REG-Geong International Limited: Statement re CULS
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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 www.geong.com 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 applications. For more information, please visit www.geong.com END
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