News today:
Monday June 28, 11:57 am Eastern Time
Company Press Release
SOURCE: Intermost Corporation
Intermost To Own 70% Of Major Cyber-Cash Banking Payment System
NEW YORK, June 28 /PRNewswire/ -- Intermost Corporation (OTC Bulletin Board: IMOT - news) today announced that it has signed a joint venture agreement with Jiayin Investment Company Ltd. to develop China's first network payment system. Jiayin's telephone banking system and computer network technology is used by 75% of commercial banks in Shenzhen, the high-tech and information technology capital of China.
The name of the new company is tentatively called Jiayin Electronic Payment Technology Co. Ltd., subject to the company registrar's approval. Under the terms of the agreement, Intermost will hold 70% interest in the joint venture company. Jun Liang, President of Intermost, said, ''The registered capital of the new company is 5 million RMB. However, total investment for the new business is expected to be much more.''
Mr. Liang continued, ''This joint venture comes during a major growth stage in the Chinese Internet market. The number of Internet users has grown steadily since China lowered its nationalized Internet access fees in March. Since then, the number of Internet users in China has ballooned from about 2 million to over 5 million. That's a 150% increase in three months; China has suddenly become one of the largest Internet-user communities in the world. Intermost has a significant opportunity here since there is a tremendous bottleneck caused by the lack of a national electronic payment system. E- commerce applications are extremely limited in this market. Through our joint venture, we will be able to promote Jiayin's proprietary E-commerce system, which is already a market leader, both technologically and in marketshare.''
Jiayin also has an exclusive agreement with the Shenzhen Financial Settlement Center, a central bank organization in Shenzhen, to pilot test a telephone and Internet payment system. The final version of the Internet payment system has been completed and is awaiting approval from the People's Bank, China's central banking authority. Jiayin will assign all related existing contracts, technology and patents to the joint venture and will no longer operate payment-related business in China.
Intermost is the first US-listed information technology firm from China. The Company is an Internet content provider in China, focused on business-to- business content hosting and maintenance. Intermost is a market leader in providing services to large organizations and export-oriented companies.
Investor information can be found on the web at: www.MarketManagement.com or www.Intermost.com .
Brokers call Steve Smith at: (407) 834-4446.
''Safe Harbor'' Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
SOURCE: Intermost Corporation
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