Statement Re: Cash Reserves

    RNS Number : 2820G
  Plantic Technologies Limited
  21 October 2008
   

    21 OCTOBER 2008

    PLANTIC TECHNOLOGIES LIMITED ("PLANTIC")

    STATEMENT RELATING TO CASH RESERVES

    Plantic is an AIM-quoted company engaged in the development and commercialisation of a range of biodegradeable plastics from naturally
occurring high amylose starch.  

    Following its successful admission to AIM in May 2007, Plantic wishes to advise that its cash reserves, as at 30 September 2008, are
A$26.8 million.

    This month, the Australian Federal Government guaranteed all financial deposits of any size in any Australian banking institution. The
majority of Plantic's cash reserves are held in the National Australia Bank and are therefore guaranteed. Plantic is pleased to be able to
provide shareholders with this reassurance.

    Additionally, with the finalisation of Plantic's European manufacturing operation and subsidy support from the German Government,
Plantic's requirements for foreign currency has been reduced. Plantic has therefore converted the majority of its pound sterling into
Australian dollars, which realised a significant exchange gain in October. 

    Mr. Brendan Morris, Chief Executive Officer, commented:

    "Plantic has a strong balance sheet with A$26.8 million cash at the end of September, which is on deposit and fully guaranteed. In light
of the uncertain economic environment and the recent world banking crisis, it is comforting to be in such a healthy financial position."


    Further Information:

    Plantic Technologies:

 Brendan Morris, Chief Executive Officer  [phone]

    Nomura Code Securities Limited:

 Juliet Thompson      [phone]

    Pelham PR:

 Archie Berens  [phone] 


    Information about Plantic

    Plantic Technologies Limited has emerged as a world leading bioplastics innovator. The Australian-based company has won numerous
international awards of for achievement in science and has built an international network of major corporate customers, distributors and
research and development partners. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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