MYECO GROUP LTD — Capital/Financing Update 2009

Jul 22, 2009

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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 23 JULY 2009

APPOINTMENT OF INDEPENDENT VALUER

The Board of Cardia advises that in accordance with the terms of the Convertible Debt Deed entered into with Aquenox Limited at the time of the demerger of that Company from Cardia on 17 July 2007 an independent valuer, Acuity Technology Management Pty Ltd has been appointed to establish a value for the conversion of Cardia’s debt into Aquenox shares.

At the time of the demerger Cardia entered into the Convertible Debt Deed to cover its advances of $5,141,639 to Aquenox up until the demerger date.

The terms of the Deed included inter alia provision for the debt to be converted into ordinary shares in the capital of Aquenox upon Aquenox being admitted to the official list of the ASX or any other Stock Exchange with the conversion into ordinary shares to be made at the Aquenox Initial Public Offering (IPO) price. If however Aquenox is not admitted to the official list of any Stock Exchange within 2 years from the closing date of the initial Aquenox Offer Information Statement (17 July 2007) then the debt will be converted into shares in the capital of Aquenox at a value to be determined by an independent valuer.

Aquenox had not been admitted to any Stock Exchange as at the date of this announcement.

When received, the Acuity Report will be released to the market.

PAT VOLPE Chairman

Acuity Technology Management and its Managing Director Mr. David Randerson have had 20 years experience in providing management consultancy services to high technology industries .

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