IT Capital secures Sealegs manufacture deal

Listed info-tech investment company IT Capital (ITC) said today it had secured a manufacturing deal for its majority-owned venture Sealegs International Ltd.

The Sealegs design will be manufactured by Southern Pacific Inflatables and marketed through its national and international distribution network.

Sealegs has developed a patent-pending design for self-launching inflatables with retractible motorised wheels.

ITC bought a 70 per cent share of Sealegs last month after raising capital of $2.1 million through share placements.

ITC director Maurice Bryham said the manufacturing deal would help get the Sealegs design to the market faster.

The America's Cup was an important opportunity to market the Sealegs inflatable to luxury yacht owners as a tender which could be driven to shore without them getting wet, he said.

The coastguard and military were other possible markets for the design.

The Sealegs boats would cost about 20 per cent more than a standard inflatable, he said.

- NZPA