HONG KONG and NEW YORK, Jan. 29, 2009 (GLOBE NEWSWIRE) -- Sino Fibre Communications, Inc. (OTCBB:SFBE), a broadband and value added Internet services provider in China, announced that it has entered into a memorandum of understanding ("MOU") with P2P Cash, Inc., ("P2P").
The parties have agreed to jointly explore the business opportunity for integrating the P2P Cash mobile commerce features into an advanced international barter trading platform to be used by Sino fibre's joint venture with the China Association of Medium and Small Enterprises "CAMSE", to handle the barter exchange transactions between the CAMSE members and/or other domestic and international barter clients.
Sino Fibre and CAMSE have agreed to work together to take advantage of advanced international management practices to provide barter trade services for Chinese small and medium sized enterprises. Sino Fibre and CAMSE have jointly established China Business Online Company Limited in China, which will be wholly funded by Sino Fibre. CAMSE will provide the CAMSE brand, government and member resources to develop the business of the JV.
Daniel McKinney, Chief Executive Officer of Sino Fibre, commented on this new business development: "P2P targets customers from the world's fastest growing countries where the majority of mobile phones are sold: India, China, Philippines and Mexico where countries lack the widespread electronic banking and retail payment infrastructures and have extremely low credit card penetration and usage levels. This strategic alliance will position us to gain a considerable share of this segment in China with offerings that will enable processing of virtual transactions on the Internet with a license of P2P's patent pending software."
About P2P, Cash, Inc
P2P Cash, Inc. ("P2P" or "the Company") is the developer and service supplier of the P2P Cash Mobile Payment Gateway (MPG). The MPG is a Web 2.0 distributed Services-Oriented Architecture (SOA) application enabling direct money transfers between disparate financial systems with integrated support for multi-tiered security, compliance requirements and mobile device convenience. The P2P Cash MPG provides secure transactions, value-added features beyond traditional money transfers with integrated safeguards against repudiation, money laundering and Identity Theft. P2P has identified the international remittance market as the principal vertical market conduit for sweeping dissemination of free mobile electronic wallets (mWallet) and virtual debit cards, therefore encouraging widespread adoption of P2P's offerings and turning any mobile device into a secure payment platform. Please see their website at: www.p2pcash.com
About Sino Fibre Communications, Inc.
Established in May 2005, Sino Fibre Communications, Inc. is an open source company dedicated to provide international standard fiber optic backbone telecommunications transmission related sales and leasing services in China to all foreign telecommunications carriers and corporate users. For more information about Sino Fibre Communications, Inc., please visit www.sinofibre.com.
The Sino Fibre Communications Corporate Logo is available at http://www.primenewswire.com/newsroom/prs/?kpgid_4102
This press release may contain, in addition, to historical information, forward-looking statements. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements include, among others, general economic conditions, adverse industry events, industry and government regulation, inability to implement business strategies, competition, currency fluctuations and doing business in China (including risks relating to state ownership, government intervention, foreign investment, repatriation of profits, currency conversion, shareholders' rights, enforcement of judgments, legal system developments, protection of intellectual property rights, permits and business licenses, appropriation, tax, infrastructure and interest rate fluctuations). Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.