TAP wholly owned subsidiary signs contract to provide services to 1100+ outlets in China
HONG KONG, Feb. 6, 2012 /PRNewswire/ — Sino Payments, Inc. (OTCQB: SNPY) a technology Company providing proprietary IP transactions processing services to the retail industry, today announced that as a follow on to the recently announced merger with TAP Investments Group, a TAP wholly owned subsidiary in the People’s Republic of China (PRC) has signed a contract worth over USD1.5 Million with Wincor Nixdorf for the provision of Helpdesk, Hardware, Software Maintenance, New Store Opening and IMAC services to the world #1 Health & Beauty retailer’s 1100+ retail outlets in the PRC. The contract services started on the 1st of January 2012 and will last until 31stDecember 2012.
TAP Investment Group and Sino Payments have signed a merger agreement whereby all TAP activities including those for this new contract will be folded into Sino Payments (OTCQB: SNPY) effective as of merger close and consolidated financials expected to be as of March 2012. The merger process has not yet been completed but many of the related tasks have been and we expect to make additional related announcements as soon as possible.
Matthew Mecke, CEO of Sino Payments, Inc. proclaimed, “Our merger partner TAP has been profitable for the last 5 years from 2005 to 2010 with approx. 20% plus net margins on 4mln USD in Gross Revenue. This agreement announced today significantly increases the top line and bottom line numbers for TAP and is an indication of where this company is going post merger with TAP. We feel strongly that there is much more to come and we are very pleased to be making this announcement today and congratulate the team at TAP for this additional contract on top of what has been announced recently in terms of new business from existing clients and new deployment of mobile stored value card service to some existing TAP clients.”
Calinda Lee, General Manager of TAP Services (HK) Ltd. stated, “On top of the size of this order, which is more than 1/3 of our 2012 budget and solidifies our standing in the retail solution market in Asia, the fact that the end-user is opening on average 1 shop per day in the PRC makes this deal extra attractive to us and it also represents a good foundation to build and expand our Retail Alliance and mobile Stored Value Card initiative which is a virtual gift card and virtual loyalty type solution.”
About TAP (www.tap-group.com.cn)
TAP is a leading provider of customer-centric solutions for the retail industry. By integrating market-leading Point-of-Sales/Point-of-Interaction (POS/POI) and retail CRM solutions, TAP provides retailers with the capability to offer a consistent shopping experience across all channels, all the time, enabling them to easily and effectively manage the customer lifecycle on a one-to-one basis.
TAP is Headquartered in Hong Kong with offices in Macau, Shenzhen, Guangzhou, Shanghai, Beijing, and Manila with over 200 staff.
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a US public company with offices in Hong Kong. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia. Sino Payments has agreed with TAP to merger TAP operations and financials into Sino Payments with an expected merger close and full consolidation as of March 2012.
About Wincor Nixdorf (www.wincor-nixdorf.com)
Wincor Nixdorf as the Global parent Company Group has a presence in about 100 countries, with its own subsidiary companies in 38 of these. A total of more than 9,000 employees work at Wincor-Nixdorf. Wincor-Nixdorf is the leader in Europe and the number 3 in the world for programmable electronic POS systems (EPOSs) and the number 2 in Europe and worldwide for automated teller machines. Wincor-Nixdorf has production facilities at Paderborn, Germany, and in Singapore, Shanghai and Sao Paolo.
Sino Payments, Inc.
Chairman & CEO
T 1.877.205.6270 x801
SOURCE Sino Payments, Inc.