Information  X 
Enter a valid email address

e-pay Asia Limited (EPY)

  Print      Mail a friend

Friday 07 September, 2007

e-pay Asia Limited

China Market Entry

e-pay Asia Limited
07 September 2007


                               e-pay Asia Limited

    e-pay Asia Limited is a leading provider of electronic payment solutions
        and top up services for prepaid mobile users in South East Asia

                       e-pay Asia Limited to enter China

The Board of e-pay Asia Limited ('EPY') is pleased to announce that it has
signed an agreement with AsiaNet Technology Limited ('ANTL') to mark its first
move to address the significant electronic mobile top-up market opportunities in

ANTL is a special purpose vehicle incorporated in Hong Kong which has strategic
partnership alliances within the telecoms sector in certain provinces in China
and intends to embark on a mobile prepaid top-up business in these territories.
EPY will provide ANTL with valuable technical, operational and marketing input
into the setting up of electronic mobile top-up infrastructures.

Under the terms of the agreement, EPY will grant a A$2.5m convertible loan note
to ANTL with the right to convert it to a 51% stake in ANTL within twelve months
of this agreement. In addition, EPY has been given first right of refusal for
the remaining equity stake in ANTL at a price currently under negotiation.

ANTL's responsibilities under the agreement include securing agreements with
Telecommunication Operators, operating licences and delivering a service in
tandem with local partners.

The Board believes that this is a significant opportunity for EPY. China has a
population of 1.32 billion with mobile phone subscriptions standing at 480
million in March 2007, expected to rise to 520 million in 2008 and 600 million
by 2010.

This agreement allows EPY to work through a local partner, which as previously
stated will enable the business to become embedded within the Chinese mobile
services sector, thereby securing longer term benefits and returns.

Further progress will be announced in due course once the various agreements and
licences have been secured.

For more information:

Jack Tan                  e-pay Asia Limited    +614 1828 6266 / +612 9283 8835
Company Secretary                               [email protected]

Yap Chih Ming             e-pay Asia Limited    +601 7229 1616 / +603 5632 2488
Chief Financial Officer                         [email protected]

UK / Europe
John Croft                e-pay Asia Limited    +44 7785 315 588
Non-executive Chairman                         [email protected]

David Newton              Seymour Pierce        +44 20 7107 8000
Nominated Adviser                               [email protected]

Shane Dolan               Biddicks              +44 20 7448 1000
Financial Public Relations                      [email protected]

                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t