Longtop Announces Foreign Exchange Payment and Clearing System for One of China's Largest Joint Stock Banks

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: .

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


IR Inside BV

Caroline Straathof

Tel: +31-6-5462-4301


Source: Longtop Financial Technologies Limited
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