Sino Payments, Inc., a technology Company providing proprietary IP transactions processing services to the retail industry, today announced that as a follow on to the recently announced merger with TAP Investments Group, a TAP wholly owned subsidiary in the People’s Republic of China (PRC) has signed a contract worth over USD1.5 Million with Wincor Nixdorf for the provision of Helpdesk, Hardware, Software Maintenance, New Store Opening and IMAC services to the world #1 Health & Beauty retailer’s 1100+ retail outlets in the PRC. The contract services started on the 1st of January 2012 and will last until 31stDecember 2012.
TAP Investment Group and Sino Payments have signed a merger agreement whereby all TAP activities including those for this new contract will be folded into Sino Payments (OTCQB: SNPY) effective as of merger close and consolidated financials expected to be as of March 2012. The merger process has not yet been completed but many of the related tasks have been and we expect to make additional related announcements as soon as possible.
Matthew Mecke, CEO of Sino Payments, Inc. proclaimed, “Our merger partner TAP has been profitable for the last 5 years from 2005 to 2010 with approx. 20% plus net margins on 4mln USD in Gross Revenue. This agreement announced today significantly increases the top line and bottom line numbers for TAP and is an indication of where this company is going post merger with TAP. We feel strongly that there is much more to come and we are very pleased to be making this announcement today and congratulate the team at TAP for this additional contract on top of what has been announced recently in terms of new business from existing clients and new deployment of mobile stored value card service to some existing TAP clients.”
Calinda Lee, General Manager of TAP Services (HK) Ltd. stated, “On top of the size of this order, which is more than 1/3 of our 2012 budget and solidifies our standing in the retail solution market in Asia, the fact that the end-user is opening on average 1 shop per day in the PRC makes this deal extra attractive to us and it also represents a good foundation to build and expand our Retail Alliance and mobile Stored Value Card initiative which is a virtual gift card and virtual loyalty type solution.”
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