Ramsgate Resources hits the hi-tech road

IN THE tradition of junior miners gone hi-tech, Ramsgate Resources has changed its name to Internet Solutions Australia and moved its stock from the mining to the industrial index of the Australian Stock Exchange.

This follows Ramsgate’s acquisition in June last year of the business and assets of ISA, a Java-based IT company specialising in e-commerce and interactive database driven solutions for the Internet.

Ramsgate chairman Roderick Smith said ISA had developed a reputation as a reliable provider of Internet software in its four years of operations.

Mr Smith said ISA’s revenue had doubled each year since it was established.

There are 24 million ISA shares on issue with a market capitalisation of $4 million.

Projected turnover this year is $2.4 million with a projected profit of $400,000.

“Our focus is on delivering shareholder value and after monitoring ISA for 12 months, we are confident the company will provide a solid return,” Mr Smith said.

ISA developed and owns the first Chamber of Commerce sponsored e-commerce mall in Australia, Chambermall, and has completed projects for The High Court of Australia and Hawthorn and West Coast Eagles football clubs.