Business
Receipt of Bridging Loan
Receipt of Bridging Loan.
About this update from Kendrick Resources Plc
[{"type":"text","content":"\n RNS Number : 9328O Kenetics Group Limited 17 March 2009 \n \nEmbargoed until: 0700, 17 March 2009\n\n\nKenetics Group Ltd\n\nReceipt of Bridging Loan\n\nKenetics 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.\n\nThe 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.\n\nKen 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.'\n\n-ends-\n\n\n\n\n\n\nFor more information, please contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKen Wong, Chairman and CEO\nKenetics Group Limited \nwww.kenetics-group.com\n\n\n\n\nGraeme Thom / Mira Shukanayeva \nZimmerman Adam International Ltd (Nominated Advisor)\nwww.zimmint.com\n\n\n\n\n\nTel: +65 6749 0083\n\n\nTel: +44 (0) 20 7060 1760\n\n\n\n\n\n\n\n\n\n\n\n\nPeter Ward / Ian Callaway\nSVS Securities (Ltd)\n(Broker)\nwww.svssecurities.com\n\n\n\nJeremy Carey / Andrew Dunn\nTavistock Communications Ltd\nwww.tavistock.co.uk\n\n\n\n\nTel: (0)20 7638 5600\n\n\nTel: 0207 920 3150\n\n\n\n\n\n \nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCCKAKNPBKDBND \n ","length":4466,"tagName":"div"}]