ETC to sell 235 million more shares

Needs to raise working capital despite healthy profit forecasts

Entertainment Media and Telecoms Limited (ASX: ETC) is selling nearly 235 million new shares in a bid to raise capital to fund the company's major projects.

The shares are being sold at $0.04 a piece, and will raise nearly $10 million in working capital.

The company had previously announced that it had signed a five-year contract with the Malaysian Government to supply its NexCode technology for use in Malaysian immigration work visas.

The contract is said to be worth $60-80 million over 12 months.

The company is predicting that it will earn $10 million in profit for the 2008 financial year, and $48 million in 2009.

ETC shares were trading at $0.07 at time of writing.

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