TIDMBGTI 
 
RNS Number : 8201Z 
BgenuineTec Inc. 
29 September 2009 
 

FOR RELEASE 
8.00 AM 
29 SEPTEMBER 2009 
 
 
BGENUINETEC INC. 
("BgenuineTec" or "the Company") 
(A leading biometrics company based in Tokyo, Japan specialising in fingerprint 
authentication) 
 
 
Interim Results for six months ended 30 June 2009 
 
 
 
 
+------------------------------+-----------+-----------+-------------+-------------+ 
|                              |   2009    |   2008    |    2009     |    2008     | 
+------------------------------+-----------+-----------+-------------+-------------+ 
|                              |   JPY'000 |   JPY'000 |           ? |           ? | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Continuing operations        |           |           |             |             | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Revenue                      |   37,053  |   14,849  |    232,247  |     93,075  | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Gross loss                   | (10,602)  | (73,158)  |   (66,455)  |  (458,559)  | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Loss from operations         | (130,739) | (313,220) |   (819,474) | (1,963,275) | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Loss before tax              | (205,387) | (322,035) | (1,287,370) | (2,018,523) | 
+------------------------------+-----------+-----------+-------------+-------------+ 
|                              |           |           |             |             | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Basic loss per share         |    (3.22) |    (7.75) |     (0.020) |     (0.049) | 
+------------------------------+-----------+-----------+-------------+-------------+ 
| Diluted loss per share       |         - |         - |           - |           - | 
+------------------------------+-----------+-----------+-------------+-------------+ 
 
 
  *  Exchange rate used throughout this announcement: GBP1:JPY159.54 
  *  Further funding required to meet the working capital needs of Company 
  *  Restructuring is now in progress based on Mobile phone and PC Network business. 
  *  Loss before tax decreased by 36.2% 
  *  Continued investment in research and development 
  *  Confident of a much improved performance in 2010 
 
 
 
  For further information, please contact: 
 
 
BGENUINETEC INC. 
Taketoshi KashiwabaraJapan +81-3-5652-0321 
(Chairman) 
Toshiya KuritaJapan +81-3-5652-0321 
(Chief Financial Controller) 
Charles Stanley Securities 
Nominated Adviser 
+44 (0) 20 7149 6000 
Russell Cook / Freddy Crossley 
Cubitt Consulting 
Brian Coleman-Smith / James Verstringhe/ Nicola Krafft              +44 (0) 20 
7367 5100 
Background Note on Secure Design 
On 14 July 2006, Secure Design was the first Japanese company to be admitted to 
trading on AIM. It offers fingerprint authentication products to companies 
and individuals that wish to establish high levels of security using biometrics. 
Biometrics uses a physical attribute of the body, such as a fingerprint to 
identify and verify the individual with the aim of making individual 
authentication efficient and secure. 
The Company offers a range of fingerprint authentication products and systems, 
from an integrated system to a mobile device. The Company designs and outsources 
the production of these products and can tailor them to individual client 
specific needs and applications. 
Biometric applications provide convenient and reliable security which reduces 
the cost associated with the failure of conventional authentication methods. The 
principal factor which distinguishes biometrics from conventional password based 
authentication is the enhanced security level it provides while maintaining the 
privacy of individual users. 
The worldwide demand for biometrics is estimated to increase from just over $3 
billion in 2007 to over $5.6 billion by 2010.* 
*Biometrics Market and Industry Report 2007-2012 
  BGENUINETEC INC. 
("BGENUINETEC INC." or "the Company") 
(A leading biometrics company based in Tokyo, Japan specialising in fingerprint 
authentication) 
 
 
Interim Results for six months ended 30 June 2009 
 
 
Chairman's Statement 
Following the appointment of Dr Hiroaki Kunieda as Chief Executive in February 
this year, we have revised our business plan to reflect the financial situation 
within the Company. Demand for the security needed to identify an individual is 
increasing, especially in the fields of information security, financial 
transactions, security systems and medical treatment. There is also increasing 
interest in the use of fingerprint authentication on mobile phones and note PCs. 
However, reasonable priced and secure solutions have not been available until 
now. Our objective is to see that personal authentication is installed on all 
small portable devices that are used in every day life. Therefore, we are always 
exploring high quality, low cost solutions for volume applications. Our 
technical team is headed by our Chief Technical Officer, Dr Dongju Li, who was 
appointed a director on 10 February this year. 
We plan to form a wholly owned subsidiary, based in China, with a view to 
developing this market in cooperation with local Chinese companies. Through 
these partners, we aim to provide low cost, high quality security systems, based 
on fingerprint authentication, to information providers, banks, mobile phone 
operators and door lock manufacturers. We are also looking at other 
opportunities to use our leading edge technology in other sectors of this 
important market. 
Results 
Turnover in the period was JPY 37.05 million (GBP232,247), which was 149.53% 
higher compared to the results achieved in first half of 2008 when the Company 
reported sales of JPY14.85 (GBP 93,075). The loss before tax decreased by 36.2% 
to JPY 205.4 million (GBP1,287,370) compared to JPY 322.04 million 
(GBP2,016,523). The loss per share improved by 58.4% to JPY 3.22 (0.02p) 
compared to JPY 7.75 (0.049p) in first half of 2008. 
  Operating review 
In the first six months of the year, we have focused on building a new business 
model and investing in the R&D for the new algorithms required for the 
applications that we are developing for mobile phones, banks and door locks. 
Although we were not able to achieve our revenue targets for the period, our R&D 
results have brought us powerful algorithms for future products. We are actively 
looking to increase the sales of our products based on the new business model 
while at the same time developing a range of innovative products for 
international markets. 
Operating expenses 
Operating expenses in the period were JPY 129 million (GBP 808,157), which were 
lower by JPY 111 million compared to those for the first half of 2008 mainly due 
to the write off of  bad debt by JPY 111.6 million (GBP525,339) posted in 2008. 
Cash Balance 
The cash balance at the end of the period was JPY 24 million (GBP153,238), 
reflecting a fund raising of JPY 102 million in the period. The Company is 
currently seeking to raise further funds during the second half of the year for 
working capital and the continued development of the Company. The details of 
which will be announced in due course. 
Dividend 
At this stage in the Company's development, the directors do not intend to 
declare a dividend. 
Accounts Receivables 
The accounts receivables balance at the end of the period was JPY 38.3 million 
(GBP503,540). 
Employees 
I would like to take this opportunity to thank all our employees for their 
contributions. Their hard work, dedication and commitment which is much 
appreciated. We depend upon them to take care of our customers, and they do so 
in a positive manner. The company now has 11 employees, including directors. 
  Commercial Initiatives 
 
  *   Business Model
 
The current model is based on utilising the fingerprint business with core 
component technology such as software algorithms, sensors, engine LSI and 
modules, which are the embedded systems for fingerprint authentication. Above 
all, sensors are an important factor in our business and we believe that sensors 
at low cost and high performance are needed to penetrate the world markets. 
We will be able to use various kinds of sensor in addition to the Mitsumi 
optical swipe sensor, which is used for NTT DoCoMo mobile phones. As a 
distributor of Fingerprint Cards (FPC) sensors in Japan, we have developed a new 
fingerprint module, with FPC area sensors, which has initially been well 
received in the Chinese market. 
Subject to further funding, we are planning to strengthen our R&D team to work 
on our core component business, especially the module business, so that we can 
develop new innovative components such as sensors, low cost processors and high 
quality embedded algorithm and compact modules. In the current difficult 
economic situation in Japan, we are moving ahead with the new business model by 
using our technical skills and working closely with our partners. 
Within our business model, we are focusing on the core components for 
fingerprint authentication, which are based on our creative designs for LSIs and 
embedded systems. We have started to strengthen all areas of the business so 
that we can balance the development of our core components and integrated 
modules including algorithms, chips and sensors which we can then provide to 
specialist distributors in overseas markets. 
  *  China Subsidiaries 
 
