Bombed-out Israeli tech firm Vigilant Technology has shed a further 25 per cent of its value, after alerting the market that it is on the lookout for a further £1.5 million to £2 million in funding to top up its working capital coffers.

This concerned investors, as CEO Moshit Yaffe-Blushinsky only recently announced a £250,000 funding. Moreover, the company says that if it fails to find further investment, it will have to consider ‘other strategic options’.

Tel Aviv-based Vigilant is a developer and manufacturer of intelligent video-recording and surveillance solutions used in casinos, airports, banks and prisons and claims to add value to the video captured on its customers’ CCTV cameras. Its funding crisis follows some fairly positive recent announcements.

Late last year, the company announced a sole supplier agreement, said to be worth US$4 million (£2 million) over three years, with a gaming company with six casinos in the US. And earlier interim figures to June ’07 demonstrated something of a sales revival, with revenues rocketing 207 per cent higher to $3 million (UK sales growth was especially strong at over 500 per cent). However, the business remained heavily in the red, with net losses of $3.5 million – the loss for the whole of 2006 was $11.3 million.

Down 0.38p to 1.12p today, the shares, which debuted on AIM at an issue price of 43p in December 2005, now value the company at less than £1 million. Avoid.

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Vigilant Technology	AIM	£0.37m	0.57p	0.00p
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