BEIJING, April 29, 2011 /PRNewswire-Asia/ -- Trunkbow International Holdings Limited (NASDAQ: TBOW) ("Trunkbow"), a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in the PRC, today announced that it has entered a strategic cooperation agreement with Hangzhou Icafe Technology Co Ltd. (SHE: 300113) ("Icafe"), a leading provider of Internet cafe desktop application services in the PRC, to offer mobile payment applications and services for Internet cafe owners and individual users.
Under the agreement, Trunkbow will integrate its mobile payment solutions into Icafe's Internet cafe-based entertainment platform available to 50 million paying users visiting 90,000 Internet cafe locations The mobile payment solutions include a desktop application enabling various payment transactions to be made over the Internet, as well as mobile payment-enabled Point of Sale (POS) technology.
The Trunkbow platform will serve as the bridge between Icafe's desktops and mobile networks, enabling secure payment processing and account management via a desktop application, mobile app, or a mobile payment-enabled POS terminal. Users can activate new accounts through the desktop application, giving them a new, convenient way to provide payment for physical or online transactions via a mobile phone or desktop.
"This agreement with Icafe is a significant step forward for Trunkbow and an important validation of our technology. With a nationwide footprint and over 50% of China's Internet cafe desktops, Icafe is the ideal partner to bring our industry-leading MPS technology into Internet cafes as we continue growing our user base in an effort to bring MPS to the greater population," commented Trunkbow's CEO, Mr. Li Qiang. "This deployment will further expand our MPS presence, both geographically and demographically. Our platform is currently in use by merchants and end-users in 16 provinces across China, and we are working aggressively to expand its coverage by continuing to build brand equity and leveraging our strong R&D capabilities through the introduction of new products. Our current pipeline includes several exciting payment applications and services scheduled to be released later this year, which will increase the value we bring to merchants, mobile operators, and consumers."
Icafe's Chairman Mr. Hua Yong added, "We are excited to partner with Trunkbow and to bring their innovative MPS technology to our desktops across the country. I believe that the integration of their payment platform will bring substantial value and convenience to our 50 million subscribers. I am confident that the addition of MPS on our desktops will help drive continued revenue and market share growth, while further differentiating Icafe from other providers of Internet cafe desktop application services in the PRC."
Trunkbow's consolidated mobile payment solutions offer a comprehensive, single-source payment system combining hardware, software and services. The payment platform is easily integrated into a telecom carrier's mobile network and supports the processing of transactions and management of user data. The applications provide an easy-to-use interface, enabling communication between end-user devices and the network-based platform. The Company's services are aimed at end-users through mobile applications and MPS-enabled in-store POS terminals.
Trunkbow International Holdings (NASDAQ: TBOW), is a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in PRC. Trunkbow's solutions enable the telecom operators to offer their subscribers access to unique mobile applications, innovative tools, value-added services that create a superior mobile experience, and as a result generate higher average revenue per user and reduce subscriber churn. Since its inception in 2001, Trunkbow has established a proven track record of innovation, and has developed a significant market presence in both the Mobile Value Added and Mobile Payment solutions markets. Trunkbow supplies to all three Chinese mobile telecom operators, as well as re-sellers, in several provinces of China.
Hangzhou Icafe Technology Holdings Ltd., founded in July 2005, is a leading provider of Internet cafe desktop application service in the PRC. With the aim of offering an all-in-one online entertainment platform, Icafe has built a leading Internet cafe-based Internet entertainment platform. Icafe's product offerings include content management applications, an on-demand platform, and a comprehensive identification and payment system. Icafe was listed on the Shenzhen Stock Exchange under the ticker symbol 300113 in August 2010.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to, statements regarding the significance of the Company's listing on the NASDAQ Global Market, the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Actual results may differ materially depending on a number of risk factors including but not limited to, the following: general economic and business conditions, development, shipment and market acceptance of products, additional competition from existing and new competitors, changes in technology or product techniques, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. Trunkbow International Limited undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Trunkbow International Holdings Limited
Ms Alice Ye, Chief Financial Officer
Phone: +86 (10) 8571-2518 (Beijing)
Mr. John R. Herrera, Senior Vice President
Phone:+1 (512) 568-2715 (Austin)
Investor Relations Contact:
CCG Investor Relations
Mr. John Harmon, Senior Account Manager
Phone: +86 (10) 6561-6886 (Beijing)
Mr. Roger Ellis, Senior Partner & SVP for M.I.
Phone: +1 (310) 954-1332 (Los Angeles)
SOURCE Trunkbow International Holdings Limited