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Sealegs stock climbs on entry to Indian market

Friday 3rd October 2008

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Shares of Sealegs snapped three days of declines after the maker of amphibious boats appointed a distributor and secured its first sales in India.

The shares rose 15% to 31 cents, recouping some of the in 23% slide in the past three days. The stock has tumbled more than 55% this year.

Sealegs named New Wave Distributors to sell its vessels in India in an agreement that will start at the Mubai International Boat Show next February, it said in a statement. New Wave has initially bought two boats and committed to at least seven over the next 12 months, the company said.

The appointment brings the number of distributors worldwide to 11. The boats go on display for the first time in the US at the Fort Lauderdale International Boat Show starting October 30.

Sales rose 92% to NZ$9.6 million in the year ended March 31, for a net loss of NZ$1.7 million.

By Jonathan Underhill

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