Software Circle Regulatory News (SFT)

29 Jun 2007 10:03

Sinosoft Technology plc29 June 2007 For immediate release: 29 June 2007 SINOSOFT TECHNOLOGY PLC ("SINOSOFT" OR "THE COMPANY") TRADING UPDATE Sinosoft, the China-based developer and provider of software and IT solutions toChinese regional and national government agencies and export enterprises, ispleased to announce an update on trading prior to the Company's half-year end on30 June 2007. Export Tax SoftwareAs previously disclosed, Sinosoft's wholly owned subsidiary Nanjing Skytech Co.,Ltd in conjunction with two partners, China National Software and TechnologyService Corporation and Taihe Digital Science and Technology Co., Ltd wasawarded a tender on 8 December 2005 by the Chinese State Administration ofTaxation ("the SAT") to develop, install and support the roll out of its exporttax software to provincial tax bureaus across China. Following initial delays in the roll out, it was set out in the AGM statement of2 May 2007, that the project is progressing according to the amended timetable.Following the completion of product testing, the intention is to commence theroll-out in Anhui Province. This is expected to begin in the third quarter ofthis year, with revenue being generated from September. The roll-out to furtherprovinces is expected to commence on a staged basis from the fourth quarter ofthis year. E-government solutionsThe Company is pleased to announce that it has recently won new contracts worthUS$0.2 million to supply its e-government system software solutions to theBureau of Culture, the Bureau of Health and two district government agencies inNanjing, the capital of Jiangsu Province. There are a number of further e-government contracts in the pipeline andSinosoft's intention is to provide this offering to other bureaus and districtgovernment agencies in Nanjing followed by other cities in Jiangsu Province. Further Developments: Outsourcing contract with Bruxton CorporationSinosoft entered into an outsourcing contract valued at US$ 0.85 million, on 15June 2007, for the development of computer data security software with BruxtonCorporation, a US IT company. The software products' IP is owned by NanjingSkytech Co. Ltd. This represents an exciting new area of business for theCompany and there are plans to expand the software outsourcing developmentoffering in the future. New branch in BeijingThe Company will be opening a new branch in Beijing in July. The opening of thenew branch is a significant development for the Company and will facilitatesales to new sectors both domestically and internationally. Ms Xin, Chief Executive of Sinosoft commented: "The financial performance of theCompany in the first half is in line with our expectations. We look forward tothe SAT roll out commencing shortly and remain confident in the future prospectsof the business." -ends- For further information, please contact: HansonWesthouse Tim Metcalfe/Richard Baty 020 7601 6100 Tavistock CommunicationsSimon Compton/John West020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange