Chrome-plated float launched

WA INTERNET and information technology company Chrome Global has opened its public float with twenty million shares available at 25 cents each.

The company was formed in August through a merger of applications and database specialists Database Technology, web developer Chromium and Internet solutions and production group OzEmail West.

Around 29.5 million shares were on issue in the company prior to the public float, giving it a market capitalisation of nearly $12.4 million at listing.

The share offer has been underwritten by DJ Carmichael and

is scheduled to close on 10 December.

Chrome plans to raise $5 million through the sale of 40 per cent of the company to the public and should list on the Australian Stock Exchange on 22 December.

Chrome managing director Kevin Baum said the funds would be used to develop a new business ventures group and further growth of its existing Internet business.

He said the merger had created a formidable business unit with close operation synergies and economies of scale.

The three companies had an annual revenue growth of more than 90 per cent during the past three years.

Mr Baum said Chrome Global had forecast revenue of 5.4 million in 1999-2000 with profit before tax during this continuing growth period of $255,000.

The company has a 10 per cent stake in Perth-based company HotelNet, developers of interactive multimedia networks for hotel rooms., an operation which has developed a web site to alleviate problems experienced when sending large file attachments via email, is wholly-owned by Chrome Global.

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