Press Release Source: Financial Telecom Limited (USA) Inc.
Fintel Signed its Eighth Financial Service Client
Wednesday July 6, 6:00 am ET
HONG KONG--(BUSINESS WIRE)--July 6, 2005--Financial Telecom Limited (USA) Inc. (Business Name: Fintel Group) (OTCBB:FLTL - News), www.fintel.com, announced today that it has signed a multi-year, financial service contract with Chinasoft Limited. The total contract value is US$634,560 for ten years, payable monthly, for a total of $63,450 per year. Fintel also received an option to purchase 19% of Chinasoft.
Chinasoft Limited is a Hong Kong based company specialized in providing professional technology consultancy services to banks in Hong Kong and China. Chinasoft has a team of high caliber bankers and IT professionals with vast experiences in large domestic and international banks within the Asian region. Chinasoft serves its banking clients in China directly or through partners, such as IBM. Major customers include China Construction Bank, Bank of China, CITIC Industrial Bank, Fuzhou Commercial Bank, Shun De RCCU and Bank of East Asia, etc.
According to data from CCW Research, IT spending in the Chinese banking industry reached $2.57 billion in 2004, an increase of 6.2% over 2003. The fastest growing sector is the small to medium size banks. Chinasoft targets the services segment, which is 23% of the total IT spending for the industry and this figure is projected to grow substantially as the domestic banking sector continuous to reform.
About Financial Telecom Limited (USA), Inc. (Fintel Group)
Fintel offers corporate financial services on a long term basis to profitable privately held Chinese companies and its shareholders. Fintel at the same time obtains an option to invest in minority positions in client companies with its stock. Fintel targets high growth industries such as technology, media marketing, services and manufacturing. Fintel aims to assist its clients achieving corporate and personal financial goals. For further information, please visit: www.fintel.com.
Forward-looking statements
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
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Contact:
Financial Telecom Limited (USA) Inc.
Flora Song, (8621) 3304 0830
flora.song@fintel.com
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