26 Aug 2011 12:30
26 August 2011FOR IMMEDIATE RELEASE GEONG International Limited ("GEONG" or the "Company") Notice of results and Update on proposed acquisition and possible fund raising
GEONG International Limited (AIM:GNG), a leading internet software solutions provider and operator for large enterprises in China, announced on 8 July 2011, that it would be releasing its preliminary results statement for the year ended 31 March 2011 in mid August 2011 and, on 19 July 2011, that it had entered into an agreement for the acquisition of Adbeyond (Group) Limited ("Acquisition"). It also announced that it was taking the opportunity to consider a possible fund raising of US$8 million by way of an issuance of convertible secured loan stock ("CLS"). A General Meeting was scheduled to be held on 30 August 2011 for the purposes of implementing the Acquisition and if relevant, the CLS.
However, in view of the volatile stock market conditions around the world, the Board has delayed the possible CLS issue and the Acquisition. The Company expects, market conditions permitting, to conclude both the CLS issue and Acquisition in the coming weeks. A circular providing details thereof and a notice of General Meeting together with the preliminary results for the year ended 31 March 2011 will be sent to shareholders by end of September 2011.
As previously announced, the Board remains confident of reporting a net profit after tax (subject to audit), ahead of market expectations in the full year results.
Further announcements will be made when appropriate.
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 5222 0999Henry Tse, ChairmanWeidong Wang, CEOAmit Thakar, CFOEvolution Securities Limited Tel: +44 20 7071 4300
(Nominated Adviser and Joint Broker)
Tim Worlledge Esther Lee
About GEONG International Limited
Operational since 2000, GEONG specialises in collaboration and content management software and services. Its products are specifically tailored for the Chinese market, where the Company is recognised by Government agencies and numerous blue chip clients as a leader in its field. GEONG was named The Most Successful Enterprise in ECM Software in China 2007 to 2008 by China's Centre for Information Industry Development and CCID Consulting; and one of the fastest growing companies in Asia at the Deloitte Technology Fast 50 China and Deloitte Technology Fast 500 Asia Pacific awards. The Company has recently expanded into North America setting up operations in Canada.
Registered in Jersey, the Company's operations are headquartered in Beijing. The Company's shares were admitted to AIM in June 2006 and trade under the ticker GNG.L
For more information, please visit www.geong.com
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