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ORCODA LIMITED — Capital/Financing Update 2013
Jun 20, 2013
65482_rns_2013-06-20_e6341628-cf6e-4d66-ac84-61f982673a0d.pdf
Capital/Financing Update
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21 June 2013
SmartTrans to receive $2 million cash from joint venture and to focus efforts on China
SmartTrans has agreed to accept $2 million cash from its joint venture partner, MMG Australia Limited, to terminate the Wangunda Joint Venture at Riversleigh.
The termination is effective from 21 June 2013 and payment of the $2 million is due within seven days.
The funds will enable SmartTrans to focus on growing its online business in China and to appropriately fund the marketing campaigns for its MyLife products.
SmartTrans has been greatly encouraged by recent advances made in China with its improved billing and uptake of its products and this injection of cash will ensure adequate funding to promote its products and grow the business.
For further information contact:
Bryan Carr Director SmartTrans Australia 0412 111 968 China +86 138 1188 8401
Beijing Melbourne Sydney P erth 6th Floor, West Tower, Level 7 G.05 Suite 3, Level 1 Prosper Center 11 Queens Road 55 Miller St 614 Newcastle Street 5 Guanghua Road MELBOURNE PYRMONT LEEDERVILLE BEIJING CBD, 100022 VIC 3004 NSW 2009 WA 6007 Ph: +86 (010) 8573 1101 Ph: (03) 9866 7333 Ph: (02) 9660 4564 Ph: (08) 9228 1199