BARNSTEAD, N.H. and CHONGQING, China, Oct. 26 /PRNewswire-Asia-FirstCall/ -- Pay88, Inc. (OTC Bulletin Board: PAYI), announced today that it has entered into a distribution agreement with Alibaba.com Limited (HKSE: 1688.HK). Through its wholly-owned subsidiary Qianbao Technology, Pay88 will act as a distributor for Alibaba in Chongqing and the greater southwestern regions of China where Pay88 has an already-established network of users.
Alibaba.com Limited (HKSE: 1688.HK) is the world's largest marketplace for global trade and the leader in business-to-business (B2B) e-commerce with more than 42 million registered users from more than 240 countries and regions. Alibaba.com also offers business management software solutions targeting small businesses across China under the "Alisoft" brand, connecting Chinese manufacturers to other companies around the world looking for suppliers. The company has a market capitalization of over $64 billion USD and reported earnings in 2008 of RMB 3.0 billion (approximately $440 million USD), an increase of 39% over 2007. According to iResearch, it was the largest online B2B company in China in 2006, based on the number of registered users and its market share in China by revenue. Alibaba.cn, the company's Chinese site, currently has 32 million registered users.
Guo Fan, Chairman and President of Pay88, commented on the new agreement saying, "Pay88's diverse distribution channels and strong presence in Chongqing and the southwest regions of China offer a unique opportunity to utilize the strengths of both companies."
Tao Fan, COO of Pay88, added, "As a result of this new relationship, Qianbao Technology will be able to capitalize on Pay88's distribution channels in southwest China to offer Alibaba's services to small- and mid-sized entities in what has traditionally been an underserved area. We are excited about the potential for growth this offers to both our companies."
Company officials say that teaming up with Alibaba represents a powerful step forward in their overall goals. Over the coming year, the company will continue to develop and improve its Internet gaming platform, expand its distribution websites, and increase its overall product line, as well as expand into many additional cities in China.
About Pay88, Inc.
Pay88, Inc., through its wholly-owned subsidiary, Chongqing Qianbao Technology, Ltd., is a rapidly growing digital technology company and the leading reseller of internet game time in China with over $19.7 million USD in revenues in 2008, a 134.8% increase over revenues in 2007. The company is primarily engaged in the sale of prepaid online multi-player game cards in more than 20 cities in China, an industry that generated $2.75 billion in 2008 and is expected to reach $3.8 billion by the end of 2009. In addition, The Company sells prepaid telephone cards and over 800 software products, including cooking, language and education software.
Qianbao sells its game cards through its websites, http://www.iamseller.com and http://www.17logo.com , which has more than 1 million registered users. The Company has successfully captured more than 80% of the online multi-player game time market in Chongqing, a municipality of more than 31 million people, and the third fastest-growing regional economy in China. Pay88 leverages such consumer establishments as retail kiosks and Internet cafes to increase its distribution of highly popular games for an increasing number of gaming companies.
For additional information visit: http://www.Pay88.com , http://www.iamseller.com/English/Index.aspx
Forward Looking Statements
Certain information contained in this news release, including without limitation, statements related to Pay88's outlook for 2009, which are based on management expectations, are considered forward looking statements. Investors and prospective investors are cautioned about factors which have in some cases affected Pay88's actual results and could affect its actual results and cause them to differ materially from those expressed in any such forward looking statements. Actual results may also differ due to factors over which the Company has no control including general economic and business conditions, earthquakes or effects of war or terrorists acts on the capital markets or on company activities. Please refer to Risk Factors contained in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2009.
For more information, please contact:
Payy88, Inc.
Tel: +86-23-6775-7997
Fax: +86-23-6775-7887
Email: China@pay88.com
