HONG KONG, June 16, 2009 (GLOBE NEWSWIRE) -- Sino Payments, Inc.'s (OTCBB:SNPY) immediate term focus is on developing revenue streams by implementing Sino Payments' IP based card processing solutions for both ecommerce and physical retail and supermarket chain stores in Asia.
In addition to the existing processing services agreement with our partner, PowerE2E in Shanghai, we are working on several other processing agreements which require primarily ecommerce card processing.
Sino Payments' existing and future agreements provide for revenue from processing credit and debit card transactions in several ways:
-- A Fixed Initial Fee is charged for project implementations on a
one off basis
-- A Percentage of transaction cost savings due to aggregation of
store transaction volumes
-- A Percentage of monthly credit card sales transactions
-- A Flat per transaction fee primarily for debit card processing or
a flat monthly fee by volume
In terms of physical store transaction agreements, Sino Payments is focused on projects where we are able to deploy first of a kind IP card processing services in Asian markets including Self Checkout terminal card processing for supermarkets and other Asia multinational retailers. We are actively pursuing such agreements.
Matthew Mecke, Chairman & CEO of Sino Payments, stated, "As we are moving from a development stage company into a revenue and project deployment company, we look forward to providing our investors with additional news and guidance related to projects in hand and those we hope to close in Q3 and for the remainder of the year. Notwithstanding the '08/'09 recession and its effects on Sino Payments, I expect we will be closing the year on very strong footing with great projects and prospects for 2010."
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a Nevada incorporated US Company with offices in Hong Kong. Sino Payments' proprietary IP (Internet Protocol) transaction processing system (SinoPay GPP) was designed to convert transaction processing systems from old type dial up point of sale systems connected to sophisticated check out terminals to a modern seamless IP transaction process, thereby reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains in China and throughout Asia including supermarket chains and large regional multinational retailers.
The Sino Payments, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6215
FORWARD-LOOKING-STATEMENT:
Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Sino Payments, Inc. results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and Sino Payments, Inc. undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.