Intaz back for capital boost

By ADAM GIFFORD

Health and safety software developer Intaz will go back to shareholders for more capital through a cash issue to put its offshore marketing plans back on track.

In a float last year the company raised $5.3 million of the $10 million it sought, forcing it to cancel plans to set up sales channels in Britain.

Chairman Don Cameron said that while revenue for the year to March was well short of the $16.4 million forecast in last year's prospectus, it was just shy of revised forecasts prepared after the float.

Directors were happy with progress and had made changes to the company, including bringing him on as chairman and hiring a new chief executive, Melissa Clark, the founder of private accident compensation insurer Fusion.

In last year's prospectus, Intaz projected a loss of $3 million for 2003. But in its most recent letter to shareholders it said the loss was $4 million, mainly because of lower than expected sales.

Last year the company lost $4.9 million on revenue of $1 million, reflecting the amount it was spending redeveloping its software to run on Oracle databases and on the web.

Cameron said sales were picking up. Recent sales include a $500,000 deal with five New South Wales city councils, as a subcontractor to a giant Cap Gemini Ernst Young-led outsourcing consortium.

Development of the core SafeTsmart product has been completed, with help from a $527,832 grant from Technology New Zealand.

Cameron said another product, SafeTserv, where the software is made available online, was attracting considerable interest. Intaz wanted to get SafeTserv into Australia, which would require further investment.