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Longtop Signs Contract to Upgrade the Enterprise Customer Information Facility for a Joint Stock Bank in China

Posted on: Thursday, 7 May 2009, 07:00 CDT

XIAMEN, China, May 7 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that it has signed a contract to upgrade the Enterprise Customer Information Facility (ECIF) for a leading joint-stock customer in China.

The ECIF is a centralized enterprise-class data warehouse system which collects and maintains comprehensive and real-time information of the bank's nation-wide customers. As one of the most mission-critical applications of the bank, it provides the linkage between all of the accounts that belong to a customer, and supplies customer information to many other application systems such as Customer Relationship Management (CRM), call centers, teller and E-banking systems, as well as Decision Support Systems (DSS). By centralizing the customer information in ECIF, data entry and maintenance functions are significantly reduced and data integrity is ensured.

In this project, Longtop will upgrade the customized ECIF system to realize the automatic synchronization between ECIF and the bank's new core banking system, adding new management features and optimizing the system architecture.

"We are pleased to work with this joint-stock customer in the area of data integration in which are a market leader in China," commented Weizhou Lian, Chief Executive Officer of Longtop. "This contract affirms our view that strong market demand for data integration continuous to generate recurring revenue for our company."

According to independent research company IDC, Longtop is a leading player in management related ODS, Data Integration and business intelligence solutions, which are among the fastest growing areas in China's banking IT solution market in the next five years.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as ''believes,'' ''expects,'' ''anticipates,'' ''intends,'' ''estimates,'' the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.

About Longtop Financial Technologies Limited

Founded in 1996, Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop has 6 solution delivery centers, 3 research centers and 75 service centers located in 27 provinces throughout China. For more information, please visit: http://www.longtop.com .

SOURCE Longtop Financial Technologies Limited

Source: PR Newswire

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