Update on Convertible Loan Notes issue

    RNS Number : 7683K
  Vycon Inc
  24 December 2008
   

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN



    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.  On 3 December 2008 the Company
extended the offer to 23 December 2008.  The Company will not be further extending the offer period. Accordingly, the offer period is now
closed.

    The Board of Vycon announces that at 10.00 a.m. on 23 December 2008 the Company had received applications to subscribe for a total of
US$3.2 million under the Offer.  Accordingly Convertible Loan Notes with a nominal value of $3.2 million and approximately 4.1 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 2 January 2009. 




    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


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