HONG KONG, CHINA - October 23, 2013 - Sino Payments, Inc. (OTC Pink: SNPY) (http://www.sinopayments.com/) a technology company providing proprietary IP transactions processing services to the retail industry, is pleased to announce its first quarter financial forecast following the merger with TAP Investments Group in April this year. Following the completion of the merger, TAP Group's financial results were consolidated into the merged company from April 2013.
Financial Forecast Highlights, 2013
- Revenues of unaudited post-merger group is expected to reach USD2.18 million for the period of April to December 2013; a 15% increase over the same period in 2012 (USD1.89 Million).
- Net profit margin of post-merger group will be at 11% -- a substantial increase over that of 2012 at 0.1%.
- These improved results are mainly due to a stable increase in revenue arising from maintenance services and IT solution projects completed this year.
The combined group will operate a broad and highly diversified portfolio of successful businesses and brands across multiple geographies with a strong focus on the Greater China and Asia-Pacific region, offering POS Maintenance and System upgrading services and value-added tools to enhance the functionality of the conventional POS system for their customers.
Matthew Mecke, CEO of Sino Payments, Inc. proclaimed, "The merger enhances both companies' abilities to ensure strong shareholder value, provide exceptional customer service and deliver affordable and reliable technology services in the face of current high levels of economic, regulatory, and industry change. With our combined size, shared cultures and financial strength, our combined organization will be uniquely positioned to deliver value for our associates, customers, communities and shareholders. I believe that the overall future looks very bright."
Kenneth Tan, CEO of TAP Group continued, "Two highly successful and profitable institutions are joining forces to create a more diversified and international company. We are pleased to have reached this agreement with SNPY, a company that shares TAP's vision for innovation on behalf of retailers. This transaction is an important affirmation of the meaningful value our employees have created, and we look forward to rewarding our stockholders with an immediate and attractive premium. I look forward to bringing the talented people of SNPY and TAP together as we continue to fulfill our commitment to unlocking the potential of robust technology services for retailers who wish to stay ahead of the game."
TAP Group's impressive client list includes some of the largest and most well-known Asian retail merchants.
- The Government of the Hong Kong Special Administrative Region (HKSAR) - TAP appointed vendor and service provider for the upgrade of the Cash Receipting System for a government body.
- A.S. Watson Group (HKSAR) - Serviced the world's largest health and beauty group operating in over 10,000 stores in more than 37 countries; serving over 26 million customers per week.
- SOGO Department Stores (HKSAR) - Provided services to one of Hong Kong's largest and most prestigious department stores
- PCCW (HKSAR) - Served the largest telecom service provider and electronic retail chains in HKSAR
- CTM (MSAR) - Worked closely with the largest and only full telecom service provider in Macau
- Robinsons Retail Group (Philippines) - Provided services to Philippine retail conglomerate with over 600 multi-format retail outlets across the country
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 registered office 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 completed the merger with TAP in April 2013. Hence, TAP operations and financials will fold into Sino Payments with the post-merger results from the date of merger in effect.
RELATED LINKS http://www.sinopayments.com/
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.
STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION
The financial information set forth above is unaudited and subject to adjustments. Adjustments to the financial statements may be identified when the annual financial statements are prepared and audit work is performed for the year-end audit, which could result in significant differences from this unaudited financial information.
Sino Payments, Inc.
Chairman & CEO
SOURCE: Sino Payments, Inc.