Receipt of Bridging Loan

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 (£235,000), 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.'

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For more information, please contact:
Ken Wong, Chairman and CEO Kenetics Group Limited  www.kenetics-group.com	Graeme Thom / Mira Shukanayeva  Zimmerman Adam International Ltd (Nominated Advisor) www.zimmint.com
Tel: [phone]	Tel: [phone]
Peter Ward / Ian Callaway SVS Securities (Ltd) (Broker) www.svssecurities.com	Jeremy Carey / Andrew Dunn Tavistock Communications Ltd www.tavistock.co.uk
Tel: [phone]	Tel: [phone]

 

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