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Asia Payment Systems Forms Prepaid Business Joint Venture In South East Asia July 10, 2006 (Hong Kong) - Asia Payment Systems, Inc. (OTCBB: APYM) today announced that its Singapore-based, wholly-owned subsidiary, InterPay International Airtime, has formed a joint venture company, ETOP Services (Malaysia) Sdn. Bhd. (“ETOP Malaysia”) to sell prepaid products and services in Malaysia. Asia Payments owns 60% of ETOP Malaysia with the other partners being Seacare Holdings of Singapore, an investment holding company with interests in various countries in Asia, and KC Yap, a Malaysian entrepreneur, who has existing interests in telecommunications in Malaysia and Indonesia. KK Ng, Asia Payments’ President & CEO, commented: “ETOP Malaysia will be Asia Payments’ flagship operation in its prepaid business segment.. Prepaid products, such as telecom services for cellular and long distance calls; gift cards, entertainment and transportation tickets, as well as cash cards, are in high demand in Asia, and are especially attractive for vendors when distributed and sold to consumers via electronic systems such as ours.” ETOP Malaysia will recruit 2,000 retailers as Authorized ETOP Dealers who will be supplied with electronic terminals that permit the downloading of prepaid ‘stock’ on an on-line, real-time basis. Asia Payments’ on-line system will also permit real time management of dealer inventories and credit limits. KK Ng added: “Initial revenues are expected in the 3rd quarter of this year. We estimate that ETOP Malaysia will generate significant sales volumes in the first full year of operations and continue to double its annual volume each year over the first few years. ETOP Malaysia will serve as the template for similar ventures in China, as well as other major emerging markets throughout Asia, where the substantially larger market potential of these products can be exploited .” An Asia Payments director, Choo Jee Sam, has been appointed Chairman of ETOP Malaysia, while Mark WS Tan, recently recruited as SVP- Business Development, will also be a Director. KY Loke, who is responsible for developing and operating Asia Payments’ Prepaid Business Asia-wide, will be ETOP Malaysia’s Managing Director. KK Ng concluded: “We believe that ETOP Malaysia will contribute greatly to Asia Payments’ growth in revenues and profits.”
About Asia Payment Systems, Inc. Asia Payment Systems is a fully reporting US public company with its principal offices in Hong Kong and business activities keenly focused within the payment processing and loyalty rewards industry in China and throughout Asia. Asia Payments’ recently formed wholly-owned foreign enterprise in Shanghai serves as its business development vehicle in China. Following the also recent acquisition of InterPay, Asia Payments now owns assets and operates in multiple locations across Asia. Its long-term growth strategy is in place and calls for the development of various synergistic businesses throughout the region. For more information please visit Asia Payments’ corporate website (www.asiapayinc.com).
Contacts:
Asia Payment Systems, Inc.:
Investor Relations in the U.S.: Source: Asia Payment Systems, Inc.
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© 2006 Asia Payment Systems, Inc. |