We are planning to establish subsidiaries in China to act as sales centres for 
our products which can then be distributed to related vendors throughout China. 
The strength of our business is our technology and we believe that by working 
alongside our Chinese sales partners we should be able to generate volume sales 
in the Chinese market. 
Module Business 
Many information security applications require fingerprint modules 
with different kinds of area sensors. As a growing sector worldwide, we aim to 
focus on this growing market, particularly in China.  The sensors of our partner 
company, Fingerprint cards AB (FPC), located in Sweden, are highly rated for 
their durableness against ESD (Electrostatic discharge) and physical damage. We 
are working closely with FPC and we believe that our innovative technology will 
enable us to market the new modules outside Japan. Sales promotion for this new 
module has started and we have had initial positive feedback from some potential 
customers. 
Door Locks are a traditional application for the module business and we have 
been working with the Japanese Lock Association and a major Chinese door lock 
company to develop the best solution for high quality door locks at a 
competitive price... 
  *  Mobile Phone 
 
The Mobile business is potentially our largest business opportunity. Our leading 
edge technology in this area is the embedded fingerprint algorithm, which is 
suitable for small portable devices. The technology is largely proven by its 
acceptance by Sharp Corporation last year and by working with other sensor 
suppliers we plan to make our phone technology available across international 
markets. 
The modules and the end products are particularly suitable for the Chinese 
market, while the mobile or note PC solution is particularly suitable for the US 
market. Based on alliances with world partners, we have confidence in expanding 
our business in this sector. 
  *  Notebook PC Business 
 
Since notebook PCs are increasingly used for e-Commerce, there is a growing need 
to make the notebook platform more secure. 
Our technology can provide the secure hardware based solution to the notebook PC 
customers together with low cost software and fingerprint sensors. In addition, 
we can provide various types of swipe or area sensors from semiconductor to 
optical ones. The solution can be customized to meet the demands of the vendors. 
The core technology used in notebook PCs can be compatible with the solution to 
smart phones, which will benefit both our customers and their end users. 
Fingerprint Authentication Chip 
Our fingerprint authentication chips are used in our modules which we have been 
providing to OA makers (Fax Machines, Telecopiers etc.), such as Canon Inc., for 
the last 3 years. This project was due to be expanded in the current year, but 
orders have been effected by the global economic downturn.  Nevertheless, there 
has been a recovery in the orders for chips for OA equipment in the 4th quarter. 
Our next aim is to produce a chip to meet the increasing demand for small low 
cost modules to fit the reducing physical size of the printed circuit board. 
 
 
Outlook 
In order that the Company's trading performance will improve in the short to 
medium term, we are implementing a business model using our existing engineering 
and technology platform, focusing particularly on both core components and low 
cost modules. 
To achieve the commercial objectives stated above, the Company needs to secure 
further funding and establish a robust balance sheet in the short term. Assuming 
that we obtain sufficient funding, the directors expect that the Company will be 
able to build upon its commercial relationships and that BgenuineTec has a 
sustainable and profitable future. 
 
 
Taketoshi Kashiwabara 
Chairman 
29 September 2009 
 
 
 
