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Longtop Awarded Extended Contract with a National Commercial Bank in China for Software Testing Services

Posted on: Monday, 13 July 2009, 07:00 CDT

HONG KONG, July 13 /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 been awarded an extended contract by a National Commercial Bank customer in China to provide software testing services of its next generation core banking system.

Previously Jactus Labs, a leading third party testing company acquired by Longtop in January 2009, had been selected by the National Commercial Bank customer to provide software performance testing services when the bank started its new core banking project in 2007. Under the terms of the extended contract, Longtop will continue to provide software testing services, which include load and stress, reliability testing, user acceptance testing, defect follow-up management and overall testing, of the bank's next generation core banking system.

"We are excited to perform the testing of the National Commercial Bank's mission-critical core banking system, which requires sophisticated testing solutions and strong industry knowledge. This contract extension demonstrates the customer's recognition of the quality of our industry-leading software testing services," commented Weizhou Lian, Chief Executive Officer of Longtop. "With the acquisition of Jactus Labs we significantly increased our footprint in professional testing, which offers promising opportunities as our customers in the financial services industry are keenly aware of the increased importance of testing."

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 and development centers and seventy-five ATM 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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