22 Jul 2009 09:58
22 July 2009 GEONG International Limited ("GEONG" or "the Company") Contract Extension
GEONG International Limited (AIM: GNG), the AIM listed China based provider of enterprise content management (ECM) software and solutions, is pleased to announce that it has signed a contract extension with a leading international telecom solutions provider.
The agreement sees GEONG extend its high-level management consultancy contract with the client for a period of one year, from 1 April 2009 to 31 March 2010. The agreement generated revenues of USD1.9 million ( 1.2 million) during the three month period from 1 April 2009 to 30 June 2009, compared with USD4.5 million ( 2.8 million) for the twelve months to 31 March 2009.
The contract forms part of GEONG's `import' strategy, in which the Company works with its Chinese clients to help them build their overseas operations. As a result of this, revenues for the contract are chiefly derived in US dollars and are therefore reported as such.
Weidong Wang, Chief Executive of GEONG, commented: "We are delighted to have signed this contract extension with one of our key clients and remain confident of continuing our long-standing relationship with this major global player. This clearly demonstrates our considerable success in helping our clients accelerate their expansion into overseas markets. GEONG has continued to successfully secure new business, both with new and existing clients, during the first quarter of 2009, and we are confident of this trend continuing throughout the remainder of the year."
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 5222 0999Henry Tse, ChairmanWeidong Wang, CEOAmit Thakar, CFOSeymour Pierce Tel: +44 (0)20 7107 8000John DepasqualeICIS Tel: +44 (0)20 7651 8688Bob HuxfordHilary Millar
About GEONG International Limited
Operational since 2000, GEONG specialises in collaboration and content management software and services. Its products are specifically tailored for the Chinese market, where the Company is recognised by Government agencies and numerous blue chip clients as a leader in its field. GEONG was named The Most Successful Enterprise in ECM Software in China 2007 to 2008 by China's Centre for Information Industry Development and CCID Consulting; and one of the fastest growing companies in Asia at the Deloitte Technology Fast 50 China and Deloitte Technology Fast 500 Asia Pacific awards. The Company has recently expanded into North America setting up operations in Canada.
Registered in Jersey, the Company's operations are headquartered in Beijing. The Company's shares were admitted to AIM in June 2006 and trade under the ticker GNG.L
For more information, please visit www.geong.com
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