 
Note: 
Exchange rate per Pound (GBP) for the above conversions is JPY159.54, which has 
been derived from the TTM rate on June/End, 2009 
 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Consolidated Income Statement                     |            |             |             | 
+---------------------------------------------------+------------+-------------+-------------+ 
| for the period from 01 January to 30 |            |            |             |             | 
| June                                 |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
|                                      | 2009       | 2008       | 2009        | 2008        | 
+--------------------------------------+------------+------------+-------------+-------------+ 
|                                      |  JPY'000   | JPY'000    | ?           | ?           | 
|                                      |            |            | (Note 5)    | (Note 5)    | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Revenue                              |    37,053  |    14,849  |    232,247  |     93,075  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Cost of sales                        |   (47,655) |   (88,007) |   (298,702) |  (551,634)  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Gross loss                           |  (10,602)  |  (73,158)  |   (66,455)  |  (458,559)  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Other operating income               |      3,794 |        347 |      23,784 |       2,173 | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Sales and marketing expenses         |   (9,651)  | (124,124)  |   (60,494)  |  (778,014)  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| General and administrative expenses  | (100,163)  |  (78,166)  |  (627,824)  |  (489,947)  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Research and development expenses    |  (19,119)  |  (38,119)  |  (119,839)  |  (238,928)  | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Loss from operations                 |  (135,741) |  (313,220) |   (850,828) | (1,963,275) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Finance income                       |        255 |         81 |       1,598 |         513 | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Finance costs                        |      (215) |    (1,300) |     (1,344) |     (8,146) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Net finance income (costs)           |         40 |    (1,219) |         254 |     (7,633) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Impairment loss on equity accounted  |   (64,869) |          - |   (406,600) |           - | 
| investee                             |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Share of loss of equity accounted    |    (4,817) |    (7,596) |    (30,196) |    (47,615) | 
| investee                             |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Loss before tax                      |  (205,387) |  (322,035) | (1,287,370) | (2,018,523) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Income tax expenses                  |          - |          - |           - |           - | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Loss for the period                  |  (205,387) |  (322,035) | (1,287,370) | (2,018,523) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
|                                      |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Attributable to:                     |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Equity holders of the Company        |  (205,387) |  (322,035) | (1,287,370) | (2,018,523) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Minority interests                   |          - |          - |           - |           - | 
+--------------------------------------+------------+------------+-------------+-------------+ 
|                                      |            |            |             |             | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Basic loss per share (Note 3)        |     (3.22) |     (7.75) |     (0.020) |     (0.049) | 
+--------------------------------------+------------+------------+-------------+-------------+ 
| Diluted loss per share (Note 3)      |          - |          - |           - |           - | 
+--------------------------------------+------------+------------+-------------+-------------+ 
 
 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Consolidated statement of comprehensive income                                             | 
+--------------------------------------------------------------------------------------------+ 
| for the period from 01 January to 30 |            |           |              |             | 
| June                                 |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
|                                      | 2009       | 2008      | 2009         | 2008        | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
|                                      | JPY'000    | JPY'000   | ?            | ?           | 
|                                      |            |           | (Note 5)     | (Note 5)    | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Loss for the period                  |  (205,387) | (322,035) |  (1,287,370) | (2,018,523) | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Other comprehensive income           |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Financial assets available for sale: |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
|   -Change in fair value              |     13,462 |         - |       84,377 |           - | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
|   -Income tax expense                |    (5,451) |         - |     (34,164) |           - | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Other comprehensive income for the   |      8,011 |         - |       50,213 |           - | 
| period                               |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Total comprehensive loss for the     | (197,376)  | (322,035) | (1,237,157)  | (2,018,523) | 
| period                               |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
|                                      |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Attributable to:                     |            |           |              |             | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Equity holders of the Company        | (197,376)  | (322,035) | (1,237,157)  | (2,018,523) | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
| Minority interests                   |          - |         - |            - |           - | 
+--------------------------------------+------------+-----------+--------------+-------------+ 
 
