RealTime IT News

Strathfield Seeks Cash for New Projects

Australian electronics and mobile phone retailer the Strathfield Group has unveiled plans to raise AUS$15 million (US$9.9 million) to fund several new e-commerce ventures.

The company announced on the Australian Stock Exchange (ASX) that it would be issuing 5.5 million shares to institutional investors for AUS$2.80 each (US$1.85).

The capital raised by this share offer will be used to fund the company's new division, called Strathfield E Ventures.

Strathfield Group CEO Andrew Kelly said that through E Ventures, the company intended to offer "content and services over the Internet to your car, mobile or Web companion".

Strathfield is already the country's largest mobile phone retailer, having sold its one millionth phone in February. The company can now also provide computer products for the content it plans to sell, after it acquired handheld computer manufacturer E World Technologies in August.

E World produces handheld computers and accessories based on Palm Computing, Microsoft Windows CE and Psion operating systems. It also provides software development capabilities for corporate email, field data collection, sales automation and other custom solutions for handheld computers and mobile communications devices.