Capital-raising exercise means Zero emission vehicle on way

Friday 27th April 2001

By Chris Hutching

A French-made demonstration model "zero emission vehicle" is due to be imported soon as part of IndraNet Technologies' next move toward manufacture and sale of a compressed air car in this country.

Buoyed after successfully raising $4.1 million via a media advertising campaign, IndraNet's directors are now looking forward to further commercialising their developments.

Early last week the company was coy about releasing details of its effective media campaign that appears to have caught the imagination of "Mum and Dad" investors, many of them first-timers.

But IndraNet Technologies chairman Russell Fitts said yesterday there had been a hitch in the timing of an announcement that unfortunately missed the print deadline for The National Business Review.

After the "pleasing" capital-raising exercise the company now has 2777 shareholders and 194.4 million shares on issue at $1 each.

The recent seven-week media advertising campaign promoting IndraNet's net-
work communication technology attracted $3 million in subscriptions from new shareholders, with the balance from existing shareholders.

Managing director Louis Arnoux recently returned from a business trip to France where he talked to business partners including developers of the compressed air car.

IndraNet plans to manufacture the compressed air car in Christchurch later this year or early next year, with manufacturing spread across several small networked plants.

The car will be made of fibreglass, moulded resins and aluminum, weigh about 700kg, look like an early 20th century car from the rear but futuristic at the front, and have a top speed of 110km.

IndraNet describes the car as a "mobility solution" and says New Zealand's predominant supply of hydro electric power makes it a sound ecological solution.

Meanwhile, information on the company's web site says IndraNet's current plans are to "... keep the parent company, IndraNet Technologies Ltd, as an "exclusive club" with a relatively small number of shareholders, and to investigate listing on suitable stock exchanges the subsidiaries ...".

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