Shareholders in Dunedin-based Blis Technologies yesterday
endorsed a share placement to raise up to $3 million to
underpin its business development strategy.
Following the annual shareholders' meeting in Dunedin
yesterday, Blis chief executive Dr Barry Richardson said the
placement at 1c per share could raise up to $3 million, with
subscriptions for $2.2 million already held by the company.
The placements included existing major shareholder Edinburgh
Equity Nominees Ltd and new trade investors Asian Pacific
Partners Ltd, NZPR Group and associated interests, he said.
In a separate independent placement later this year,
shareholders can apply for up to $15,000 of 1c shares,
totalling up to 150 million shares.
''These initiatives, which together are expected to raise
$3.5 million to $4.5 million, will support the
commercialisation of its products in New Zealand and
international markets,'' Dr Richardson said in a statement.
He said ''strategic alliances'' had been formed with both
Asian Pacific and NZPR Group, the former collaborating to
identify retail products for Asia and the Middle East, and
the latter looking to distribute Blis products in China,
having played a ''critical role'' in earlier obtaining
Chinese regulatory approval.
Dr Richardson said NZPR Group had also assisted with the
appointment of Sinopharm, China's largest distributor of
pharmaceutical and healthcare products, which would market
oral health products containing Blis products.
For the full trading year to March, Blis reported a $1.85
million loss, its 12th consecutive annual loss which took
accumulated losses to an estimated $29.3 million.
Mr Richardson said yesterday that for the first four months
of the present financial year, Blis achieved its target
revenue of $560,000, from increased ingredient sales in
Europe and Japan, but said an operating loss was still
anticipated for the 2014 financial year.