Syft Technologies Rights Issue Media Release
Syft Technologies announces intention to undertake a Rights Issue and issue a Prospectus & Investment Statement
News release, 20 November 2008, Syft Technologies Limited, Christchurch, New Zealand
Christchurch-based Syft Technologies Limited (Syft) today announced that it intends issuing a Prospectus to existing shareholders for a Rights Issue to raise capital, in order to realise the market potential of its Selected Ion Flow Tube Mass Spectrometry (SIFT-MS) technology.
Syft’s chairman, Hon Ruth Richardson says, “Syft is poised to enter the next stage of its growth. Having proven the technology and subsequently developed customer solutions across a number of sectors, the Company is now seeking the capital necessary to accelerate its revenue growth and realise the full commercial potential of this innovative technology.”
“A feature of the Annual Meeting on 24 September was the strong and spirited insistence from shareholders that they have an opportunity to participate in the capital raising. As a result, the Board has decided to invite shareholders to participate in a Rights Issue and will shortly issue a prospectus and investment statement.”
The proceeds raised will be applied to expanding the Company’s sales force, including a full, in-market presence in the USA and additional customer support, funding the continuing development of new products and market applications, providing working capital to meeting an anticipated growth in orders, seeding the market with its latest range of instruments and extending and protecting the Company’s intellectual property.
While the technology has a number of commercial applications, the Company is currently targeting four sectors: Container Security; Medical; Food and Flavour; and Oil and Gas Exploration.
“Syft is now at the stage where it has begun full production of a product that has been selling in and accepted by the market place. We now seek the capital required to realise the commercial potential of this ground breaking technology,” Ruth Richardson said.
No money is currently being sought and no applications for securities will be accepted or money received unless the subscriber has received an investment statement.