By Phil Boeyen, ShareChat Business News Editor
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Thursday 13th September 2001 |
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The company, which has announced a loss of $570,000 for the year ended June, says it remains frustrated that it has not yet been able to get the submarine operation underway.
"The company has not yet started trading and therefore has not achieved its financial forecasts," the company says.
However it reports an inspector from the American Bureau of Shipping is due to visit Milford Sound this week followed by an inspector from the New Zealand Maritime Safety Authority.
"Naturally after such a frustrating period staff are eagerly awaiting these final tests and an announcement will be made to shareholders as soon as a start date can be confirmed.
"On a more positive note the company has increased the value of its intellectual property relating to tourism certified deep dive submersibles. This may prove to be of considerable value as we continue to evaluate the feasibility of building deep dive submersibles in Dunedin."
The company's July share issue only managed applications for less than half the 2 million 40 cent shares offered, although it was underwritten up to 1.475 million shares.
At the time the company said the money raised would enable it to continue to operate until November without any income.
The SUB board say they remain open to a potential share placement or accessing temporary finance, but the major goal now is to support MD Phillip Mladenov in getting back on track with operating revenues and expenditure as quickly as possible.
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