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Kenetics Group Ltd (KEN)

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Tuesday 17 March, 2009

Kenetics Group Ltd

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: +65 6749 0083

Tel: +44 (0) 20 7060 1760



Peter Ward / Ian Callaway

SVS Securities (Ltd)

(Broker)

www.svssecurities.com


Jeremy Carey / Andrew Dunn

Tavistock Communications Ltd

www.tavistock.co.uk

Tel: (0)20 7638 5600

Tel: 0207 920 3150


    


This information is provided by RNS
The company news service from the London Stock Exchange
 
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