By NZPA
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Tuesday 10th September 2002 |
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The Sealegs design will be manufactured by Southern Pacific Inflatables and marketed through its national and international distribution network.
Sealegs has developed a patent-pending design for self-launching inflatables with retractible motorised wheels.
ITC bought a 70 percent share of Sealegs last month after raising capital of $2.1 million through share placements.
ITC director Maurice Bryham said the manufacturing deal would help get the Sealegs design to the market faster.
The America's Cup was an important opportunity to market the Sealegs inflatable to luxury yacht owners as a tender which could be driven to shore without them getting wet, he said.
The coastguard and military were other possible markets for the design.
The Sealegs boats would cost about 20 percent more than a standard inflatable, he said.
Meanwhile, Mr Bryham and chief executive David McKee Wright sold 8.75 million shares each this morning to Taiwanese IT investor Glory Lake Co.
In an off-market sale at 4c a share, both sold about 2.4 percent of ITC's total shares.
Mr Bryham said Glory Lake had shown an interest in the share placement offered last month but there had not been enough shares available. "We are hoping that they may take future placements or rights issues".
In June, ITC announced full-year loss of $21.5 million, compared with a $5 million loss the previous year.
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