6th Aug 2009 09:00
06 August 2009
LED International Holdings Limited
("LED" or the "Company")
Result of AGM
LED announces that at the Company's annual general meeting, held in the People's Republic of China earlier today, all the resolutions put forward to the meeting were duly passed.
As outlined in the Company's final results released on 13 February 2009 (the "Final Results"), LED has continued to implement a strategy to maximise the winning of new contracts, whilst also working to diversify the Company's product range and control costs.
Since the Final Results, the Company has continued to take steps to improve, where possible, the Company's production facilities in order to reduce costs, in the face of increasingly difficult economic conditions by way of increasing the production efficiency and, in so doing, reducing the costs of production. In addition, research has been undertaken to further the development of higher-value LED products, such as LED traffic lighting technology, which the Company believes is a key growth and niche market, with lower competitive barriers to entry. In particular, the Company is in the process of conducting negotiations with the Research Institute of Highway Ministry of Communications, a division of the Chinese Government's Traffic Department, regarding the development of two projects relating to the use of LED products for road traffic purposes.
The North Point project, in Hong Kong, has progressed since the Final Results and the installation and fittings, as described under the original contract have been finalised and the project owner completed its technical inspections in late July 2009. In addition to the work defined under the original contract, further work was subsequently identified and undertaken by LED. The Company expects to receive the final technical sign off, a certificate of completion and final payment in the near future.
Furthermore, the Company is confident in its ability to remain resilient throughout current trading conditions, and continues to focus its efforts on developing opportunities both within China and with a wide variety of international counterparties, with a significant potential sales pipeline.
**Ends**
For further information:
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LED International Holdings Limited |
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Dennis Ow, Deputy Chief Executive Officer |
+852 2810 4470 |
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Strand Partners Limited |
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James Harris / James Spinney |
+44 (0) 207 049 3494 |
Notes to Editors:
LED International Holdings Limited and its subsidiaries specialise in the development, manufacture and sale of low powered / low maintenance LED screens and other LED products such as outdoor signs, lamps, lighting and building illumination. The screens are manufactured in a 'building block' format to a specific design, which allows screens to be assembled to suit a customer's size and definition specifications.
This design also ensures that the screens are relatively easy to transport and assemble. Based in Hong Kong, the Company's primary market has been the People's Republic of China ('PRC'), but it has also supplied end products to Macau, Japan and the USA. Part of the Company's strategy in 2007 was to widen its customer base to markets outside PRC.
The Company was originally listed on AIM, a market operated by the London Stock Exchange, on 23 October 2006. For more information, please visit: http://www.led-intl.com
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