29 Jan 2009 07:00
29 January 2009
Earthport plc ("Earthport") or ("the Company")
Business and Operational Update
Earthport, the global payments utility, is pleased to announce the following update:
A promising successful start to campaigns in both the Middle East and Asia Pacific regions
Expansion of Banking Coverage
Business Update:
Following the establishment of Earthport Middle East, a team has recently returned from the UAE after having presented Earthport's service to a range of potential clients. Initial feedback has been positive. A number of potential clients have asked to pursue more detailed discussions.
Earthport has continued to market its services in Asia Pacific. Early indications are that there is substantial demand for Earthport's service in Asia Pacific including in China, the Philippines and Singapore. Contracts, which are expected to generate revenue in the next 12 months, have already been signed with a number of parties:
Contract signed with a remittance and prepaid card company Redikard based in Manila, Philippines - www.redikard.com
Further contract signed e-Clearing to establish its "EC Transfer" service that provides international payments capabilities to the travel industry - www.e-clearing.com.
Existing relationships continue to develop and the Company has received renewals of a number of existing contracts in the Leisure and Entertainment Industry. The current economic environment has increased the need for Earthport services.
Operational Update:
Work is continuing on progressing contracts and integrations with a number of clients, including major banks. The banks have been affected in various ways by the difficult issues in the financial industry. In some cases, this has resulted in longer timeframes for progression of contracts and integrations as the banks' attentions have been diverted. Interestingly, the current scarcity of liquidity in the banking sector has made Earthport's service more attractive to banks as they seek to reduce infrastructure costs and time to market.
The Company's original UAE relationship with Standard Chartered Bank has expanded to a relationship with Standard Chartered Bank on a global basis. The relationship is to be centralised in Singapore.
The Company has seen significant momentum established to add to its existing Bank Account presence in Asia (Singapore, Hong Kong, Malaysia and Macao). New accounts have been opened in the Philippines, Indonesia and Thailand
The Company continues to see exciting opportunity through Earthport USA Ltd.
James Bergman, Chief Executive Officer, commented on the positive progress over the past six months by saying, "Despite the current economic environment, Earthport continues to develop its Global Network which is resulting in further contract wins and recognition by third parties of Earthport's potential. This progress will yield results in the near term."
- ENDS -
For further details, please contact:
| Earthport plc Mike Harrison, Executive Chairman James Bergman, Chief Executive Officer | +44 (0)20 7220 9700 |
| Cenkos Securities plc Nicholas Wells / Elizabeth Bowman Andy Roberts | +44 (0)20 7397 8900 |
| Financial Dynamics Jonathon Brill / Alex Beagley / Laura Proudlock | +44 (0)20 7831 3113 |
About Earthport
Earthport (www.earthport.com) specialises in the international transactional marketplace by providing a highly secure, high volume global collection and payment capability. It has been making national and international payments and collections since 1998.
Earthport owns, provides and hosts an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.