MYECO GROUP LTD — Capital/Financing Update 2011

May 8, 2011

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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 9 MAY 2011

UNDERWRITTEN RENOUNCEABLE RIGHTS ISSUE

Further to the announcement made by the Company on 5[th] May 2011 regarding fully underwritten renounceable Rights Issue, the following amendment should be noted for Important Dates to the Rights Issue:

RightsIssue:
EVENT	Date as per 5th May 2011Announcement	Date Amended to
Securities quoted on a deferredsettlement basis	13 June 2011	1 June 2011

Following the above amendment, the revised time table to the Rights Issue be read as follows:

Important Dates

Important Dates
EVENT	DATE
Announcement Of Offer & Appendix 3B	5 May 2011
Offer document lodged with ASX	5 May 2011
Letter to Shareholders	6 May 2011
Existing Shares quoted on “ex”basis	13May2011
Rights Trading Starts	13 May 2011
Record date- the date for determining entitlements of eligibleshareholders to participateinthe offer.	19May2011
Prospectus and Entitlement& Acceptance Forms despatched toEligible Shareholders	23 May 2011
Rights trading ends	31 May 2011
Securities quoted on a deferred settlement basis	1 June 2011
Final date and time for receipt of acceptance and payment in full(“Closing Date”)	7 June 2011
Rightsissue shortfall notified toASX	9 June2011
Despatch date(deferred settlement tradingends)	16 June 2011
Normal trading resumes	17 June 2011

These dates are subject to change and are indicative only. Cardia Bioplastics Limited reserves the right to amend this time table including, subject to the Corporations Act and listing rules, to extend the closing date. The Directors may extend the Closing date by giving at least 6 Business Days notice to ASX prior to the Closing Date. The date that the new shares are expected to commence trading on the ASX may vary with any change to the Closing date.

Pat Volpe Chairman

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