under the rights issue will be one free Option. Each Option will give the holder the right to subscribe for one new share at 12 cents in March 2010.

Another feature of the rights issue is that all shareholders will be able to apply for additional shares, over and above their entitlement.

Mr Luff said the capital raised would allow Syft to accelerate its growth initiatives which include:

  • Expansion of the Company’s sales activities, primarily in Europe and USA;
  • Funding the continuing development of new products and market applications;
  • Seeding the market with Voice200™, Voice200F, Voice250, Voice250M units; and
  • Continuing to extend, improve and protect the Company’s intellectual property portfolio.

The Lead Manager for the capital raising is Salvus Asset Management Limited. Hamilton Hindin Greene Limited, an NZX Market Participant based in Christchurch, is assisting Salvus in the marketing and administration of the rights issue.

For further information, please visit our website www.syft.com, or contact:

Bill Luff, Chairman
Syft Technologies Ltd
Mobile: 021 246 5447

Geoff Peck, Chief Executive Officer
Syft Technologies Ltd
Tel: 03 338 6701
Mobile: 021 222 1135

Andrew Couch
Salvus Asset Management Ltd
Mobile: 021 443035

Simon Wilson
Salvus Asset Management Ltd
Mobile: 021 711041

Adrian Vance
Hamilton Hindin Greene Ltd
Tel: 03 379 8420

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