Update on Convertible Loan Notes Issue

    RNS Number : 5125J
  Vycon Inc
  03 December 2008
   

    Vycon, Inc.

    Update on Convertible Loan Notes issue


    Vycon, Inc. ('Vycon' or the 'Company'), the designer and manufacturer of high-speed flywheel based, environmentally friendly energy
storage systems, announced on 10 November 2008 that it proposed to raise new funds by way of a subscription for new Convertible Loan Notes.
Shareholders were initially given 21 days until 2 December 2008 to subscribe under the terms of the Offer.

    The Board of Vycon announces that at 10.00 a.m. on 2 December 2008 the Company had received applications to subscribe for a total of
US$2.5 million under the Offer.  Accordingly Convertible Loan Notes with a nominal value of $2.5 million and approximately 3.2 million
Warrants have been issued pursuant to the Offer.  The certificates for the Convertible Loan Notes and Warrants will be dispatched by no
later than 12 December 2008. 

    The Company remains in discussions with a number of existing shareholders ("Qualifying Stockholders" under the Offer) who have expressed
an interest in investing pursuant to the Offer. The Board therefore considers it appropriate to extend the Offer to facilitate these
discussions.  

    The Offer will now close at 10.00am on 23 December 2008 unless previously closed or extended.


    Enquiries:
 Vycon, Inc.
 Vatche Artinian                                001 310 741 1444
 Craig Glynn                                    001 714 386 3800

 Smith & Williamson Corporate Finance Limited
 Barrie Newton                                 [phone]
 Nick Reeve                                    [phone]
 Martyn Fraser                                 [phone]

 Cardew Group
 Rupert Pittman                                [phone]
 Shan Shan Willenbrock


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