XIAMEN, China, July 2 /Xinhua-PRNewswire/ -- Longtop Financial
Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer
and solutions provider targeting the financial services industry in China,
today announced that it has been informed by one of China's largest Joint
Stock banks it has been selected to develop a customized foreign exchange
payment and clearing system.
The system is necessary to meet the People's Bank of China's
requirement that Chinese banks have the ability to undertake foreign
exchange payment and settlement between themselves within China.
"We are excited to be awarded this project from one of the largest
Joint Stock banks, which follows a similar project we have completed for
one of China's Big Four banks, and further extends our market share and
customer base for our payment and clearing solutions," commented Weizhou
Lian, Chief Executive Officer of Longtop. "This project win is a suitably
positive conclusion to our first fiscal 2009 quarter. Having just completed
a successful Q1 2009, we will be able to exceed our previous guidance for
2009. Moreover, projects such as these indicate that strong demand for our
solutions is continuing, so that we expect the Olympics will not have a
negative impact on our 2009 guidance."
Longtop is the leading brand in the payment and clearing solutions
market in China. With a market share of 14%, Longtop ranked No. 1 in China
in 2006 for payment and clearing banking, according to a report issued by
the market research firm IDC.
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider
targeting the financial services industry in China. Longtop develops and
delivers a comprehensive range of software applications and solutions with
a focus on meeting the rapidly growing IT needs of the financial services
institutions in China. Longtop has five solution delivery centers, three
research centers and thirty-nine service centers located in 20 provinces
throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman,
and Weizhou Lian, CEO, as a system integration company focusing on the
financial services industry in China and made the transition to a software
and solutions provider in 2001. For more information, please visit:
http://www.longtop.com .
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. In some cases, you can identify forward-looking
statements by such terms as "believes," "expects," "anticipates,"
"intends," "estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ include the
effectiveness, profitability, and marketability of the company's solutions;
the Company's limited operating history; its reliance on a limited number
of customers that continue to account for a high percentage of the
Company's revenues; risk of payment failure by any of its large customers,
which could significantly harm the Company's cash flows and profitability;
the ability of the Company to operate effectively as a public company;
future shortage or availability of the supply of employees; general
economic and business conditions; the volatility of the company's operating
results and financial condition; the company's ability to attract or retain
qualified senior management personnel and research and development staff;
and other risks detailed in the company's filings with the Securities and
Exchange Commission. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current expectations,
assumptions, estimates and projections about the companies and the
industry. The company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances, or to
changes in its expectations, except as may be required by law. Although the
company believes that the expectations expressed in these forward-looking
statements are reasonable, they cannot assure you that their expectations
will turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results. Any projections
in this release are based on limited information currently available to us,
which is subject to change.
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang or Huiying Yang
Tel: +86-592-239-6888 x1312
Email: ir@longtop.com
IR Inside BV
Caroline Straathof
Tel: +31-6-5462-4301
Email: info@irinside.com
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