Pay88 Completes Acquisition of China based QianBao Technology


BARNSTEAD, N.H., Sept. 7, 2006 (PRIMEZONE) -- On September 5, 2006, Pay88, Inc. ("Pay88") (OTCBB:PAYI) entered into a Share Purchase Agreement with the shareholders of Chongqing Qianbao Technology Ltd. ("Qianbao"), a limited liability company based in Chongqing, China. Pursuant to the Agreement, Pay88 acquired Qianbao by purchasing 100% of Qianbao's registered capital stock in exchange for 5,000,000 shares of Pay88's Series A Convertible Preferred Stock. A complete description of such transaction, including the terms of the preferred stock, is contained in the Current Report on Form 8-K filed by Pay88 with the Securities and Exchange Commission on September 6, 2006.

"We believe that the acquisition of QianBao Technology will add value to Pay88 by adding complementary product lines, improved technology and strengthening of our online marketing ability that will allow us to quickly broaden our online market penetration," said Guo Fan, Pay88's CEO. "This acquisition allows us to gain swift and respectable access to the huge and ever growing Chinese market. We are extremely excited by the positive implications this acquisition has to our future."

Mr. Tao Fan, CEO of ChongQing Yahu Information Development Company and a major stockholder of Qianbao added, "Qianbao's staff of 48 employees have been working feverishly on improving the online payment platform to make it an easy and enjoyable experience to our clients. Qianbao has the marketing team and technology in place to aggressively pursue customer growth and add value to Qianbao's loyal shareholder base."

Simultaneous with the closing of the transaction, whereby Qianbao became a wholly owned subsidiary of Pay88, Lin Xu and Shiging Fu were nominated to the Board of Directors of Pay88.

About QianBao

Qianbao is a development stage company based in Chongqing, China, a city of over 30 million inhabitants. Qianbao currently has completed the construction of an internet website at http://www.iamseller.com from which it intends to operate a distribution platform through which various suppliers of consumer products will be able to offer their products for sale to consumers or retailers visiting the website. Qianbao intends to build more such internet websites in the future.

About Pay88

Pay88 is focused on the business of facilitating electronic money transfers from the United States to China. Electronic money transfers are transfers of funds via the internet between consumers from one location to another. Our goal is to offer persons in the United States near instantaneous, efficient and secure online money transfer services to China.

Certain information contained in this Press Release is considered forward-looking statements. Investors and prospective investors are cautioned about significant factors which have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. This Press Release contains forward-looking statements relating to future activity, including closing of the acquisition and operational and business prospects. The Company's results may be affected by, among other factors, business abilities and judgment of personnel, availability of qualified personnel, integration of the business into the operations of Pay88, and changes in, or failure to comply with various government regulations. Actual results may also differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company's activities.



            

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