Fisher Funds Builds Stake In Sealegs Corporation

13 April 2007

Fisher Funds Builds Stake In Sealegs Corporation

Fisher Funds is pleased to announce that it has today subscribed to a placement of 1,700,000 new shares of Sealegs Corporation Ltd at an issue price of $0.58 per share.

The placement was arranged in consultation with the board of Sealegs which was looking for a strategic investor and a capital injection.

Fisher Funds chief investment officer Warren Couillault says: “Fisher Funds is delighted to subscribe to this placement of new shares in Sealegs Corporation. We have been monitoring the development of the company over the past two years and have been impressed with recent progress. Sealegs is now experiencing burgeoning demand and is transforming its operations to increase cost-effective scale production. This is likely to increase the quality of the product and its marketability.”

Sealegs recently sold 12 amphibious boats representing more than $1 million in sales at the Auckland International Boat Show. “There is every prospect of a significant increase in sales volume over the next three-to-five years, and a commensurate lift in profits,” Mr Couillault says.

ENDS

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