before this was soil subs plan and now?

The following is old new, a few years ago before the GFC.
I wonder if the following is still there plan or if they are working on something else!? If anyone has an idea, please share I'd love to know more about what these guys are doing now.
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An Australian company is seeking investors as it prepares to launch a substitute for soil in the desert regions of the world.

The product, called NutriMix, has taken eight years to develop for the Brisbane-based company, Soil Sub Technologies Ltd.

NutriMix has the same attributes as soil, but is derived from mixing the major by-products of sugar or palm waste production with either natural or artificial peat.

The result is a kind of potting mix that is purely organic, has high water retention and doesn't contain bacteria.

It is targeted for use in those parts of the world where there is no soil or where there is a water deficiency, such as the Middle East.

Chief executive James Callianiotis says the soil substitute is now ready to be launched, with the company seeking to raise $10 million from Australian investors to help the process.

"I just believe it's got so many opportunities. It's going to be so good for Australian investors and so good for Australia," Mr Callianiotis said.

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AdvertisementSoil Sub Technologies is mainly focused on selling NutriMix to the Middle East and has already set up a distribution office in Dubai.

It expects 70 per cent of all its product sales in 2006 to come from the Middle East, with nearly 20 per cent to come from China and Japan.

"At this stage the core business is for the commercial market, for farming and also for golf courses," he said.

"Down the track, our plan is to get it on the shelves for mums and dads to use for potting mix."

Soil Sub Technologies plans to list on London's Alternative Investment Market after its capital raising, with interested investors asked to contribute a minimum of $50,000.

The company has forecast a net profit of $9.9 million for the financial year ending June 2006, rising to $22.4 million the following year.

However a key risk for investors is that the product has not yet gone to market.

"Soil Sub Technologies Ltd's income potential is unproven and its business model is continuing to evolve," the company's information memorandum noted.