HONG KONG, April 21, 2011 /PRNewswire/ -- Sino Payments, Inc. (OTCBB: SNPY) today announced that it has signed an agreement to provide egiftcard processing for SOGO department stores in Hong Kong. Sino Payment's wholly owned subsidiary, TAP e-Payment Services (TEP), in partnership with TAP Group will provide the processing for SOGO when purchases are made using SOGO's egiftcards at the point of sale.
SOGO Hong Kong is converting its existing paper voucher program to a new egiftcard program for their customers by utilizing smart cards for prepaid gift transactions. It is expected that the estimated volume for the SOGO egiftcard sales on an annual basis will be approximately $27 million (USD).
Sino Payments President and Founder, Matthew Mecke, stated, "By providing ongoing egiftcard and later virtual giftcard processing to SOGO, we are proud to announce that we will be receiving a small portion of each sale processed by SOGO HK for this egiftcard project and we look forward to providing epayment services both to SOGO HK and to our other growing customers in the near future. In addition I am proud to announce we have started receiving client revenues via our Hong Kong Joint Venture 'TeP' and we will be reporting our progress on this and other matters as soon as possible."
About SOGO Department Stores (www.sogo.com.hk)
SOGO HONG KONG CO., LTD (or "SOGO") commenced its operations in 1985, the largest Japanese-style department store. SOGO is one of the major shopping landmarks for Hong Kong people and tourists. SOGO is characterized by the "one-stop shop", "shop-in-shop", "Japanese style" and "customer oriented" concepts, which offer quality goods and services, customer convenience, and comfortable and pleasurable shopping environment. Through out the years, SOGO has experienced continuous expansion. With its aim to creating the best and most ideal shopping environment for its shoppers, SOGO underwent major renovation and expansion and become Jumbo SOGO in 1993. SOGO has a dimension of 400,000 sq. ft., compared to 120,000 sq. ft. when it was first established. On 15 April 2004, Lifestyle International Holdings Limited, the holding company of SOGO, was successfully listed on The Stock Exchange of Hong Kong Limited.
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a US public company with offices in Hong Kong. In addition to providing stand-alone worldwide ecommerce processing capability, Sino Payments' proprietary IP transaction processing system (SinoPay GPP) is designed to convert transaction processing systems from old type dial up point of sale systems linked to sophisticated check out terminals to a modern seamless IP transaction process, reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia.
Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Sino Payments, Inc. results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and Sino Payments, Inc. undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
SOURCE Sino Payments, Inc.