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Xinyinhai Technology Ltd. Selected as Financial Instrument Printing Provider by Bank of China Ltd. to Bring in a Minimum of RMB2 Million (or $250,000) in Sales Income

Xinyinhai Technology, Ltd.
2007-01-17 20:56 1565


HARBIN, Jan. 17 /Xinhua-PRNewswire/ -- Xinyinhai Technology Ltd. (OTC Bulletin Board: XNYH) ("Xinyinhai"), the Chinese printing enterprise that specializes in financial instrument printing, announced that it has signed an agreement with Bank of China Ltd. ("BOC"), to act as the sole financial instrument printing services provider to the branch banks of BOC located in 6 provinces including Heilongjiang, Jilin, Liaoning, Xinjiang, Inner Mongolia and Henan in 2007, which is expected to generate a minimum of RMB2 million (or $250,000) in sales income.

XNYH will be responsible for producing settlement forms, loan application forms, checkbooks, deposit receipts, new DCP vouchers and all other documents for BOC, and the total number of all kinds of documents and vouchers needed by BOC in 2007 will be nearly 3-3.5 million booklets according to the agreement.

Bank of China Ltd. is a financial institution incorporated under the corporate law of the People's Republic of China and is governed by the regulations of China banking Regulatory Commission. It is one of the leading commercial banks in China, and the business comprises three principal segments: corporate banking, personal banking, and treasury products. BOC's H shares became listed in Hong Kong in June 2006 (stock code: 3988) and it's A shares became listed in Shanghai in July 2006 (601988 CH). It ranked 18th among the world's top 1,000 banks in terms of tier one capital by The Banker magazine in 2005 and has been admitted as a constituent of the Hang Seng Index in Hong Kong since 4 December 2006.

"We are confident that we can meet the requirements for these branch banks and we believe our secure and reliable printing technologies will help our customers enjoy high-quality banking diversified services," said Ms Tian Ling, President of XNYH, "We are excited at the long-term prospects associated with this partnership. Xinyinhai will consistently provide the customized services to improve our competitive position in the marketplace. We look forward to a closer partnership with bigger market coverage of more branch banks around China."

About Xinyinhai Technology Ltd.

Founded in 1998, Xinyinhai Technology Ltd. has developed into a leading participant in the People's Republic of China's note printing industry. XNYH is one of only fifteen companies to which the PRC government has issued the Special Industry Operating Permit and the Government Securities and Documents Duplicating Permit, which are the licenses required in order to be engaged in printing bank vouchers in the PRC. The breadth of the company's business ranges from printing bank vouchers and documents, and it has built numerous exclusive relationships with China's largest financial institutions and government agencies including Bank of China, China Commercial Bank, and the State Taxation Bureau, etc. Moreover, it uses outsourced vendors for large scale binding services. In order to assure a product that is the utmost in quality, the company has passed many rigorous guidelines in order to be certified with relevant quality, health and security management system. Currently, the company home to the most sophisticated production line with the brand name "Kuechler", laying a solid foundation for the company's rapid development.

Forward-looking Statements

This report contains ‘forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.

The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.

Source: Xinyinhai Technology, Ltd.
Keywords: Food/Beverages
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