6 Jan 2009 07:00
6 January 2009 GEONG International Limited ("GEONG" or "the Company") Trading Update
GEONG International Limited (AIM: GNG), the AIM listed, China based provider of enterprise content management (ECM) software and solutions, today is pleased give shareholders an update on current trading.
The Company has signed eight new contracts worth £1.17 million (RMB11.7 million) in December within the financial services and automotive industries. These include China Construction Bank ("CCB") (£600,000/ RMB6 million) and Rural Bank of Shandong ("RBS") (£240,000/ RMB2.4 million). The CCB contract is for building a new online financial services portal, to significantly improve customer services, and the RBS contract for building a new Business Intelligence and Core Banking System. Other contracts won include Industrial Bank of China, China Bond, Changshen Mutual Fund, Guoshen Securities, Shanghai General Motors, and Shanghai Volkswagen. Despite these challenging times, the contract wins demonstrate GEONG's ability to strengthen their relationships with new and existing customers within these industries.
In December, GEONG also launched PortalAgeTM SaaS (Software as a Service) offering which can be integrated with SmartBoxTM SaaS offering. This service offering is best illustrated by EMC Corporation (EMC2) in China which adopts PortalAgeTM SaaS for their eBusiness and eCommerce application by linking to their resellers across China using SmartBoxTM SaaS. This highly cost effective solution will be very attractive to customers. The Company believes that this launch will support the sales of PortalAgeTM as well as SmartBoxTM in the current economic climate.
The Company's cash balance has increased to £1.49 million (30 September 2008: £ 0.47 million) by the end of December which is in line with management expectations. GEONG will continue to improve the cash collection system throughout FY2009. The Company's cash management system is proving to be effective.
Commenting on the contract wins, Weidong Wang, Chief Executive of GEONG, said:
"We are delighted to announce these significant contract wins, which againdemonstrate our continuing development and quality of our solutions to providefirst class service to our customers. The contract wins together with ourimproving cash balance underpins our position as a leading provider of ECMsolutions in China." - ENDS- Enquiries:Henry Tse, Chairman www.geong.com Weidong Wang, CEO GEONG International Limited Tel: +86 10 5222 0999 Paul Dulieu / Mike Ward Geong@redleafpr.com Redleaf Communications Ltd Tel: +44 (0)20 7566 6700 John Depasquale Seymour Pierce Tel: +44 (0)20 7107 8000 Notes to Editors
About GEONG International Limited
* GEONG is registered in Jersey and headquartered in Beijing. Its shares were admitted to AIM in June 2006 and trade under the ticker GNG.L * The Company has provided content management software and solutions since its establishment in September 2000 and has earned a reputation as a local technology leader in the Chinese Enterprise Content Management (ECM) market, especially in the financial services industry. * ECM software is an internet based suite of products that enables companies to capture, manage, store, preserve and deliver content, documents and data across thousands of users, processes and locations. * The Company has developed two proprietary product ranges: the PortalAgeTM suite designed for large enterprise customers and SmartBoxTM designed to capture the SME market's requirement for collaboration software. * PortalAgeTM clients include: Lenovo, Bank of Communications, China Construction Bank, FAW Volkswagen, Shanghai Automotive Industry Corporation, Shanghai General Motors and Air China. * In March 2007, the Company established a Canadian representative office in order to commence the international promotion of SmartBoxTM. * In 2006, GEONG was recognised for the second successive year in the Deloitte "Technology Fast 50 China 2006" and the "Technology Fast 500 Asia Pacific 2006", which recognises the fastest growing technology companies in China and in Asia Pacific respectively. * GEONG was short listed for the "Best Technology" category at the 2007 AIM Awards. * In October 2007, the company established a Guangzhou branch office in order to commerce the expansion of both PortalAgeTM and SmartBoxTM in Southern China.
vendor