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Hotgate Technology, Inc.’s Subsidiary REDtone China Venture into Prepaid Shopping Pass/ Card Business

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
  1. All of the liabilities/obligations that existed or occurred on or before the completion date belong to QIT.
  2. The Term Sheet is subject to the approval of the Board of Directors of the Company.
  3. RMB 200,000 RMB 200,000
  4. March 10, 2011

People’s Republic of China

  1. A common form of staff incentives granted by employers to employees as an alternate mean of cash-alternative salary disbursement;
  2. A popular means of corporate gifts and token of appreciation granted to business associates, especially during festive seasons; and
  3. 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.

Shanghai

the People’s Republic of China

Cautionary Disclaimer — Forward-Looking Statements

www.sec.gov

For more information, please contact:

Ivan Wong

Tel :   +603-8073 2288

Phone: +601 3214 1301

Em ail: [email protected]

Ng Keng Chai

Phone: +601 3338 0970

SOURCE Hotgate Technology, Inc.

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