New ITC bosses pump up the volume

Earlier this week the snoozing tech investment company - and its share price - were jolted back to life when former exo-net executives, David McKee Wright and Maurice Bryham, were appointed to run the show.

The company reports that over the last four days the management team has completed its initial review of IT Capital's investee companies and found only one - Terabyte - has a profit in its sights.

"Terabyte, is performing at or close to break even point and it has traded its way through a difficult market period for web services companies," the company reports.

"The Terabyte management team continues to work to cut and contain costs and drive revenues. The short-term outlook presents no immediately known problems and with continued growth of revenues the Terabyte management team should be able to start delivering profit by the end of the year."

However most of the investor interest in ITC comes from its investments in Virtual Spectator and Deep Video Imaging. The company also owns Australian e-commerce developer, Golden Orb.

"Virtual Spectator, Deep Video Imaging and Golden Orb have made good progress on the development of their technology and new sales leads, but they remain in a high monthly cash burn mode and revenues do not cover costs and it is uncertain if they will do so in the short term.

"They all require further cash funding which in the current environment is difficult to secure."

Nevertheless the company says it is now 'actively embarking' on a capital-raising program involving the placement of new shares, as approved by shareholders last year.

"The company is currently speaking with a number of potential investors both locally and offshore. New capital will be required to fund any new investments."

ITC says it will shortly call for an emergency general meeting to seek approval for any further share placements required and for approval of the terms of the new management contracts.

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