Phitek Raises Fresh Capital For Global Expansion

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Global leader in active noise cancellation technology appoints investment bank ABN AMRO Craigs.

We have no doubt that ABN AMRO, as Phitek's financial advisor, will provide Phitek access to capital as well as world-class investment expertise

Global leader in active noise cancellation technologies, Phitek Systems, today announced that it has successfully raised new capital following from the placement of new shares in the company. The new capital will be used to expand Phitek's activities in embedded active noise cancellation technologies for portable media players and music phones.

Mark Donaldson, Phitek System's CEO, said, "The funding will be used to roll out a number of new and exciting platforms as well as strengthen our balance sheet as demand for our active noise cancellation products continues to build. Our revenues for fiscal 3Q08 have exceeded expectations on the back of solid order flow for in-flight entertainment connectors, active noise cancellation headphones and earphones."

Phitek has appointed ABN AMRO Craigs as its principle financial advisor. ABN AMRO Craigs will advise the company on its future capital strategy and preparations for a potential initial public offering (IPO). Part of the global ABN AMRO group, ABN AMRO Craigs is a leading investment bank in New Zealand with specialist expertise in equity capital markets and corporate advisory.

Mark Somerville-Ryan of ABN AMRO Craigs says the bank is delighted to be appointed the financial advisor to Phitek and also successful complete the placement of new shares in the Company.

"We have no doubt that ABN AMRO, as Phitek's financial advisor, will provide Phitek access to capital as well as world-class investment expertise," says Somerville-Ryan.

Donaldson also says that Phitek is expanding its presence in the United States and Asia where its active noise rejection (ANR™) technology has enabled the Company's OEM customers to rapidly build market share.

"Noise cancellation headphones designed and manufactured by Phitek incorporating its ANR™ technology have received positive endorsement in global markets with the Creative Aurvana being awarded Editor's Choice in the prestigious PC World Magazine in North America and the Audio Technica Quietpoint being nominated by Macworld as the best noise cancellation headphone for 2007."

For more information please contact:

Mark Donaldson, CEO, Phitek Systems, Ph 64 9 524 2984, mobile 64-29-291 6550

Mark Somerville-Ryan, ABN AMRO Craigs, Ph 64 9 358 7558, mobile 64-29-2507944

Julien Leys, JML Communications, Ph 64 9 358 2828, mobile 64-21-655-598

About Phitek Systems
Phitek Systems is a leader in the development of advanced analogue and digital signal processing technologies for audio enhancement and noise reduction. Phitek's avionic systems are employed by a number of the world's largest and most successful airlines including Singapore Airlines, Lufthansa, British Airways, and Emirates. Phitek designs and manufactures premium headphones incorporating proprietary audio enhancement and noise reduction technology for some of the world's largest consumer brands. The company's headquarters and principal R&D facility are located in Auckland, New Zealand, with production and sales located between Hong Kong, North America, Japan, and Shenzhen.

For more information about Phitek Systems Limited please visit http://www.phitek.com

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Julien Leys
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