Receipt of Bridging Loan
March 17 2009 - 3:00AM
UK Regulatory
TIDMKEN
RNS Number : 9328O
Kenetics Group Limited
17 March 2009
Embargoed until: 0700, 17 March 2009
Kenetics Group Ltd
Receipt of Bridging Loan
Kenetics Group Limited ('Kenetics' or 'the Company' or 'the Group'), the Radio
Frequency Identification (RFID) company focused on Security and RFID systems and
products, today announces that it has received a bridging loan, 80% of which has
been underwritten by the Government of Singapore.
The S$500,000 loan (GBP235,000), from the United Overseas Bank will be used as
working capital in relation to the Singapore Land Transport Authority contract
to supply On-Board Bus Equipment with Wireless Local Area Networks, secured by
the Company and announced in January 2009.
Ken Wong, Chairman and CEO of the Company, said: "We are delighted to receive
this loan, most of which has been underwritten by the Singapore Government. This
shows that both the bank and the Singapore Government recognise in our technical
capabilities and our ability to deliver world-class systems. We look forward to
building on the progress we've made so far and helping to create one of the most
efficient transport infrastructures in the world."
-ends-
+------------------------------------+------------------------------------+
| For more information, please | |
| contact: | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Ken Wong, Chairman and CEO | Graeme Thom / Mira Shukanayeva |
| Kenetics Group Limited | Zimmerman Adam International Ltd |
| www.kenetics-group.com | (Nominated Advisor) |
| | www.zimmint.com |
| | |
+------------------------------------+------------------------------------+
| Tel: +65 6749 0083 | Tel: +44 (0) 20 7060 1760 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Peter Ward / Ian Callaway | Jeremy Carey / Andrew Dunn |
| SVS Securities (Ltd) | Tavistock Communications Ltd |
| (Broker) | www.tavistock.co.uk |
| www.svssecurities.com | |
| | |
+------------------------------------+------------------------------------+
| Tel: (0)20 7638 5600 | Tel: 0207 920 3150 |
+------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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