Longtop Announces Closing of the Acquisition of Giantstone and Reconfirms Guidance

Jan 31, 2010, 04:17 ET from Longtop Financial Technologies Limited

HONG KONG, Jan. 31 /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 it has completed the acquisition of Giantstone Information & Technology Ltd. (Giantstone), a leading core banking solution provider in China.  

"Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter," commented Weizhou Lian, Chief Executive Officer of Longtop. "While we are still in the process of finalizing our financial results for the quarter ended December 31, 2009, we feel confident we will be able to achieve the current First Call revenue and Adjusted Earnings Per Share consensus for both fiscal Q3 and Q4 2010. The changes and prospective changes to the People's Bank of China reserve ratio or the possibility that non-performing loans may increase had no negative impact on our Q3 results and we believe these factors will also have no negative impact on our Q4 2010 results."   

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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 is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar year 2008. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.

For more information, please visit: http://en.longtop.com/.

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SOURCE Longtop Financial Technologies Limited