BGTI Bgenuinetec

 

TIDMBGTI 
 
RNS Number : 4538V 
BgenuineTec Inc. 
02 November 2010 
 

? 
FOR IMMEDIATE RELEASE 
 
2 November 2010 
 
                                BgenuineTec Inc 
                        ("BgenuineTec" or the "Company") 
 
          Placing of 8,333,334 new ordinary shares to raise JPY 50.0m 
 
BgenuineTec Inc, the Japanese developer of biometric fingerprint authentication 
technology, is pleased to announce that it has successfully raised JPY 
50,000,004 (approximately GBP388,000) through the issue of 8,333,334 new 
ordinary shares in the Company at the price of JPY 6 per new ordinary share 
(approximately 4.6p per Share) (the "Placing Shares") to provide additional 
working capital for the Company (the "Placing"). The Placing price represents a 
discount of approximately 60% to the closing mid-market price on the 1 November 
2010 of 11.5p (approximately JPY 14.9). Admission to trading on AIM of the 
Placing Shares ("Admission") is expected to be on or around 8 November, 2010. 
 
As stated in the recent interim results, BgenuineTec reported declining sales 
and significant on-going losses which has required the Company to seek further 
funding.  The proceeds of the Placing will be used to meet certain outstanding 
liabilities to various trade creditors.  The Board will continue to seek further 
funding necessary to secure the Company's future, and although discussions are 
at an early stage, the Board is confident that it will be able to obtain such 
funding and a further announcement will be made before the end of this year. 
 
Infinity Holdings Inc. ("Infinity Holdings") is investing JPY 39.2m through the 
subscription for 6,533,334 Shares in the Placing, representing approximately 
6.63 per cent of the enlarged issued Shares in the capital of the Company. 
Infinity Holdings isa Japanese investment company with holdings in over 30 
companies. 
 
In addition BgenuineTec's Chairman, Mr Taketoshi Kashiwabara, is subscribing JPY 
108,000 for the remaining 1,800,000 Shares.  As a result of the Placing, Mr. 
Kashiwabara has a beneficial interest in 49,569,285 Shares, being 50.33 per cent 
of the total issued Shares in the capital of the Company. 
 
Mr Kashiwabara, a director and the Chairman of BgenuineTec, is deemed to be a 
related party in connection with the Placing in accordance with Rule 13 of the 
AIM Rules. The Directors of the Company, other than Mr Kashiwabara, having 
consulted with the Company's Nominated Adviser, Charles Stanley Securities, 
consider the terms of the transaction, to be fair and reasonable insofar as its 
shareholders are concerned. 
 
The Placing Shares will rank pari passu with the existing ordinary shares of the 
Company. Following Admission of the Placing Shares the total number of Shares in 
issue will be 98,487,155. 
 
Exchange Rate Used 1GBP: JPY 129.40 
 
 
 
For further information, please contact: 
 
+-------------------------+--------------------------------+ 
| BGENUINETEC INC.        |                                | 
+-------------------------+--------------------------------+ 
| Taketoshi Kashiwabara,  |           Tel: +81-3-5652-0321 | 
| Chairman                |                                | 
+-------------------------+--------------------------------+ 
| Kiwamu Shimizu, Chief   |           Tel: +81-3-5652-0321 | 
| Financial Controller    |                                | 
+-------------------------+--------------------------------+ 
|                         |                                | 
+-------------------------+--------------------------------+ 
| Charles Stanley         |                                | 
| Securities              |                                | 
+-------------------------+--------------------------------+ 
| Nominated Adviser       |      Tel: +44 (0) 20 7149 6000 | 
+-------------------------+--------------------------------+ 
| Russell Cook/Dugald     |                                | 
| Carlean                 |                                | 
+-------------------------+--------------------------------+ 
|                         |                                | 
+-------------------------+--------------------------------+ 
| Walbrook PR Ltd         |      Tel: +44 (0) 20 7933 8780 | 
+-------------------------+--------------------------------+ 
| Paul McManus            |      Mob: +44 (0) 7980 541 893 | 
+-------------------------+--------------------------------+ 
|                         |                         Email: | 
|                         |    paul.mcmanus@walbrookpr.com | 
+-------------------------+--------------------------------+ 
| Bob Huxford             |      Mob: +44 (0) 7747 635 908 | 
+-------------------------+--------------------------------+ 
|                         |                         Email: | 
|                         |     bob.huxford@walbrookpr.com | 
+-------------------------+--------------------------------+ 
 
 
Background on BgenuineTec 
 
On 14 July 2006, BgenuineTec (under its original name of Secure Design) became 
the first Japanese company to be admitted to trading on AIM. It offers 
fingerprint authentication products to companies and individuals that wish to 
establish high levels of security using biometrics. Biometrics uses a physical 
attribute of the body, such as a fingerprint to identify and verify the 
individual with the aim of making individual authentication efficient and 
secure. 
 
The Company offers a range of fingerprint authentication products and systems, 
from an integrated system to a mobile device. The Company designs and outsources 
the production of these products and can tailor them to individual client 
specific needs and applications. 
 
Biometric applications provide convenient and reliable security which reduces 
the cost associated with the failure of conventional authentication methods. The 
principal factor which distinguishes biometrics from conventional password based 
authentication is the enhanced security level it provides while maintaining the 
privacy of individual users. 
 
The worldwide demand for biometrics is estimated to increase from just over $3 
billion in 2007 to over $5.6 billion in 2010 (Biometrics Market and Industry 
Report 2007-2012). 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IOEUURARRVAARAA 
 

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