BARNSTEAD, N.H. and CHONQING, China, Nov. 9 /PRNewswire-Asia-FirstCall/ -- Pay88, Inc. (OTC Bulletin Board: PAYI) announced today that it has signed an LOI with Chongqing Kai Yuan investment Co. marking Pay88's first step toward achieving their goal of becoming China's online supermarket of financial products and services.

Chongqing Kai Yuan Investment Co. is a niche financial services firm that provides micro-loans to small enterprises throughout Chongqing, a municipality of more than 31 million people, and the third fastest-growing regional economy in China. Kai Yuan Investments reported a net profit of $1.6 million USD in 2008.

Pay88, is already the leading reseller of internet game time in China's booming $2.75 billion online video game market. The company sells online multiplayer game time and prepaid cards in more than 20 cities in China and has already successfully captured more than 80% of the online multi-player game time market in Chongqing. Pay88 also markets prepaid telephone cards and over 800 software products, including cooking, language and education software. Adding financial products and services to their menu of offerings, company officials say, is a natural and a powerful step forward in the company's goal to become the premier online provider of consumer products and services throughout China.

The agreement with Chongqing Kai Yuan will soon make it possible for new clients to use Pay88's platform to apply for loans online. In addition, it will allow current clients to register, maintain and update their business profiles and financial reports online, a convenience that wasn't previously available. Pay88 projects the expansion of their platform, making these services fully available, will be complete by Q1 of 2010.

Guo Fan, Chairman and President of Pay88, commented on the new agreement saying, "Kai Yuan has a solid management structure with excellent local know-how about Chinese enterprises, the capital markets and the finance systems, and they provide valuable financial products and services to their clients. This agreement leverages Pay88's large customer base, diverse distribution channels and strong presence in Chongqing and southwest China offering both our companies excellent opportunities for growth."

"Our long-term goal," he adds, "is to digitize and streamline the whole processes of customer acquisition, client management, loan application and loan issuing. Once the expansion of our platform is complete, we plan to co- design and digitize an entire series of financial products, not only with Chongqing Kai Yuan Investment Co., but with many reputable financial services firms."

About Pay88, Inc.

Pay88, Inc., through its wholly-owned subsidiary, Chongqing Qianbao Technology, Ltd., is a rapidly growing digital technology company and the leading reseller of internet game time in China with over $19.7 million USD in revenues in 2008, a 134.8% increase over revenues in 2007. The company is primarily engaged in the sale of prepaid online multi-player game cards in more than 20 cities in China, an industry that generated $2.75 billion in 2008 and is expected to reach $3.8 billion by the end of 2009. In addition, the Company sells prepaid telephone cards and over 800 software products, including cooking, language and education software through its websites, http://www.iamseller.com and http://www.17logo.com which has more than 1 million registered users.

    For additional information visit:
    http://www.Pay88.com
    http://www.iamseller.com/English/Index.aspx

Forward Looking Statements

Certain information contained in this news release, including without limitation, statements related to Pay88's outlook for 2009, which are based on management expectations, are considered forward looking statements. Investors and prospective investors are cautioned about factors which have in some cases affected Pay88's actual results and could affect its actual results and cause them to differ materially from those expressed in any such forward looking statements. Actual results may also differ due to factors over which the Company has no control including general economic and business conditions, earthquakes or effects of war or terrorists acts on the capital markets or on company activities. Please refer to Risk Factors contained in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2009.

    For more information, please contact:

     Payy88, Inc.
     Tel:   +86-23-6775-7997
     Fax:   +86-23-6775-7887
     Email: China@pay88.com

SOURCE Pay88, Inc.

Back to top

RELATED LINKS
http://www.Pay88.com
http://www.17logo.com
http://www.iamseller.com
http://www.iamseller.com/English/Index.aspx