 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Consolidated statement of financial position                                           | 
+----------------------------------------------------------------------------------------+ 
|                                | As at 30    | As at 31    | As at 30    | As at 31    | 
|                                | June        | December    | June        | December    | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                | 2009        | 2008        | 2009        | 2008        | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                | JPY'000     | JPY'000     | ?           | ?           | 
|                                |             |             | (Note 5)    | (Note 5)    | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Assets                         |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Non-current assets             |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Property, plant and equipment  |      3,671  |      4,214  |     23,009  |     26,410  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Investment securities          |      44,907 |       6,446 |    281,481  |     40,403  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Investment in equity accounted |       1,350 |      68,036 |       8,460 |     426,452 | 
| investee                       |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Goodwill                       |       7,200 |       7,200 |     45,130  |     45,130  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Intangible assets              |      1,092  |      4,858  |      6,846  |     30,450  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Other non-current assets       |      4,575  |      4,636  |     28,674  |     29,059  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |      62,795 |      95,390 |    393,600  |    597,904  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Current assets                 |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Inventories                    |      18,367 |      51,727 |    115,125  |    324,226  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Trade and other receivables    |     75,332  |     43,442  |    472,186  |    272,298  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Cash and cash equivalents      |     24,447  |     45,237  |    153,238  |    283,546  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |    118,146  |    140,406  |    740,549  |    880,070  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Total assets                   |     180,942 |     235,796 |  1,134,149  |  1,477,974  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Liabilities                    |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Non-current assets             |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Deferred tax liabilities       |       5,450 |          -  |     34,164  |           - | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |       5,450 |           - |      34,164 |           - | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Current liabilities            |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Loans and borrowings           |      18,000 |           - |     112,824 |           - | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Trade and other payables       |     96,494  |     81,246  |    604,827  |    509,251  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |    114,494  |     81,246  |    717,651  |     509,251 | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Net current assets             |      3,652  |     59,160  |     22,898  |     370,819 | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Total liabilities              |     119,944 |     81,246  |    751,815  |     509,251 | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Net assets                     |     60,997  |    154,550  |    382,334  |    968,723  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
|                                |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Equity                         |             |             |             |             | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Share capital                  |    918,614  |    867,614  |  5,757,892  |  5,438,223  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Share premium                  |    675,854  |    625,164  |  4,236,264  |  3,918,538  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Fair value reserve             |      8,011  |          -  |     50,213  |          -  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Share option reserve           |     28,101  |     25,967  |    176,139  |    162,766  | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Deficit                        | (1,569,582) | (1,364,195) | (9,838,173) | (8,550,804) | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
| Total equity                   |     60,997  |    154,550  |     382,334 |     968,723 | 
+--------------------------------+-------------+-------------+-------------+-------------+ 
 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Consolidated Statement of Changes in Equity                                |           |             | 
+----------------------------------------------------------------------------+-----------+-------------+ 
| for the period from 01 January to 30     |         |         |             |           |             | 
| June                                     |         |         |             |           |             | 
+------------------------------------------+---------+---------+-------------+-----------+-------------+ 
|                    |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
|                    |          |          |         |         |             |   JPY'000 |           ? | 
|                    |          |          |         |         |             |           |    (Note 5) | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
|                    |                  Attributable to equity holders of the Company                  | 
+--------------------+---------------------------------------------------------------------------------+ 
|                    |    Share |    Share |    Fair |   Share |     Deficit |     Total |       Total | 
|                    |  capital |  premium |   value |  option |             |    equity |      equity | 
|                    |          |          | reserve | reserve |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Balance at 1       |  713,614 | 472,255  |   (425) | 12,337  |   (826,272) |  371,509  |  2,328,625  | 
| January 2008       |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
|                    |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Net loss for the   |        - |        - |       - |       - |   (322,035) | (322,035) | (2,018,523) | 
| period             |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Total              |        - |        - |       - |       - |   (322,035) | (322,035) | (2,018,523) | 
| comprehensive loss |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share issued       |   68,000 |   68,000 |       - |       - |           - |   136,000 |     852,451 | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share issuance     |        - |    (483) |       - |       - |           - |     (483) |     (3,027) | 
| costs              |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share option costs |        - |        - |       - |  (450)  |           - |    (450)  |    (2,818)  | 
| charged to income  |          |          |         |         |             |           |             | 
| for the period     |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Balance as at 30   | 781,614  | 539,772  |  (425)  | 11,887  | (1,148,307) |  184,541  |  1,156,708  | 
| June 2008          |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Balance at 1       |  867,614 | 625,164  |       - | 25,967  | (1,364,195) |  154,550  |    968,723  | 
| January 2009       |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
|                    |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Net loss for the   |        - |        - |       - |       - |   (205,387) | (205,387) | (1,287,370) | 
| period             |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Fair value         |        - |        - |  8,011  |       - |           - |    8,011  |     50,213  | 
| adjustments of     |          |          |         |         |             |           |             | 
| available-for      |          |          |         |         |             |           |             | 
| sales investments, |          |          |         |         |             |           |             | 
| net of tax         |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Total              |        - |        - |   8,011 |       - |   (205,387) | (192,374) | (1,237,157) | 
| comprehensive loss |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share issued       |   51,000 |   51,000 |       - |       - |           - |   102,000 |     639,338 | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share issuance     |        - |    (310) |       - |       - |           - |     (310) |     (1,942) | 
| costs              |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Share option costs |        - |        - |       - |  2,134  |           - |    2,134  |     13,372  | 
| charged to income  |          |          |         |         |             |           |             | 
| for the period     |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
| Balance as at 30   | 918,614  | 675,854  |  8,011  | 28,101  | (1,569,582) |   60,997  |    382,334  | 
| June 2009          |          |          |         |         |             |           |             | 
+--------------------+----------+----------+---------+---------+-------------+-----------+-------------+ 
 
