Project Marks the Beginning of Cooperation Between Longtop and the Bank
XIAMEN, China, July 31 /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 Joint Stock banks to provide a customized software solution for the bank’s anti-money laundering system. The project marks the beginning of the cooperation between Longtop and this Bank.
Under the terms of the agreement, Longtop will develop at the bank’s headquarter level a centralized anti-money laundering system to automate the analysis, screening and reporting of transactions. The system is necessary to meet the Chinese banking regulatory requirement that financial institutions have in place a sound anti-money laundering internal control system.
“We are very pleased to welcome this bank as our new client and continue the growth trend in expanding our customer base, having added a record of sixteen new clients during our last fiscal year,” comments Weizhou Lian, Chief Executive Officer of Longtop. “Longtop is an established leader for anti-money laundering solutions in China’s financial IT solutions market with a broad customer base and leading market share. This project further strengthens our market leadership in this mission-critical area of protecting financial institutions and society at large from criminal activities.”
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. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.
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.) Further information regarding these and other risks is included in Longtop’s annual report on Form 20-F for the fiscal year ended March 31, 2008, and other filings with the Securities and Exchange Commission.
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 .
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang or Huiying Yang
Phone: +86-10-8421-7758
Email: ir@longtop.com
IR Inside BV
Caroline Straathof
Phone: +31-6-5462-4301
Email: info@irinside.com
