XIAMEN, China, July 15 /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 signed a contract with a Big Four Bank client in China to upgrade its Enterprise Customer Management Information System.
The system manages large amount of the bank’s enterprise customer information, such as customer profile, affiliations, credit lines, as well as products and intermediary services offered. It is an important management tool that helps the bank understand and analyze enterprise customers’ needs. Longtop developed the customized solution for this bank in 2007. In the current Phase Two of the project, Longtop will upgrade the system with enhanced features and optimize its performance.
"We are very pleased that our long-term working relationship with leading banks in China creates recurring revenue opportunities, of which this contract is another good example," remarked Weizhou Lian, Chief Executive Officer of Longtop. "Our ongoing involvement for this client in management related banking IT solutions also supports our independently recognized market leadership in this field."
With comprehensive solutions that address China’s fast growing financial IT solutions market, Longtop has strong expertise and market leadership for the management related banking IT solutions. According to the market research firm IDC, Longtop ranked No.1 for management related banking IT solutions in 2007, with a market share of 8.11%.
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 .
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.
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang or Huiying Yang
Tel: +86-592-239-6888 x1312
Email: ir@longtop.com
IR Inside BV
Caroline Straathof
Tel: +31-6-5462-4301
Email: info@irinside.com