 
 
+--------------------------------+-----------+-----------+------------+------------+ 
| Consolidated statement of cash flows                   |            |            | 
+--------------------------------------------------------+------------+------------+ 
| for the period from 01 January to 30 June  |           |            |            | 
+--------------------------------------------+-----------+------------+------------+ 
|                                | 2009      | 2008      | 2009       | 2008       | 
+--------------------------------+-----------+-----------+------------+------------+ 
|                                | JPY'000   | JPY'000   | ?          | ?          | 
|                                |           |           | (Note 5)   | (Note 5)   | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Operating Activities           |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Cash used in operations        |  (89,855) |  (86,212) |  (563,212) |  (540,380) | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Interest received, net         |       254 |        19 |      1,589 |        119 | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Net cash used in operating     |  (89,601) |  (86,193) |  (561,623) |  (540,261) | 
| activities                     |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Investing activities           |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Purchase of intangible assets  |         - |   (3,447) |          - |   (21,604) | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Acquisition of associate       |   (3,000) |  (15,000) |   (18,804) |   (94,020) | 
| company                        |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Acquisition of other           |  (25,000) |         - |  (156,701) |          - | 
| investments                    |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Proceeds from sales of         |         - |     1,645 |          - |     10,309 | 
| investment securities          |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Increase of short-term lending | (22,888)  |  (1,500)  | (143,459)  |   (9,402)  | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Net cash used in investing     | (50,888)  | (18,302)  | (318,964)  | (114,717)  | 
| activities                     |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Financing activities           |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Proceeds from loans and        |    18,000 |         - |    112,824 |          - | 
| borrowings                     |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Proceeds on issue of new       |   101,690 |   135,517 |    637,396 |    849,424 | 
| shares, net of issuance cost   |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Net cash from financing        |   119,690 |   135,517 |    750,220 |    849,424 | 
| activities                     |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Net increase (decrease) in     |  (20,799) |    31,022 |  (130,367) |    194,446 | 
| cash and cash equivalents      |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Effect of exchange rate        |         9 |        67 |         59 |        421 | 
| fluctuations on cash held      |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Cash and cash equivalents at   |   45,237  |    9,515  |   283,546  |    59,637  | 
| beginning of year              |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
| Cash and cash equivalents at   |   24,447  |   40,604  |   153,238  |   254,504  | 
| end of period                  |           |           |            |            | 
+--------------------------------+-----------+-----------+------------+------------+ 
 
 
 
 
  Notes to the interim consolidated financial statements 
 
 
1. General Information 
This interim report was approved by the Directors on 24 September 2009. The 
results for the both of current and comparative half year have not been audited, 
but were the subject of an independent review carried out by independent 
auditors, Chiyoda International CPA Office. Their review confirmed that the 
figures were prepared using accounting policies and practices consistent with 
those adopted in the 2008 annual report. The audited results for the year ended 
31 December 2008 are an abridged version of the company's financial statements 
which the predecessor auditor, Kainan Audit Corporation gave an unqualified 
report. 
 
