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Sealegs Issue New Shares And Delays Rights Issue

Sealegs Issue New Shares And Delays Rights Issue

Auckland, 12 September 2007: Sealegs Corporation Limited (NZX:SLG) has today announced that by directors resolution it has issued, for cash, 2,750,000 new ordinary shares at $0.58 per share to four professional investors, including Accident Compensation Corporation.

This placement will delay the implementation of the planned Rights Issue announced to shareholders at this years’ Annual Meeting of Shareholders on 31 July 2007.

According to Sealegs Chief Executive Officer David McKee Wright, several factors have led to the decision to delay the Rights Issue with the most significant being poor market conditions. “The Company has no urgent need for significant capital and is generating sufficient cash flow to fund its current operation,” he says.

“However, this placement will ensure Sealegs has sufficient funds on hand to enable it to take advantage of discounts available on bulk purchases of stock items it may wish to undertake during the short term.”

Sealegs recently announced a new revenue guidance target for the full year ending March 2008, lifting revenue expectations from NZ$9million to NZ$10million.

At the recent Westpac Enterprise North Shore Business Excellence Awards, Sealegs won the Chelsea Sugar Excellence in Exporting Award.

– ENDS –

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