BEIJING, March 17 /Xinhua-PRNewswire/ -- eFuture Information Technology Inc. (Nasdaq: EFUT, "eFuture"), a leading front-end supply chain management software and service company in China, today announced the successful deployment of its POS-ERP back-office system ("the system") at Beijing Wangfujing Department Store (Group) Co. Ltd. ("Wangfujing Group"). The system will support Wangfujing Group's national chain store expansion plan over the next five years by centralizing and optimizing merchandise management, supply chain management, purchasing and other business processes.
"eFuture's tailor-made, front-end supply chain software and service solutions streamline our clients' operations and maximize competitive advantages," said Adam Yan, eFuture's chairman and CEO. "Accelerating retail sales of consumer goods are driving demand for customized supply chain management systems in China. With our leading market share, over 900 domestic and international clients and a suite of industry-leading products, I'm confident that eFuture will continue to benefit from China's rapidly growing retail and Fast Moving Consumer Goods industries."
The scalable, integrated solution unites the business strategies of Wangfujing Group's stores, centralizing operations including merchandise planning, merchandise management, purchasing, supply chain management and pricing and promotions management. eFuture successfully implemented a pilot version of the system in four stores in Beijing in 2007. Wangfujing Group will roll out the system in other cities such as Guangzhou, Wuhan, Chengdu, Chongqing, Nanning, Guiyang, Baotou, Changsha, Luoyang, Hohhot and Urumqi.
As part of the agreement, eFuture also constructed a data center at Wangfujing Group's headquarters and equipped the center with data warehousing and analysis capabilities.
About Beijing Wangfujing Department Store (Group) Co. Ltd.
Wangfujing Group is one of the largest department store chain enterprises in China and is listed on the Shanghai Stock Exchange (SSE: 600859). Wangfujing was established in 1955 and was known as the "first store of New China." In 2004, Wangfujing was selected as one of 20 key, large-scale retail enterprises supported by the Ministry of Commerce of China. Wangfujing currently operates over 17 stores and ranks 28th in Mainland China with turnover of RMB 8.3 billion in 2006.
Wangfujing's chain store expansion began in 1996. Wangfujing has since recruited the leading global management consulting firm, McKinsey & Company. Inc., to design Wangfujing Group’s chain store strategy, business systems and business processes and to conduct market analysis.
Wangfujing's network of chain stores, centered in Beijing, has expanded to key cities throughout China. After merging with Beijing Dong An Group Co. Ltd in 2000, Wangfujing accelerated its chain store strategy, and now has 17 large-scale department stores located in many of China's large urban centers including Beijing, Guangzhou, Wuhan, Chengdu, Chongqing, Nanning, Guiyang, Baotou, Changsha, Luoyang, Hohhot and Urumqi.
For more information about Wangfujing, please visit http://www.wfj.com.cn/ENG/index.html .
About eFuture Information Technology Inc.
eFuture is a leading provider of front-end supply chain management software and services in China. eFuture provides one-stop-shop software and service solutions to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain market, especially in the retail and Fast Moving Consumer Goods ("FMCG") industries. eFuture currently serves more than 900 clients, including Fortune 500 companies, over 700 retailers and over 200 distributors operating in China. eFuture is also one of IBM's premier business partners in Asia Pacific and is a strategic partner with Oracle, Microsoft, JDA, Motorola and Samsung Network China. The company has 20 branch offices across China.
For more information about eFuture, please visit
http://www.e-future.com.cn/
Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, 2008 financial outlook and quotations from management in this announcement, as well as strategic and operational plans, contain forward-looking statements. eFuture may also make written or oral forward-looking statements in periodic reports to the Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to first parties. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: eFuture's anticipated growth strategies; eFuture's future business development, results of operations and financial condition; expected changes in the company's revenues and certain cost or expense items; eFuture's ability to attract customers and leverage its brand; trends and competition in the software industry; the company's ability to hire, train and retain qualified managerial and other employees; the company's ability to develop new software's and pilot new business model at desirable locations in a timely and cost-effective manner; the expected growth of the Chinese economy software market in retail and consumer goods industries; and Chinese governmental policies relating to private managers and operators of software and applicable tax rates.
Further information regarding these and other risks is included in eFuture's annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of March 17, 2008, and the company undertakes no duty to update such information or any other forward-looking information, except as required under applicable law.
