Faritec hopes it be able to announce details of an additional R60-million in funding by early next week.

The company today renewed a cautionary announcement previously posted on 28 December 2009 and 29 January 2010 in it advised shareholders it was in discussions with various parties to raise approximately R60-million of funding.
These included discussions with Faritec`s largest shareholder Shoden Data Systems and other potential investors.
Faritec advises that discussions with Shoden and members of the Faritec management team in relation to such parties agreeing to partially underwrite a rights offer of approximately R60-million, are currently underway.
The company anticipates an announcement early next week providing full details of the proposed rights offer.