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Longtop Signs Contract to Upgrade the Customer Relationship Management System for a National Commercial Bank in China

Posted on: Wednesday, 17 June 2009, 07:00 CDT

HONG KONG, June 17 /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 Customer Relationship Management (CRM) system for the headquarters of a leading National Commercial Bank in China.

Longtop was first selected by the customer to develop a customized CRM system in 2008 to improve the quality of client services and increase business efficiencies. In this phase-two project, Longtop will implement data-mining techniques and new analytical functions will be added including performance appraisal, unified view of customer profile, customer analysis and decision making, statistical inquiry and reporting. "I am delighted that our ongoing work has led to this opportunity to strengthen and expand our CRM service relationship with this customer," commented Weizhou Lian, Chief Executive Officer of Longtop. "It also demonstrates the recurring structure of our revenue model and extends our market leadership for management related solutions such as CRM."

According to independent market research firm IDC in its 2008 report on China's banking IT solution market, Longtop is the market leader for management related solutions, which include CRM solution. In IDC's 2007 report Longtop held the number one market share in the field of management related solutions.

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

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 six solution delivery centers, three research centers and seventy five 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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