TECHNOLOGY firm, Comeleon, was floated yesterday with chief executive Roy Stanley predicting a bright "international" future for the company.

The County Durham business hit the alternative investment market of the London Stock Exchange, with early trading lifting the stock price from 165p to 177p.

The company, based at Tanfield Lea, near Stanley, was formed last year by the Tanfield Group. It plans to use the capital generated from the flotation - estimated at £10m - to create around 350 jobs within three years.

Chief executive Roy Stanley said: "The share issue was over-subscribed and judging by the early trading it looks like there is a good level of demand in the business.

"We are reasonably confident about the float, but our main concern is over the next two to three years and the development of Comeleon.

"All the funding will be channelled into developing the business, and we want to ensure a bright future for all our employees and investors.

"Within the next two years we are hoping to have a Comeleon facility operating in the US market."

The business in imaging technology targets the rapidly developing global market for personalisation through a customisation of mass-produced consumer electronic goods.

Plans are already in place to move from its present base to a new 40,000sq ft site in Tanfield Lea.

The proceeds of the institutional and private client placing will be used by the company for working capital and investment in infrastructure, enabling the technology to be utilised globally either through licensing opportunities or strategic alliances.

The float price of the shares was agreed at 165p and Mr Stanley added: "Flotation will help us capitalise and exploit this exciting market opportunity and will position our technology as the market leader within the industry."

Comeleon has unique method of applying high quality digital images or designs onto three dimensional objects manufactured out of materials such as plastics, glass or metal. The method is known as the e-comeleon process.

As its first step to generate income the company's focus will be on satisfying existing demand for complex designs for items such as mobile phone covers.

Even with significant price deflation in what is now an established market, directors at Comeleon believe the low cost for producing the group's products will enable it to compete effectively with approved cover suppliers.

As a first step to drive volume production the focus will be on satisfying existing demand for complex designs of mobile phone covers such as Nokia's "x-press on".

This will be quickly followed by approaching other companies which have launched new products with interchangeable faceplates.

These include PDAs, laptop computers, pagers, other mobile phone companies and game consoles.

Brewin Dolphin, which owns stockbroker Wise Speke, was appointed as advisers on the float.