Statement re funding update (7802Y)

TIDMBGTI

RNS Number : 7802Y

BgenuineTec Inc.

31 December 2010

FOR IMMEDIATE RELEASE

31 December 2010

BgenuineTec Inc

("BgenuineTec" or the "Company")

Funding update

Further to the statement issued on 14 December 2010, BgenuineTec announces that it is continuing to seek further funding necessary to secure the Company's future, details of which the Board is confident will be announced shortly. However, as stated on 14 December, the Company has been prevented from proceeding with a further share issue following a legal action by certain existing shareholders. The objections raised by those shareholders have not yet been resolved to the satisfaction of the court, and the Company is continuing to seeking finalise the proposed terms of the issue to the court's satisfaction.

The Company is continuing to manage its current cash resources and cash receipts with care, and BgenuineTec currently has sufficient funds until at least 14 January 2011. The Board anticipates that it will be in a position to update shareholders with regard to the Company's funding position on or before 14 January 2011.

For further information, please contact:

BgenuineTec Inc [phone]

Taketoshi Kashiwabara

(Chairman)

Hiroaki Kunieda

(Chief Executive)

Charles Stanley Securities [phone]

Nominated Adviser

Russell Cook / Dugald Carlean

This information is provided by RNS

The company news service from the London Stock Exchange

END

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