By NZPA
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Friday 28th June 2002 |
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Shareholders at the company's annual meeting today approved directors placing up to one billion new shares, 29.5 percent of the firm's shares on issue.
Funds will also be used for further develop the company's pipeline of certified organic and natural products, and to buy complementary products and "scientific capabilities".
Directors were authorised to place shares at a discount of up to 30 percent of Certified Organics market price. Its shares were trading this morning at 0.6c, off its year low of 0.5c.
Chairman Ray Thomson said the company was on course to meet its forecast revenue target of $2 million for the year ending December. It was expected to hold the year's operating deficit down to $1.6 million.
Managing director Earl Stevens said the company's initial focus was on underpinning its New Zealand and Australian markets.
"A household version of our certified organic weed killer, Organic Interceptor, is already on the market in New Zealand and will be launched in Australia shortly."
Certified is also developing a range of new products, including fungicides and cleaners, from pine extracts. The project, in partnership with BioDiscovery New Zealand, is aimed at a global market with an estimated worth of $25 billion per annum.
Dr Stevens said a commercial product was in the final stages of achieving regulatory consent in Australasia. The company was also processing product registration in the European Union and North America.
He told shareholders the company was protecting its trade secrets. "What we are doing is not easily reproducible."
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