25th Sep 2009 07:00
25 September 2009 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, being held this morning, Henry Tse, Chairman will make the following statement:
"As the growth in our business continues, we were pleased to announce last week the successful raising of approximately 2.3 million (before expenses) by way of a conditional Placing of 6,130,923 new Ordinary Shares. The net proceeds of the Placing combined with our internal funds which were 3.0 million as at end of August, will be used to accelerate our growth path considerably in the foreseeable future, in particular, enabling the Company to support larger and long term contracts.
"As at end of August the Group's confirmed order book was 13.6 million having grown by more than 25% since 31 March 2009. We have significantly increased our number of contract wins with second tier banks for our PortalAge solutions in the last six months. Companies within this sector are currently committing substantial investment into upgrading their information systems in order to remain competitive and GEONG is confident of further contract wins within this market going forward. Furthermore, as announced earlier this month, we signed a major contract extension with a global Chinese telecommunications provider for another year worth 2.4 million. The Group will provide an interim trading update in the third week of October.
"Overall, we are extremely encouraged by the way the year has started and the Board is very positive about the future success of GEONG's products and services."
GEONG International Limited expects to announce interim results for the six months ending 30 September 2009 in the first week of December 2009.
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 5222 0999Henry Tse, ChairmanWeidong Wang, CEOAmit Thakar, CFOSeymour Pierce Tel: +44 (0)20 7107 8000John DepasqualeICIS Tel: +44 (0)20 7651 8688Bob HuxfordHilary Millar
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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GNG.L