REG-Geong International Limited: Statement re CULS

Fri Jan 25, 2013 4:00am EST

* Reuters is not responsible for the content in this press release.

GEONG International Limited                          

                          ("GEONG" or "the Company")                           

            £2.5 million convertible unsecured loan stock ("CULS")             

The Company announces that payment of the interest amount due on 31 December
2012 under the CULS was late as a result of unexpected delays in the granting
of approval by the State Administration Of Foreign Exchange of China ("SAFE")
for the transfer of funds. Payment, which was still being processed on the due
date, was made on 15 January 2013.

As a result of the late payment which represents a default under the terms of
the CULS, the holders, Hanafin Investments Limited ("Hanafin"), have requested
immediate repayment of the CULS. Whilst the Company has adequate resources to
make the repayment it will not be able to secure the necessary approvals from
SAFE to do so in the short term. Accordingly, the Company is seeking to reach
an understanding with Hanafin as to an acceptable and achievable timetable for
the repayment.

The Company retained £3.9 million in cash at 31 December 2012.

For further information, please contact:

GEONG International Limited Tel: +86 10 8586 9655
Henry Tse, Chairman
Weidong Wang, CEO

Financial Adviser and Joint Broker
Evolution Securities China Ltd Tel: +44 (0)20 3362 8882
Tim Worlledge

Nomad and joint broker

finnCap Tel: +44 (0) 20 7220 0500
Stuart Andrews
Ben Thompson

About GEONG International Limited

GEONG is recognised as a leading independent Internet software solutions
provider and operator for large enterprises in China.

Registered in Jersey, the Company's operations are headquartered in Beijing,
China. GEONG International Ltd. (GEONG or the Company) has been quoted on the
London Stock Exchange (LSE AIM: GNG.L) since June 2006. The Company has since
transformed from an ECM (Enterprise Content Management) software and service
centric business to an internet business centric company.

GEONG is an internet solutions and service software company managed by a world
class management and professional team who collectively own 26% of the
business. The Company's mission is to help its clients to improve their
business efficiency and customer satisfaction through smarter internet

For more information, please visit

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.