Syft Technologies announces Annual Result

Syft Technologies announces Annual Result for 2008-2009 Financial Year

News release, 6 August 2009 Syft Technologies Limited, Christchurch , New Zealand

Christchurch-based Syft Technologies Limited (Syft) today announced its annual result for the twelve months to 31 March 2009 .

The Group produced an audited net deficit after taxation of $4.9 million, compared with a net deficit after taxation of $3.6 million for the previous year.

Total Revenue generated was $3.7 million, up from $2.6 million in the year to 31 March 2008 , and Operating Revenue increased to $2.6 million (2008: $1.2 million); the balance comprising Grant Revenue of $1.1 million (2008: $1.4 million).

This year’s deficit includes one off adjustments totalling $0.6 million relating to the Voice100™ instrument, now superseded by the Voice 200®. Instrument.

Chairman of the Board, the Hon Ruth Richardson said, “The result is well short of forecast and expectations. In the wake of the unacceptable result disclosed in this announcement, the Board determined that Syft needed to make a strategic shift into becoming a market-facing company After a six year gestation period the Board concluded that it is now not so much about the science as the sales. Making sales is what matters and to do that the Directors concluded that we needed to transform the company and its culture. The spur for change has been driven by a belief that we can and will do better.”

In particular, Ruth Richardson noted that two lines of business offer immediate prospects for sales.

“The technology’s reputation for smart and effective detection of toxic fumigants at the border is growing. More and more customs authorities are sufficiently impressed by our reference sites in Canadaand Australiato engage in pre-order trials. Second, the demonstrated ability of our technology to detect the presence of hydrocarbons in the oil and gas exploration sector pave the way for multiple sales.

“Having proven the technology, the challenge is to now move the company onto a profitable footing and not just restore, but also create, value for shareholders,” Ruth Richardson said.

ENDS

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