20 Sep 2012 07:00
GEONG International Limited ("GEONG" or "the Company") AGM Statement
At the AGM of GEONG International Limited (AIM: GNG), the AIM listed, China based provider of enterprise content management (ECM) software and solutions, to be held this morning, Henry Tse, Chairman of the Company, will make the following statement:
"In the first 5 months of this financial year, the Company has continued to focus upon growing its IaaS business with its top 10 clients and on growing its SaaS business with its top 20 clients. The new version of the SaaS solution, Enterprises' Social Business, is moving to a cloud computing platform which will be announced soon. The Company's aim this year is to consolidate its revenue base at levels achieved in the previous year with an improved mix and the Board remains confident of achieving that objective. The growth rate of the Chinese economy is decreasing and the Board expects that the Company's clients will, consequently, experience some level of slowdown which cannot be quantified at this stage.
The Company had a net (ie after taking account of the £2.5 m of convertible unsecured loan stock) cash balance of £2.2m as at 31 August 2012. The loan stock is repayable on 30 June 2014 subject to the noteholders not having previously elected to convert it into shares.
The first half of the financial year is traditionally the quieter period; the Company has kept a strict control of its costs and ensured a continuing focus on its working capital.
The Company will provide a detailed interim trading update in early November and expects to announce interim results for the six months ending 30 September 2012 in early December 2012."
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 8586 9655Henry Tse, ChairmanWeidong Wang, CEOAmit Thakar, CFO
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 AndrewsBen 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 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