HARBIN, Feb. 20 /Xinhua-PRNewswire/ -- Xinyinhai Technology Ltd. (OTC Bulletin Board: XNYH) ("XNYH"), a Chinese printing enterprise specialized in financial instrument printing, announced that it has became a successful tender to provide printing services to Heilongjiang Province Rural Credit Union (the "Union") in 2007.
XNYH will be responsible for producing bank books and finance vouchers for the Union according to the agreement. From the commencement of the cooperation an estimated 3 million saving books will be printed and a minimum of RMB1.8 million (or US$225,000) in sales income will be generated.
"We pursue a more competitive position in this market and that is why we consistently develop more long-term partnerships with our customers," commented Ms. Tian Ling, President of XNYH, "As a leading enterprise in the financial instrument printing industry, XNYH enjoys a reputation of providing low cost and high quality services to customers across the country. It will also lay a solid foundation for XNYH's future development by such mutually beneficial cooperation." Ms. Tian Ling also said that "to provide printing services to all Rural Credit Cooperatives in Heilongjiang and Hebei province is XNYH's next target, which will bring further revenues this year."
Heilongjiang Province Rural Credit Union is a financial institution incorporated under the corporate law of the People's Republic of China and is governed by the regulations of China banking Regulatory Commission. The head office of the Union is located in Harbin city, Heilongjiang province. The Union now develops its network and branches in 13 cities of Heilongjiang province and the business covers all aspects of personal, consumer and corporate banking.
About Xinyinhai Technology Ltd.
Founded in 1998, Xinyinhai Technology Ltd. has developed into a leading participant in the People's Republic of China's note printing industry. XNYH is one of only fifteen companies to which the PRC government has issued the Special Industry Operating Permit and the Government Securities and Documents Duplicating Permit, which are the licenses required in order to be engaged in printing bank vouchers in the PRC. The breadth of the company's business ranges from printing bank vouchers and documents, and it has built numerous exclusive relationships with China's largest financial institutions and government agencies including the Bank of China, China Commercial Bank, and the State Taxation Bureau. Moreover, it uses outsourced vendors for large scale binding services. In order to assure a product that is the utmost in quality, the company has passed many rigorous guidelines in order to be certified with relevant quality, health and security management systems. Currently, the company is home to the most sophisticated production line with the brand name "Kuechler", laying a solid foundation for the company's rapid development.
Forward-looking Statements
This report contains ‘forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.
The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.
