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Tuesday, 14 March 2006 13:17

Stratatel seeks $1.5m in new equity

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Stratatel Limited, a develop of software for tracking usage and managing large numbers of cellphones in organisations, has announced plans for a two-stage capital raising to raise $1.5 million to support sales and marketing activities and in particular "capitalise on the momentum in the UK".

The company has conducted a placement of $500,000 to "sophisticated investors" at $0.09 per share and will conduct a one for six renounceable rights issue at $0.09 per share to raise $1.023 million. This rights issue will be fully underwritten and Stratatel intends to lodge a prospectus with ASIC for to the renounceable rights issue.

The company hopes the additional resources devoted to sales and marketing in Australia will enable it to lift the number of Australian units under management from a projected 80,000 at 30 June 2006 to 120,000 at 30 June 2007, generating an additional $800k in revenue for the year to 30 June 2007 and resulting in a net profit of around $600k for the Australian business for the same period.


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