Zaptronix says it intends to remain listed on the JSE and use the proceeds of the disposal of its "old commerce" business to fund the "new economy" business.
<B>Salient figures</B>
Zaptronix results for the six months to 31 October 2001
Figures for the year-earlier period in parentheses:
Revenue: R6.61m R10.97m
Operating profit before interest: -R7.01m -R2.15m)
Profit after tax: -R4.91m (-R1.4m)
Net profit: -R4.89m (-R1.36m)
HEPS: -3.37c (-0.97c)
Cash utilised from operations: R928 000 (R1.87m)
NTAV per share: 16.7c (24.6c)
CEO John Heath says the company will most likely enter into new partnerships to achieve this.
He adds that the board and the major shareholders feel that delisting now will not allow shareholders to realise the full potential value of the intellectual property within the group.
Zaptronix`s results for the six months to 31 October 2001 show a net loss of R4.89 million, compared with a net loss of R1.36 million in the same period the previous year.
Heath says that during the period Zaptronix still held its "old commerce" business, which involved the specialised outsource manufacture of electronic assemblies in Pinetown.
After failing to negotiate satisfactory new contracts, the board decided to sell the assets of the manufacturing business, and Heath says the process is underway.
"The closure of the 'old commerce` business and the sale of its assets will result in a smaller, more focused and creative operation with cash on the balance sheet and a significantly reduced overhead structure," he adds.
The business is to focus on the further development and commercialisation of various electronic payment solutions developed by the group.
The board has been trimmed, and now consists of Heath, chief technical officer Jens Stratenwerth and Hitachi representative Chiaki Fujiwara.
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