Statement re funding update (9051X)

TIDMBGTI

RNS Number : 9051X

BgenuineTec Inc.

14 December 2010

FOR IMMEDIATE RELEASE

14 December 2010

BgenuineTec Inc

("BgenuineTec" or the "Company")

Funding update

BgenuineTec announced on 2 November 2010 that the Company had raised JPY 50.0 million (approximately GBP388,000) through an issue of 8,333,334 new ordinary shares at JPY6.0 per share (the "Placing") to provide additional working capital for the Company. The announcement also stated that the Board is continuing to seek further funding necessary to secure the Company's future, and although discussions are at an early stage, the Board is confident that it will be able to obtain such funding and a further announcement will be made before the end of this year.

These discussions are continuing but the Company has been prevented through a legal action by certain existing shareholders from proceeding with a further share issue pending clarification of the terms of the issue.

The Company intends to seek admission to trading on AIM of the shares issued on 2 November and the new shares to be issued as soon as the legal position has been resolved. The Board anticipates that the terms of the new share issue will be agreed and confirmed within the next few days and that the Company will then be in a position to announce details of further funding.

The Company has received the proceeds of the placing announced on 2 November and these have been used to meet certain of the liabilities to various trade creditors. BgenuineTec currently has sufficient funds until at least 31 December 2010.

A further announcement will be made as soon as possible.

For further information, please contact:

BgenuineTec Inc +81-3-5652-0321

Taketoshi Kashiwabara

(Chairman)

Hiroaki Kunieda

(Chief Executive)

Charles Stanley Securities +44 (0)20 7149 6000

Nominated Adviser

Russell Cook / Dugald Carlean

This information is provided by RNS

The company news service from the London Stock Exchange