Matt Mecke, the company's President and CEO, has relinquished his executive positions to make way for key senior appointments that will enable Asia Pay to focus greater attention on revenue growth and consolidate its approach to developing business in China. Mr. Mecke will continue as a director of the company and Vice-Chairman of the board.

The board of directors has appointed Robert Clarke as CEO and Benny Lee as President. Both are existing members of the board, and Bob Clarke was recently elected Chairman of the Board, a position he had held for a number of years previously.

The new appointments reflect Asia Pay's renewed and intensified commitment to capitalize upon the abundance of opportunities in China and to fully integrate its service offerings across the broader East Asian region. The business opportunity and the company's proven business model remain fundamentally unchanged, but Asia Pay will focus added effort on accelerating revenue growth to become net cash positive.

Benny Lee, as President, is based in Shanghai and will be responsible for directing all aspects of Asia Pay's operations and business development. Mr. Lee has extensive experience in the Asian credit card market, initially with American Express and later with MasterCard where he served as Vice President - Asia/Pacific. Later with MasterCard he served as Vice President for Canada. Benny Lee has been involved in the development of the China credit card market since its earliest days and has assisted various financial institutions in initiating credit card operations - including the introduction of the Bank of China's Greatwall MasterCard, the first credit card in China. More recently, as President of MBf Card International, he was responsible for setting up card centers and joint ventures in Hong Kong, Taiwan, Vietnam and other Asia Pacific countries. Among many other accomplishments he has also served as President-Asia for Western Union.

Bob Clarke assumes the role of CEO and will be responsible for Asia Pay's public company and regulatory functions, as well as corporate finance and development. He has been a director of the company since its inception and has also served as director of a number of public companies over the past 15 years. He will continue to be based in Hong Kong, but will work closely with Benny Lee in realizing Asia Pay's exciting business potential.

Asia Pay will also continue to monitor the China and Asian markets for strategic partnerships and joint venture opportunities, adding management and technical resources in line with operational needs and the company's expanding business.