UVEL.L Regulatory News (UVEL)

8 Jan 2008 07:00

UniVision Engineering Ltd08 January 2008 UniVision Engineering Ltd ("UniVision" or "the Group) £4.2 million contract for major shopping mall Loan facility agreed to finance project UniVision, the AIM listed Hong Kong based designer and installer of digitalsurveillance and integrated security systems, is pleased to announce that itentered a contract on 20 December 2007 with Zhong Shan Shi Fu Li Hua PropertyDevelopment Company Limited, a property developer in Mainland China. Thecontract, worth RMB 65 million (£4.2 million) is for the Zhongshan Ming XuanSquare shopping mall in Zhongshan City, a well-developed city in the southernpart of Guangdong Province in the People's Republic of China ("PRC"). The Project will be undertaken by Leader Smart Engineering (Shanghai) Limited("Leader Smart"), a wholly-owned subsidiary of Univision in the PRC, which isthe main contractor responsible for Interior Design and Installation for theshopping mall project, including the design, supply and commissioning of adigital solutions CCTV system and Electrical & Mechanical works. The Project isestimated to be completed in mid 2008. The Project income is secured by the land use right and the developing propertywhich are pledged to Leader Smart. In order to finance the project a loan facility of US $5 million (£2.5 million)was agreed on 31 December 2007 with Mayne Management Limited, the holdingcompany of UniVision Holdings Limited which has a 47.9% interest in UniVisionEngineering Ltd. The loan facility will be used exclusively to finance theZhongshan Project. The total interest payable will be USD1million (£0.5million). The term of theloan is nine months with a maturity date of 30 September 2008. The Terms of default include possession of a maximum 40% interest in the Projector exchange for a convertible bond with a conversion price at 4 pence perordinary share. Having consulted with its nominated adviser, the Directors, other than Mr S Koo,who is involved in the transaction as a related party, consider, that the termsof the transaction are fair and reasonable insofar as its shareholders areconcerned. -ends- For further information visit www.uvel.com or contact Univision Engineering Limited +852 2389 3256Stephen Koo, ChairmanChun Hung Wong, CEO HB Corporate +44 (0) 207 510 8600Jim McGeever/Rory Creedon Threadneedle CommunicationsGraham Herring/Josh Royston +44 (0) 207 936 9605 Notes to Editors: About UniVision EngineeringUniVision was incorporated in Hong Kong in 1979 and is now established in HongKong, Macau and China. The Group designs, sources and sells its own brand-nameproducts and OEM products including, Microprocessor CCTV Control Systems, VideoDistribution Amplifiers, Fibre Optic Transmission Systems and Smart Card AccessSystems. UniVision currently offers hybrid security systems and has a portfolio ofcutting edge digital technology used by its blue chip client base and the HongKong Government. UniVision is included in the Hong Kong Government's list of"Approved Suppliers and Installation of Video Electronics Equipment". To date the Group has completed high profile projects for clients including HongKong International Airport, Tsing Ma Bridge Crossing, Mass Transit Railway,Shanghai Plaza 66 and Sydney CityRail Network selling its products through itsdistribution channels in China, Taiwan and other Asian countries. The Group listed on AIM, part of the London Stock Exchange, in December 2005. This information is provided by RNS The company news service from the London Stock Exchange