ZYLOTECH LIMITED (ZYL)

name changed to ZYL Limited

releases another updated timetable for the consolidation of capital

all resolutions considered at today's meeting were passed as ordinary resolutions

releases a timetable for the consolidation of capital (on a 1 for 5 basis) and the current prospectus capital raising

company issues a prospectus for the offer of: 1. 80,000,000 Shares to the Proponent and third parties nominated by the Proponent at an issue price of 0.5 cents per Share to raise $400,000 (Proponent Offer). 2. 160,000,000 Shares at an issue price of 1 cent per Share to raise $1,600,000 (Prospectus Offer). 3. 80,000,000 Options to the Proponent and third parties nominated by the Proponent for nil consideration with an exercise price of 1.5 cents each and expiring on 31 December 2013 (Option Offer). 4. 15,000,000 Shares to the Secured Creditor (Secured Creditor Offer). 5. 3,500,000 Shares to the Unsecured Creditors (Unsecured Creditor Offer). 6. 5,000,000 Shares to the Proponent as repayment of a $25,000 deposit paid on behalf of the Company and secured via a Deposit Convertible Loan Note Agreement (Deposit Loan Note Offer). 7. 20,000,000 Shares to the Proponent and third parties nominated by the Proponent in consideration for the successful completion of the recapitalisation of the Company (Advisor Offer)

provides Preliminary Final Report - Results for announcement to the market for the year ended 30 June 2009

an Annual General Meeting is to be held at the Melbourne Hotel, Heritage Boardroom, Corner of Hay Street and Milligan Street, Perth WA 6000 on 4 February 2010 commencing at 10:00 am (WST)

releases Annual Report to Shareholders - Year Ended 30 June 2009

ASIC have advised that under ASIC Regulatory Guide (RG) 174 relief from reporting to members or lodging financial accounts with the ASIC for the financial year ended 30 June 2009 is given until 20 February 2010 - the new date by which the Company must hold its 2009 Annual General Meeting is 20 May 2010

the 2nd meeting of creditors of Zylotech can now be held at any time between 30 September 2009 and 15 October 2009

the Administrators have received 26 expressions of interest for the purchase of the business or recapitalisation of Zylotech

Zylotech Limited (ZXL) has the benefit of ASIC Class Order 03/392 relating to externally administered companies and financial reporting relief so that the company need not report to members or lodge financial accounts with the ASIC for the financial year ended 30 June 2009 until 31 March 2010

administrator outlines the process of administration and provides a contact phone number (Andrew Needham or Matthew Gavan on 02 9020 4133)

securities suspended from quotation following an announcement about the appointment of administrators

Mr. Andrew Needham and Mr. Barry Taylor of HLB Mann Judd have been appointed as Voluntary Administrators of the Company

shares suspended from quotation pending release of an announcement

shares reinstated to quotation

we understand that on or about this date the company consolidated its shares 1 for 25

name changed from Magnet Group Limited