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Asia Payment Systems signs Indonesia's Jaring Synergi Mandiri

17 October 2006  |  2292 views  |  0 Source: Asia Payment Systems

Asia Payment Systems, Inc. (OTC Bulletin Board: APYM; "Asia Payments") announced today that its wholly owned subsidiary, Cardtrend Systems Sdn. Bhd. ("Cardtrend"), has achieved a major breakthrough in the Indonesian cards and payments market by signing a contract to license the use of its payment and loyalty card systems with PT Jaring Synergi Mandiri ("JSM") of Jakarta, Indonesia.

JSM is a Payments and Loyalty-Rewards Operator cooperating with several large banks in Indonesia. With operations in Jakarta and Surabaya, JSM is also a member of a consortium appointed by Pertamina to issue Fleet/Fuel payment cards, called the Pertamina GAZ KAD, to be accepted at about 3,500 Pertamina gas stations. Pertamina is the largest oil company in Indonesia and competes with Petronas, Shell and other multinational oil companies. This new Cardtrend contract will contribute US$450,000 to 2006/2007 revenue, plus recurring maintenance income of about US$100,000 annually.

This contract represents the first significant transaction concluded by Cardtrend since its recent agreement to merge with Asia Payments. This success is indicative of the competitiveness and market acceptance of Cardtrend, whose systems are also now being deployed within Asia Payments' own operations.

KK Ng, President and CEO of Asia Payments, said: "The additional US$450,000 of revenue generated from this contract by Cardtrend, is not only a pleasing development for Asia Payments, but it also provides important momentum for our two other business units. We are even more confident that the recently set revenue target of $3 million for 2007 is achievable."

KK Low, Managing Director of Cardtrend and Chief Technology Officer of Asia Payments added: "This contract results from one of the many negotiations we are currently engaging in with potential clients in a number of Asian countries. In particular, we are focusing our resources in China to accelerate negotiations with potential clients there."

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