10 Aug 2009 07:00
10 August 2009 GEONG International Limited ("GEONG" or "the Company") Contract Wins within Tier-Two Banking Sector
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 recently signed a number of new contracts with tier-two Chinese banks worth a total value of RMB 7.1 million.
GEONG has signed four contracts that will see it leverage existing PortalAge solutions, already used by tier-one banks, to help clients build their internet banking facilities and employee portals. These contracts have been signed with the Rural Bank of Dongguan, the Bank of Qilu, the Guangdong Development Bank and the Bank of Dezhou and are worth a total of RMB 2.9 million.
The Company has also been developing a number of new PortalAge solutions during the past six months, specifically tailored to meet the core banking and CRM needs of tier-two banks. The solutions have been developed in swift reaction to an emerging and fast growing demand from tier-two banks for more efficient IT systems and are priced and positioned appropriate to the sub-sector.
These new solutions are already proving popular with two recent contract signings, including a RMB 3.2 million contract with the Rural Bank of Shangdong and a RMB 1.0 million contract with the Bank of Dalian.
In addition, an advantage of these contracts is that tier-two banks in China typically offer more favourable payment terms and GEONG expects the full impact of this to be realised in the 2nd and 3rd quarters of the next financial year.
Weidong Wang, Chief Executive of GEONG, commented: "We are delighted with these contract signings which demonstrate the versatility of our PortalAge solutions and represent a significant breakthrough for GEONG within the fast growing tier-two banking sector. There are over 200 tier-two banks within China, most of which are just beginning to build their IT systems, presenting considerable opportunities that we feel we are well positioned to benefit from."
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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