NEW YORK Feb. 1, 2011 January 18, 2011 RMB 10 million RMB 7.9 million Shanghai
The predominant terms and conditions of the Term Sheet are:
- February 28, 2011
- RMB 2 million
- RMB 1.2 million
- December 31, 2010 RMB 90 million
- All of the liabilities/obligations that existed or occurred on or before the completion date belong to QIT.
- The Term Sheet is subject to the approval of the Board of Directors of the Company.
- RMB 200,000 RMB 200,000
- March 10, 2011
People’s Republic of China
- A common form of staff incentives granted by employers to employees as an alternate mean of cash-alternative salary disbursement;
- A popular means of corporate gifts and token of appreciation granted to business associates, especially during festive seasons; and
- The consumer spending pattern is changing from cash-based transactions to cash-alternative spending behaviors
Shanghai RMB 18 billion
This business will bring values to the Company as follows:
- Highly scalable due to low capital expenditure requirements and it is replicable to other provinces in PRC;
- Will generate huge cash reserve due to its prepaid nature;
- Complements Hotgate’s existing core business (i.e. Prepaid Services); and
- This business correlates with the E-commerce segment (online e-commerce settlement cycle) which command huge potential in PRC.
the People’s Republic of China
Cautionary Disclaimer — Forward-Looking Statements
For more information, please contact:
Tel : +603-8073 – 2288
Phone: +601 – 3214 – 1301
Em ail: [email protected]
Ng Keng Chai
Phone: +601 – 3338 – 0970
SOURCE Hotgate Technology, Inc.