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Syft Technologies Rights Issue Raises $3.1m

Syft Technologies Rights Issue Raises $3.1m

Media release, 7 November 2007, Syft Technologies Ltd, Christchurch, New Zealand: Syft Technologies Limited (Syft) announced today that it has successfully raised $3.1 million in its non-renounceable rights issue. The rights issue closed with entitlements and applications for oversubscriptions totalling 76% of the maximum shares on offer under the Prospectus dated 21 September 2007.

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

The new shares and options began trading on www.unlisted.co.nz today.

Chairman, Bill Luff, said today he was delighted with the result. 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.

“We appreciate the continuing support we have received from our long-term shareholders, NZ institutions and professional investors.”

Syft has now completed a two-stage capital-raising that raised more than $7.5 million of new equity from August to October. The first stage was a placement to professional investors that raised more than $4.4 million. The second stage was the recently completed rights issue that raised approximately $3.1 million.

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

Syft is an award-winning company, creating unique products with multiple applications. Syft’s technology instantly and accurately detects minute amounts of trace gases in the air, including drugs, fumigants and other poisons such as formaldehyde, tobacco, explosives, bacterial infections and numerous others.

Demand for such sophisticated technology comes from many sectors including: medical, security, biosecurity, food processing, petroleum exploration, counter terrorism and border control.

The company has robust patent protection in place around the world and has received significant Government grants over the years, recognising the potential of its technology.

“We have every confidence that we are entering a new era for the Company, one that will begin to capitalise on the enormous potential offered by the Syft technology,” Mr Luff said.

About Syft Technologies

Syft Technologies Ltd was formed in 2002 as a hi-tech spin off from the University of Canterbury, New Zealand. Its head office and Research and Development centre is based in Christchurch, New Zealand. Syft Technologies (UK) Ltd based in Daresbury, UK is home to its European Sales and Support Centre.

ENDS

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