BEIJING, Aug. 14 /PRNewswire-Asia/ -- eFuture Information Technology Inc. (Nasdaq: EFUT, "eFuture"), a leading provider of software and services in China's retail and consumer goods industries, today announced that the Company's Specialty Store Business Unit, one of its six strategic business units, has signed a five year strategic service agreement with 3.Z.U, a leading specialty sock retailer for the Chinese and international markets with 200 stores in China. Under the agreement, eFuture will provide 3.Z.U. with consulting and systems support at its planned 800 new retail store openings across China over the next 5 years.
This agreement is based on eFuture's growing service offering, consisting of a one-time set-up fee and recurring service fees charged on a quarterly basis. Rather than a fixed amount, the service fee will be charged at a certain percentage of 3.Z.U's revenue with a minimum amount limit. After the initial set-up process in September, eFuture will be able to offer a total software solution to help 3.Z.U manage its store and back-office operations, warehouse systems and loyalty card program. Following implementation, eFuture's software solutions will help 3.Z.U. to optimize cash flow and increase the visibility of order flow.
Adam Yan, chairman and CEO of eFuture, said, "We are very happy to announce this new service agreement with 3.Z.U, a leading specialty retailer in China. This agreement further strengthens our position as the leading software and services provider to the retail and consumer goods industries in China, and we believe our innovative service fee model will allow us to grow with our clients as they grow bigger. We believe our service strategy represents a major growth opportunity for eFuture given its low up-front costs and flexibility, and we are excited to continue leveraging our large installed base of customers to further develop our service offering."
About 3.Z.U
3.Z.U is a specialty sock retailer that currently operates 200 retail stores in China. The company was established in 2003 by Haining Naier Socks Group Co., Ltd ("Naier"), a joint venture specializing in the manufacturing and distribution of socks. The company primarily produces cotton, silk and sport socks, and manufactures a wide variety of sock and stocking styles. Naier has a large distribution network covering 30 provinces and cities throughout the domestic market in China. Naier exports its products internationally, primarily to Japan, the USA, Germany, and France, while also working with leading global consumer brands such as ADIDAS, GAP, and America Sally.
About eFuture Information Technology Inc.
eFuture Information Technology Inc. (NASDAQ: EFUT) is a leading provider of software and services in China's rapidly growing retail and consumer goods industries. eFuture provides integrated software and services to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain(from factory to consumer) market, especially in the retail and fast moving consumer goods industries. eFuture currently serves over 15 Fortune 500 companies, over 1,000 retailers and over 5,000 suppliers operating in China. eFuture is one of IBM's premier business partners in Asia Pacific and is a strategic partner with Oracle, Microsoft, JDA, Motorola and Samsung Network China. eFuture has more than 600 employees and 20 branch offices across China. For more information about eFuture, please visit http://www.e-future.com.cn .
