Christchurch's Syft raises $2 million

Talks under way for further investment funds

Christchurch-based Syft Technologies has raised $1,910,554.96 from a rights issue to existing shareholders.

The company raised the capital to realise the market potential of its sniffing technology which detects trace gases and chemicals in the air.

Syft’s chairman, Ruth Richardson said the raising is an "excellent result in the prevailing market conditions".

The new shares have the same rights as the company’s existing ordinary shares.

“While the capital raised is sufficient for the immediate future and will underwrite the company’s operations through to profitability, we are currently in discussion with several entities who are interested in investing in Syft, taking up the balance of the rights under the offer,” Richardson says.

Syft’s shares are quoted on Unlisted.

The proceeds will enable the company to repay a BNZ Working Capital Facility and to expand its sales force, including a full, in-market presence in the USA, the company says.

Syft is forecasting revenue of around $5.2 million for the year to 31 March 2009 and expects to become profitable in the 2010 year.

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