SNPY News 2/01/2012: Sino Payments (QB) (USOTC

SNPY News 2/01/2012:


Sino Payments (QB) (USOTC:SNPY)
Today : Wednesday 1 February 2012

Sino Payments Merger Progress Update and TAP Founder Added to Board TAP Founder Benny Lee added to Sino Payments Board

PR Newswire

HONG KONG, Feb. 1, 2012 /PRNewswire/ -- Sino Payments, Inc. (OTCQB: SNPY) a technology Company providing proprietary IP transactions processing services to the retail industry, today announced the TAP Founder, Benny Lee, has been added to the Sino Payments Board of Directors as of January 25, 2012.

TAP Investment Group and Sino Payments have signed a merger agreement whereby all TAP activities will be folded into Sino Payments (OTCQB: SNPY) effective as of merger close and consolidated financials expected to be as of March 2012.

The merger process is underway and ongoing and while all of the terms of the merger agreement are not yet completed we are confident the merger will close during March 2012. We will make additional announcements as and when possible related to the merger close.

The addition of TAP Founder Benny Lee to the Sino Payments Board is one of the key milestones in the merger process and has been agreed for quite some time.

Matthew Mecke, CEO of Sino Payments, Inc. proclaimed, "We have made several announcements related to the merger of TAP and Sino Payments over the last 12 month and this is one of the largest milestones or steps to be taken related to this merger. TAP has been a leader in retail payment terminals and systems for many very large regional clients in Asia for the last 24 years. From 2005 to 2010 TAP achieved approx. 20% net margins on approx. 4mln USD in gross income year on year and we believe now that we are combining TAP and Sino Payments, we are looking for dramatic increases to this business for 2012 due to TAP's success at delivering with new customers and new products to existing customers. I fully welcome Benny Lee and existing Board member Raymond Lee as our newest Board members and expect very positive things to come in early to mid 2012 for Sino Payments as a result."

Calinda Lee, General Manager of TAP Services (HK) Ltd. stated, "We feel very positive about how the merger is going and look forward to bringing values to shareholders of the combined new Sino Payments, Inc."

About TAP (www.tap-group.com.cn)

TAP is a leading provider of customer-centric solutions for the retail industry. By integrating market-leading Point-of-Sales/Point-of-Interaction (POS/POI) and retail CRM solutions, TAP provides retailers with the capability to offer a consistent shopping experience across all channels, all the time, enabling them to easily and effectively manage the customer lifecycle on a one-to-one basis.

TAP is Headquartered in Hong Kong with offices in Macau, Shenzhen, Guangzhou, Shanghai, Beijing, and Manila with over 200 staff.

About Sino Payments, Inc. (www.sinopayments.com)

Sino Payments is a US public company with offices in Hong Kong. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains, including supermarket chains and large regional multinational retailers, in China and throughout Asia. Sino Payments has agreed with TAP to merger TAP operations and financials into Sino Payments with an expected merger close and full consolidation as of March 1, 2012.

Contacts: Sino Payments, Inc.Matthew MeckeChairman & CEOT 1.877.205.6270 x801ir@sinopayments.com

SOURCE Sino Payments, Inc.