 
2. Going concern 
These consolidated financial statements have been prepared by management on the 
bases of generally accepted accounting principles applicable to a "going 
concern", which assumes the Company will continue in operation for the 
foreseeable future and will be able to realise its assets and discharge its 
liabilities in the normal course of operations. 
The Company posted a continuing net loss of JPY 205,387 thousand 
(GBP1,287,370) in the first half ended 30 June 2009, JPY 537,923 thousand in 
December 2008, and JPY 648,959 thousand in December 2007.  Net loss for this 
period was mainly due to poor sales results of JPY 37,053 thousand (GBP232,247) 
and losses on impairment loss on equity accounted investee of JPY 64,869 million 
(GBP406,600). 
These consolidated financial statements do not reflect adjustments that would be 
necessary if the going concern assumption was not appropriate because management 
believes that in the years ended 31 December 2009 the Company will still declare 
loss of JPY 317 million and in 2010 will head for surplus of JPY 14 million and 
the Company can successfully raise sufficient funds later this year to execute 
the business plan. If the going concern assumption were not appropriate for the 
consolidated financial statements, then an adjustment would be necessary to the 
carrying values of the assets and liabilities, the reported revenues and 
expenses and the balance sheet classification used. 
 
 
3. Loss per share 
Basic loss per share is calculated on loss for the period of JPY205,387 thousand 
(GBP1,287,370) divided by 63,744,261 weighted average ordinary shares in the 
period ended 30 June 2009 and loss for the period of JPY322,035 thousand 
(GBP2,018,523) divided by 41,556,393 weighted average ordinary shares in the 
period ended 30 June 2008. 
There were no factors resulting in a delution of loss per share. 
 
 
4. Dividend paid 
No dividends were paid and approved for the period. 
 
 
5. British pound sterling equivalent 
The British pound sterling equivalents of the figures shown in these interim 
consolidated financial statements are supplementary information and have been 
translated at JPY159.54 to STG?1. Such translation should not be construed as 
representation that the Japanese yen amounts represent, or have been or could be 
converted into British pound at that or any other rate. 
 
 
6. Impairment loss on investment in equity accounted investee 
The Company recognised impairment loss on investment in Beyond LSI, Inc for JPY 
64,869 thousand yen (?406,600) to its recoverable amount because of its poor 
results and net asset value declines significantly. 
  7. Related Party Transactions 
Transactions between the Company and its related parties for the period from 
01 January to 30 June 2009 are described as follows: 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
|     (Unit: |         Mr. |        Mr. |        Mr. |   Mr.Evans |           Mr. | Mr.           | Mr.           |    Fuji | Techno-imagia |     I-O |   ASD, |  Byond | 
|   JPY'000) | Kashiwabara |    Kunieda |         Li | (Director) |      Kiyomoto | Cho           | Takahashi     | Digital |               | Network |   Inc. |   LSI, | 
|            |  (Director) | (Director) | (Director) |            | (ex-Director) | (ex-Director) | (ex-Director) | Imaging |               |         |        |   Inc. | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Sales      |           - |          - |          - |          - |             - |             - |             - |       - |         1,117 |       - |      - |    840 | 
| of         |             |            |            |            |               |               |               |         |               |         |        |        | 
| goods      |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Interest   |           - |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |    126 | 
| income     |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Purchase   |           - |          - |          - |          - |             - |             - |             - |   4,170 |             - |       - |      - |      - | 
| of goods   |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Interest   |           1 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |      - | 
| expense    |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Short-term |           - |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |  2,888 | 
| lending    |             |            |            |            |               |               |               |         |               |         |        |        | 
| made in    |             |            |            |            |               |               |               |         |               |         |        |        | 
| the period |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Short-term |      18,000 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |      - | 
| borrowing  |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Capital    |      35,000 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |      - | 
| increase   |             |            |            |            |               |               |               |         |               |         |        |        | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Amounts    |           - |          - |          - |          - |             - |             - |             - |       - |         1,117 |       - |      - | 21,260 | 
| owed by    |             |            |            |            |               |               |               |         |               |         |        |        | 
| related    |             |            |            |            |               |               |               |         |               |         |        |        | 
| parties    |             |            |            |            |               |               |               |         |               |         |        |        | 
| at end     |             |            |            |            |               |               |               |         |               |         |        |        | 
| of the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
| Amounts    |      26,000 |          - |          - |          - |        14,787 |         8,800 |         6,375 |       - |             - |       - |      - |      - | 
| owed to    |             |            |            |            |               |               |               |         |               |         |        |        | 
| related    |             |            |            |            |               |               |               |         |               |         |        |        | 
| parties    |             |            |            |            |               |               |               |         |               |         |        |        | 
| at end     |             |            |            |            |               |               |               |         |               |         |        |        | 
| of the     |             |            |            |            |               |               |               |         |               |         |        |        | 
| period     |             |            |            |            |               |               |               |         |               |         |        |        | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+--------+ 
 
