Deal signed for Sealegs

Listed infotech investment company IT Capital has secured a manufacturing deal for its majority-owned venture Sealegs International.

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 retractable motorised wheels.

IT Capital bought a 70 per cent share of Sealegs last month after raising $2.1 million through share placements.

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 their getting wet, he said.

The coastguard and military were other possible markets for the design.

The Sealegs boats would cost about 20 per cent more than a standard inflatable, he said.

Meanwhile, Bryham and chief executive David McKee Wright each sold 8.75 million shares at 4c a share yesterday to Taiwanese IT investor Glory Lake.

Bryham said Glory Lake had shown an interest in the share placement offered last month but there had not been enough shares available.

ITC shares were unchanged on the market yesterday at 4.5c.

- NZPA