GEONG
International Limited
("GEONG" or "the
Company")
Audit Update
GEONG International Limited (AIM: GNG), the AIM listed,
Beijing based, provider of content
management software and solutions, provides the following update on
its results for the year ended 31 March
2015 as a result of the ongoing audit process.
As announced on 14 September 2015,
the Company is reviewing the recoverability of its trade debtors
and accrued income and believed at that stage that it was likely
that a material provision would be made against these. The Company
has now completed further work on this area and believes that the
provision will be in the order of £12m. In conjunction with the
review of accrued income and trade debtors the Directors have also
reviewed the amounts of accrued revenue to be recognised for the
current year and now believe that it is inappropriate to recognise
certain amounts with respect to one particular customer. As a
consequence revenue is now expected to be circa £5.8m.
The balances stated above remain subject to the audit process
and the Directors are making every effort to ensure that this
process is completed by 30 September and the audited accounts are
posted to shareholders in accordance with AIM Rule 20 by this
date.
As previously announced the £1 million of CULS are due for
repayment on 30 September and it is the Directors’ current
intention to seek an extension to this date as they have previously
done. Discussions with respect to this are ongoing with Hanafin
International Limited.
Further announcements will be made in due course.
For further information, please contact:
GEONG International
Limited
www.geong.com
Tel: +86 10 85869655
Henry Tse, Chairman
Weidong Wang, CEO
Nomad and broker
finnCap
Tel:
+44 (0) 20 7220 0500
Stuart Andrews
Jonny Franklin-Adams
About GEONG International Limited
GEONG is recognised as a leading independent Internet software
solutions provider and operator for large enterprises in
China.
Registered in Jersey, the Company's operations are headquartered in
Beijing,China. GEONG International Ltd. (GEONG or the Company) has
been quoted on the London Stock Exchange (LSE AIM: GNG.L) since
June 2006. The Company has since
transformed from an ECM (Enterprise Content Management) software
and service centric business to an internet business centric
company.
GEONG is an internet solutions and service software company managed
by a worldclass management and professional team who collectively
own 26% of the business. The Company's mission is to help its
clients to improve their business efficiency and customer
satisfaction through smarter internet applications.
For more information, please visit www.geong.com