TAP operations, clients, and revenues across Asia to merge into Sino Payments
HONG KONG, Dec. 8, 2011 /PRNewswire/ -- Sino Payments, Inc. (OTCBB: SNPY) today announced that it has signed an agreement with 100% of the shareholders of TAP Investment Group to merge all TAP operations into Sino Payments.
The newly restructured Sino Payments (OTCBB: SNPY) company after injection of all TAP assets and operations will be 51% owned by TAP Investment Group and will generate an expected USD 4million in total gross annual revenues and will be profitable on an operating basis immediately upon closing of the transaction which is expected by Feb. 2012 month end.
TAP clients include some of the largest and most well known Asian retail merchants including:
- AS Watsons Group (Hong Kong, China) 9,500 locations in more than 37 countries
- Sogo Department Stores (Hong Kong)
- PCCW (Hong Kong) Hong Kong's largest Telecom Fixed Line and Mobile Operator
- CTM (Macau) Macau's largest Telecom Fixed Line operator
- Robinsons Retail Group (Philippines) 2nd largest retail operator in the Philippines with approx. 1,000 multi-format stores (Toy R Us, Robinsons Supermarket. Robinsons Department Store, Handyman, etc.)
Sino Payments President and Founder, Matthew Mecke, stated, "This merger announcement with TAP Investments Group and its' various divisions is the culmination of some 4 years of work with discussions going on and off throughout that time. At this signing stage, we are very excited about the forward prospects and have many customer and revenue opportunities we will be laying out to first our customers and later our investors and the public as and when we conclude customer agreements and of course upon the completion of the terms of this merger agreement scheduled to be wrapped up and effective as of March 1, 2012."
Calinda Lee, General Manager of TAP Services (HK) Ltd., added, "As a private company we have been successfully building our business in Asia and specifically Greater China for the last 25 years. With this merger agreement to merger our operations and efforts into Sino Payments, we are taking a very long term step to move our activities to a new international level in terms of both growth and in terms of our international operations and plans. Our staff are excited about the new possibilities for our combined future under the new Sino Payments banner."
About TAP Group (www.tap-group.com.cn)
TAP Group is a leading provider of customer-centric solutions for the retail industry. By integrating market-leading Point-of-Sales/Point-of-Interaction (POS/POI) and retail CRM solutions, TAP provides retailers with the capability to offer a consistent shopping experience across all channels, all the time, enabling them to easily and effectively manage the customer lifecycle on a one-to-one basis.
TAP Group is Headquartered in Hong Kong with offices in Macau, Shenzhen, Guangzhou, Shanghai, Beijing, and Manilawith over 200 staff.
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a US public company providing credit, debit, stored value, loyalty, and other financial data processing services to customers primarily in Asia. Sino Payments focuses on providing IP credit and debit card processing and related financial data processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia.
