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2 Sep 2009 07:00
02 September 2009 GEONG International Limited ("GEONG" or "the Company") Contract Extensions
GEONG International Limited (AIM: GNG), the AIM listed China based provider of enterprise content management (ECM) software and solutions, is pleased to announce that a number of its SaaS contracts have recently been extended beyond 2009. The total value of these contracts will now be worth RMB 7.3 million ( 0.7m) to GEONG.
GEONG has signed SaaS contract extensions up to July 2010 with two of its clients: Xinhua Insurance, a Top 10 insurance company in China; and Huaneng Capital, the largest energy holding company in China. Both these contracts will operate on a quarterly payment basis and together will be worth RMB 4.9 million.
A further SaaS contract extension was also signed with Shu Ya to July 2014. This will operate on a monthly payment term and will be worth an additional RMB 1.2 million to GEONG.
Weidong Wang, Chief Executive of GEONG, commented: "We are delighted to have signed extension agreements to these contracts. Together these demonstrate the growing success of GEONG's SaaS platform which was launched in 2008. In addition, the continued shift in our business toward a SaaS delivery model will benefit GEONG by improving cash flow over the long term as a result of increased recurring revenue and accelerated cash inflow."
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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