The closing date for the Mobilarm Ltd Float has been extended until 5 July 2010. The company cited volatile share markets conditions as the reason for extending the offer period.
Mobilarm is trying to raise $4 million from investors in its initial public offering. The company is offering 20 million shares at 20 cents each.
The business of Mobilarm is focused on sales and marketing of a range of marine safety products. The technology sounds quite interesting – it is used to detect and raise an alert in a “man overboard” situation, followed by “in-water tracking” in order to assist in search and rescue operations.
A quick look at the financial reports shows that the company is not yet profitable. So this is definitely a speculative investment – with investors taking a punt that management can successfully commercialise the technology and in so doing, manage to turn a profit.
