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Kenetics Group Ltd (KEN)

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Monday 22 March, 2010

Kenetics Group Ltd

Update on Singapore Land Tran

RNS Number : 9039I
Kenetics Group Limited
22 March 2010
 



22 March 2010

 

Kenetics Group Limited

('Kenetics' or 'the Company')

 

UPDATE ON SINGAPORE LAND TRANSPORT CONTRACTS

 

Kenetics Group Limited (AIM:KEN), the Radio Frequency Identification (RFID) company focused on security and RFID systems and products, is pleased to update the market on progress on its two contracts with the Singapore Land Transport Authority ('LTA') announced in September 2008 and January 2009.

 

Kenetics reports that under its first contract with the LTA, its Contactless Smart Card Reader is now installed in the mass rapid transit ('MRT') stations of the new MRT Circle Line and undergoing field trials. The LTA has announced the opening, in April 2010, of a new section of the MRT Circle Line, adding a further eleven new stations to the six opened in May 2009.  The CSC Readers will be fully tested as part of the operational phase of trials, after which the further commercial rollout of the Readers for the whole MRT automated fare collection system is expected to follow.  Kenetics expects this to start from the second half of 2010.

 

Under its second LTA contract, Kenetics reports that it has built the prototypes of its On-board Bus Equipment ('OBE') and initial testing and trials of these prototypes has commenced, with completion by the end of the first quarter of 2010.  Following these trials, pre-production units will be built and installed progressively on more than 150 buses for field trials on commercial routes. Following further installations and successful operational trials, the full commercial rollout of the OBE on the public bus fleets is expected to commence.  Kenetics expects this to be towards the end of 2010.

 

Kenetics will provide a further update with its full year results to 31 December 2009, which will be announced by May 2010.

 

For further information contact:

 

Ken Wong, Chairman and CEO

Kenetics Group Limited

 

Dominique Doussot

ZAI Corporate Finance Ltd

 

Tel: +65 6749 0083

(Nominated Advisor)

Website:www.kenetics-group.com

Tel: +44 207 060 1760



Alex Mattey / Ian Callaway

SVS Securities (PLC)

(Broker)

Jeremy Carey / Andrew Dunn

Tavistock Communications Ltd

Tel: +44 207 638 5600

Tel: +44 207 920 3150

 

 


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