KEY POINTS:
Sealegs International today announced the delivery and deployment of the first of six new amphibious boats in Italy and the appointment of a new distributor for the Middle East.
The news sent its share price up 8 per cent, or 6 cents, to 78 cents. The stock has had a spectacular run from late July when it was trading at 16 cents.
Chief executive David McKee Wright also confirmed that its new Kuwait-based distributor, Middle East Mariner, had placed an initial order for 12 Sealegs amphibious boats which represents more than $800,000 of forward revenue.
Mr McKee Wright, who has just returned from a trip to Europe, Kuwait and Dubai, said the interest in Sealegs craft for recreational and commercial use "in those very important emerging markets was most encouraging".
Orders for six Sealegs amphibious boats were taken at the recent Kuwait boat show, and Middle East Mariner would also be exhibiting Sealegs at the upcoming Bahrain Boat Show.
The 12 new orders from the Middle East have taken Sealegs' forward orders to more than 50 pre-sold boats worth $4 million in future revenue.
In Italy, The Lazio Fire Department is stationing six Sealegs amphibious boats along the Tiber River in Rome for flood and rescue operations.
The Italian Sealegs distributor, Safelife, displayed the Sealegs amphibious boats at the recent Naples Boat show and had a number of inquiries from other Italian regional fire departments and rescue organisations.
Sealegs has now appointed seven international distributors throughout Europe, the Middle East and Asia as it continues to expand into new export markets, with more than 70 per cent of total annual production heading offshore.
- NZPA
