FUNDS raised from a share placement to clients of local stockbroker Hartleys will help co-producers of electronic transaction technology, QED Occtech, develop production for the company’s interest in Transaction Solutions International (TSI).
The $600,000 capital raising will be achieved through the issue of 15 million shares at 4 cents each.
TSI is a business focused on the commercialisation and deployment of transaction payments hardware, including ATMs and EFTPOS in Asia.
TSI expects a joint venture it recently entered into with Indian-based Securitrans will enable it to enhance market penetration in the ATM and EFTPOS sectors in the short term.
QED’s shareholders approved in late 2004 the acquisition of a 35 per cent minority interest in TSI, which included a requirement for QED to provide additional working capital instalments.
This latest capital raising follows one undertaken by QED in February in which it raised $500,000 in a placement of 50 million shares at 1 cent each to clients of Kirke Securities.
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