Companies to Roll-out Terminal-Based MPS Platform in Hebei Province
BEIJING, Sept. 15, 2011 /PRNewswire-Asia/ -- Trunkbow International Holdings Limited (NASDAQ: TBOW) ("Trunkbow" or the "Company"), a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in China, today announced that it has been awarded its first MPS contract by China Mobile Limited ("China Mobile"), the nation's largest wireless carrier with over 600 million subscribers, to support China Mobile's deployment of a Point-of-Sale ("POS")-based MPS network in the Hebei Province, China.
"This deployment is a significant milestone for Trunkbow and an important validation of our industry leading MPS technology, and we are proud that our solution was selected to support the first sizeable MPS network build for China's largest mobile carrier," said Mr. Qiang Li, CEO of Trunkbow. "Hebei represents a sizeable market, with a population of over 72 million, and a demographic profile that suggests rapid end-user adoption of MPS technology as a convenient and secure alternative to traditional card-based identification and payment systems. We have a long-standing relationship with China Mobile through our MVAS technology, and believe that this deployment is a meaningful first step toward extending our collaboration into the MPS arena. As the technology becomes more prevalent in the market, we believe that we can extend our relationship with China Mobile into additional geographies and expand the scope of our partnership through the addition of new features and functionalities. This growth will enable China Mobile to generate additional value for subscribers and create new revenue opportunities for Trunkbow, further extending our leadership position in the Chinese MPS market."
Trunkbow targets to complete the installation of this platform on China Mobile's Hebei network in the fourth quarter of 2011 and expects to recognize revenue from the platform installation in late 2011. During the first phase of deployment, Trunkbow and China Mobile will roll out MPS-enabled POS terminals at academic institutions and enterprise locations, with the second phase to include the installation of MPS-enabled POS terminals at retail locations throughout the province.
This platform will allow China Mobile's over 30 million subscribers in Hebei province to make cashless purchases at retail locations using their MPS-enabled mobile phones at the point-of-sale, and will function as an electronic identification solution for students and employees at schools and other locations. China Mobile plans to begin offering these services in November 2011.
About Trunkbow
Trunkbow International Holdings (NASDAQ: TBOW) is a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in PRC. Trunkbow's solutions enable the telecom operators to offer their subscribers access to unique mobile applications, innovative tools, value-added services that create a superior mobile experience, and as a result generate higher average revenue per user and reduce subscriber churn. Since its inception in 2001, Trunkbow has established a proven track record of innovation, and has developed a significant market presence in both the Mobile Value Added and Mobile Payment solutions markets. Trunkbow supplies its mobile payment solutions to all three Chinese mobile telecom operators, as well as re-sellers, in several provinces of China. For more information, please visit www.trunkbow.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect the Company's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward looking statements involve known and unknown risks and uncertainties, including but not limited to uncertainties relating to the Company's relationship with China's major telecom carriers and its resellers, competition from domestic and international companies, changes in technology, contributions from revenue sharing plans and general economic conditions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that the Company's actual future results may be materially different from and worse than what the Company expects. Information regarding these risks, uncertainties and other factors is included in the Company's annual report on Form 10-K and other filings with the SEC.
