Agreement Marks Longtop's First Consultancy Contract With a National Commercial Bank
XIAMEN, China, Oct. 13 /Xinhua-PRNewswire-FirstCall/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that a leading National Commercial Bank in China has chosen Longtop to be its strategic IT services partner and provide comprehensive consulting services to its head office and operations in 31 provinces.
Longtop will provide comprehensive consultancy advice to the National Commercial Bank in the areas of Data Warehouse and Decision Support Systems, Customer Relationship Management (CRM), Channel Integration as well as Business Process Management (BPM). The purpose of the consultancy project is to perform a strategic review of the bank's operational systems, optimize the architecture of the systems to improve operational efficiency, and set up a plan to integrate operational data to better support the bank's market decision making.
"This is an exciting contract win that demonstrates our first success in entering the high-end banking consulting business for a National Commercial Bank, an area normally dominated by multinational banking IT service providers. It also opens the door for us to further extend the solution offerings we provide to this National Commercial Bank," commented Weizhou Lian, Chief Executive Officer of Longtop. "This consulting contract with a bank that has used Longtop's standardized and customized solutions over the past few years, is testament to our customer's growing recognition of Longtop's in-depth industry knowledge and expertise as well as strong trust in our company."
Safe Harbor Statement
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.
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 six 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 further information, please contact:
Charles Zhang
Longtop Financial Technologies Limited
Tel: +86-10-8421-7758
Email: ir@longtop.com
Caroline Straathof
IR Inside BV
Tel: +31-6-5462-4301
Email: caroline.straathof@irinside.com
