Product category:
Memory Devices and Modules
News Release from: ID Data
Edited by the Electronicstalk Editorial
Team on 27 May 2002
Smart card maker seeks more funding
ID Data is to undertake a placing of new ordinary shares, aiming to raise up to GBP 4.1 million (net of expenses).
ID Data is to undertake a placing of new ordinary shares, aiming to raise up to GBP 4.1 million (net of expenses) The proceeds of the placing will fund growth in new business sectors, the development of the Systems Division and ChipPort, the payment of existing obligations and to permit certain strategic capital expenditure
This article was originally published on Electronicstalk on 8 Nov 2004 at 8.00am (UK)
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Commenting on the Placing, Peter Cox, Chief Executive of ID Data, said: "The placing will provide the group with working capital for growth in new business sectors and fund the development of the new Systems and ChipPort business areas.
This continues the Group's strategy of moving towards a higher margin intellectual property-based business model".
"Although sales for the second half of the year to 31st March 2002 were in line with expectations, the investment in new business areas and the level of fixed cost within the existing manufacturing operations has held back any improvement in margins".
"Despite difficult market conditions we have made progress since 31st March 2002 and in recent weeks the group has signed new contracts.
We believe that the impact of new sales, the move to higher margin business and the reduction of the fixed cost base will assist our move to profitability".
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