 
 
 
 
 
 
 
 
 
 
 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
|     (Unit: |         Mr. |        Mr. |        Mr. |   Mr.Evans |           Mr. | Mr.           | Mr.           |    Fuji | Techno-imagia |     I-O |   ASD, |   Byond | 
|         ?) | Kashiwabara |    Kunieda |         Li | (Director) |      Kiyomoto | Cho           | Takahashi     | Digital |               | Network |   Inc. |    LSI, | 
|      (Note |  (Director) | (Director) | (Director) |            | (ex-Director) | (ex-Director) | (ex-Director) | Imaging |               |         |        |    Inc. | 
|         5) |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Sales      |           - |          - |          - |          - |             - |             - |             - |       - |         7,000 |       - |      - |   5,265 | 
| of         |             |            |            |            |               |               |               |         |               |         |        |         | 
| goods      |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Interest   |           - |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |     794 | 
| income     |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Purchase   |           - |          - |          - |          - |             - |             - |             - |  26,138 |             - |       - |      - |       - | 
| of goods   |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Interest   |           5 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |       - | 
| expense    |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Short-term |           - |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |  18,099 | 
| lending    |             |            |            |            |               |               |               |         |               |         |        |         | 
| made in    |             |            |            |            |               |               |               |         |               |         |        |         | 
| the period |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Short-term |     112,824 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |       - | 
| borrowing  |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Capital    |     219,381 |          - |          - |          - |             - |             - |             - |       - |             - |       - |      - |       - | 
| increase   |             |            |            |            |               |               |               |         |               |         |        |         | 
| in the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Amounts    |           - |          - |          - |          - |             - |             - |             - |       - |         7,000 |       - |      - | 133,261 | 
| owed by    |             |            |            |            |               |               |               |         |               |         |        |         | 
| related    |             |            |            |            |               |               |               |         |               |         |        |         | 
| parties    |             |            |            |            |               |               |               |         |               |         |        |         | 
| at end     |             |            |            |            |               |               |               |         |               |         |        |         | 
| of the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
| Amounts    |     162,969 |          - |          - |          - |        92,698 |        55,159 |        39,961 |       - |             - |       - |      - |       - | 
| owed to    |             |            |            |            |               |               |               |         |               |         |        |         | 
| related    |             |            |            |            |               |               |               |         |               |         |        |         | 
| parties    |             |            |            |            |               |               |               |         |               |         |        |         | 
| at end     |             |            |            |            |               |               |               |         |               |         |        |         | 
| of the     |             |            |            |            |               |               |               |         |               |         |        |         | 
| period     |             |            |            |            |               |               |               |         |               |         |        |         | 
+------------+-------------+------------+------------+------------+---------------+---------------+---------------+---------+---------------+---------+--------+---------+ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Copies of the statement are being sent to shareholders. Further copies are 
available on request from: 
Toshiya Kurita 
Chief Financial Controller 
BGENUINETEC INC. 
Headquarters and R&D Centre 
ICST Building 3F 
1-9-2 Nihonbashihoridomecho, Chuo-ku 
Tokyo 103-0012 Japan 
Tel: +81.3.5652.0321 
Email:t_kurita@securedesign.jp 
 
 
Brian Coleman-Smith 
Cubitt Consulting Limited 
30 Coleman Street 
London EC2R 5AL. 
Tel: + 44 
(0)20 7367 5100 
Email:brian.coleman-smith@cubitt.consulting.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR IIFFRAFIAFIA 
 

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