By Phil Boeyen, ShareChat Business News Editor
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Thursday 18th April 2002 |
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ITC shares have been extremely volatile this week after a recent media report claiming that Deep Video Imaging is on the brink of a major deal with the US military. ITC owns 43% of DVI and Warehouse (NZSE: WHS) founder Stephen Tindall is another major shareholder.
ITC says that Deep Video Imaging is not on the brink of a deal as reported.
"DVI has sold sample units to certain departments within the US Military for evaluation and also to a number of US Corporations who supply the military.
"It is anticipated that potential revenues generated, should these parties decide to purchase further units, are likely to be between 1 to 3 years away."
The listed tech investor has confirmed that DVI's two major shareholders are seeking a third substantial investor to put up to $6 million into the company.
"The new capital is required to develop DVI's technology into a volume commercial product. It is expected that commercialising DVI's technology will take a further 9 to 12 months.
Market Surveillance Panel questioned ITC when its share price shot up nearly 60% on Monday after the Sunday Star Times article was published. For the rest of the week the company has traded as high as 12 cents - double last week's trades of 6 cents per share.
Hamilton-based Deep Video Imaging is a display technology company which is working to commercialise screens that can show 'depth' without the need for peripheral devices such as special eyewear.
The company has identified a variety of data intensive industries as potential niche markets for its technology including financial, military and gaming sectors.
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