Source: Asia Payment Systems
Asia Payment Systems, Inc. (OTC Bulletin Board: APYM) today announced that it has signed an agreement in principle to acquire Global Uplink Communications Ltd. (Global Uplink), a Chinese company based in Guangzhou, China, with established loyalty program operations and related services in China and Hong Kong.
Global Uplink, which was established in 2001, will bring to Asia Payments successful operations in business processes outsourcing (BPO), loyalty programs, customer relations management (CRM) as well as additional consumer services. The Company conducts business in what is recognized as the rapidly growing regions within China, including Guangzhou, Dongguan and Hong Kong. The Company's client base includes financial institutions and multi-national corporations that are operating in these areas.
The agreement, which is subject to standard due diligence procedures as well as final documentation by both parties, should likely be finalized in the fourth quarter of 2006.
Mr. KK Ng, CEO of Asia Payments, stated, "Global Uplink is a well-managed, growing company whose dedicated and experienced senior staff has exhibited an excellent track record over its few short years of operation. In addition, Global Uplink's CRM and call center operations are currently profitable, and acquisition of the company will immediately provide Asia Payments with a minimum of US $1 million per year in revenue."
Mr. Ng continued, "We intend to thoroughly capitalize on Global Uplink's strong client base, marketing our payment processing services as well as card and loyalty rewards programs to them." In addition to gaining Global Uplink's established business-client base, Asia Payments will also be the benefactor of significant consumer data on the emerging middle-class in China.
Mr. Chen Yu Hua, Founder and General Manager of Global Uplink, stated, "We are very excited to become part of the Asia Payments family, and we firmly believe the combined strength of both of our organizations will greatly increase our revenue growth potential in the enormous market that China's emerging middle class represents."