GEOSENTRIC OYJ STOCK EXCHANGE RELEASE October 31, 2012 at 10:00
FUNDING UPDATE, LISTING OF NEW SHARES AND REVERSE SHARE SPLIT DELAYED
As previously reported on 15 October 2012 the Company is in receipt of the full amount of the first two tranches of the €350,000 funding confirmed by the Annual General Meeting on 5 June 2012. According to the executed funding agreements the Company should receive the remaining third tranche of the funding of approximately €117k during 2H2012.
The Company now reports that it has received €47.7K towards the payment of the third tranche. However, the remainder of the third tranche has been further delayed from the originally agreed schedule. Due to the continued delays in the funding schedule, the Company is withholding all cost accruing actions for now, causing further delay in the listing of the 2,565,590,000 new shares issued in the GSOY Offering in October and November 2011 and the reverse share split authorized by the Annual General Meeting on 5 June 2012. The Company now expects that these actions will not happen by the end of 2012.
The Company will announce the receipt of the remaining third tranche of the agreed funding to the markets immediately when received.
GEOSENTRIC OYJ
Board of Directors
Distribution:
NASDAQ OMX Helsinki
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