Cash-strapped listed Dunedin company Blis Technologies is
targeting $3.5 million to $4.5 million from a shareholder
purchase plan to offset further short-term financial losses and
progress product sales to Asian markets.
In a market announcement, Blis chairman Peter Fennessey said
shareholders had endorsed the placement of up to 300 million
shares, at 1c per share, to parties which included the major
shareholder Edinburgh Equity Nominees Ltd, and new investors
Asian Pacific Partners Ltd and NZPR Group.
More than 233 million shares had been issued so far.
''In aggregate, these initiatives are expected to raise $3.5
million to $4.5 million in support of the commercialisation
of Blis products in New Zealand and international markets,''
Mr Fennessey said.
Blis produces oral probiotic bacteria, which can be added to
many dairy products.
Aside from offsetting an anticipated near-term operating
deficit, the funds raised would be used to meet capital
expenditure and working capital requirements.
Alongside third parties, Blis would produce and market
milk-based formulations, mainly for Asian markets, including
beverages with BLIS K12 and BLIS M18.
''Although the company has yet to achieve profitable
operations, successful implementation of the business
strategies are expected to deliver profits in the foreseeable
future,'' Mr Fennessey said.
Blis has posted 12 consecutive losses since listing in 2001,
estimated at a total $29.3 million.
Mr Fennessey said this week he still expected to book an
operating loss for the present financial year, as forecast