Logotec to increase share capital

Logotec Engineering Group plans to increase its share capital by up to $6 million in 2003, with the money to be spent on development as well as gaining new customers for its newest product, Logotec Mobile@Connector. At present the company's share capital stands at approximately zl. 40 million. Over 60% of the shares are owned by its president, Jerzy Dryndos, with 20% held by financial investors. "We do not plan to enter the Warsaw bourse, but are negotiating instead with a number of venture capital funds," said Dryndos. The company is one of the biggest domestic software exporters, and in 2003 managed to place about 50% of its total sales of over $6 million, abroad. Its capital group includes companies from the USA, Germany and Belgium. (Parkiet, p. 6) M.M.