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CommodiTel board restructure; looks to raise $600k

Loss-making telco company CommodiTel Ltd is in the midst of a board restructure and has proposed a placement to raise $600,000 for working capital purposes.
The company said investor Charles Morgan and lawyer Roger Steinepreis had been appointed to the board, while George Gelavis has resigned as the managing director and David Riekie and David Paganin have resigned as chairman and director respectively.
Executive director David Sweet will be responsible for the day to day operational matters of the company while Mr Gelavis will remain as a consultant.

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