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HONG KONG, June 1, 2018 - (Media OutReach) - EFT Solutions Holdings Limited (the "Company", together with its subsidiaries, the "Group"; Stock Code: 8062), a leading electronic fund transfer at point-of-sale ("EFT-POS") solution provider in Hong Kong, is pleased to announce that, the Group has completed the acquisition 70% of the entire issue share capital of Earn World Development Limited (a local retail software solution provider) together with its subsidiaries (collectively "Earn World"), at the consideration of HK$210 million (the "Acquisition"). Upon Completion, Earn World becomes a subsidiary of the Company and accordingly, the financial information of the Earn World will be consolidated into the accounts of the Group.
Earn World has been in the information technology industry for more than ten years. It is principally engaged in the provision of software solution in retail, distribution and accounting sectors including point-of-sales system, ordering and inventory system and accounting system, with the objective of providing commercial software applications and retail and distribution solutions which are suitable for global operation. Earn World has a diversified client base which includes local and multinational listed corporations and renowned local groups in various sectors, such as apparel and footwear, beauty and cosmetics, food and beverage, and furniture and home appliance.
The signed sales contracts on hand of Earn World consist of (i) maintenance of systems and software which have been procured by customers previously (the "Sold Systems and Software"), (ii) enhancement and upgrade of the Sold Systems and Software; (iii) licence of software and POS system for use by customers; and (iv) key products including the SmartWin POS system, SmartWin Mobile POS system ("Mobile POS") and SmartWin VIP APP ("Membership App Solution"). All those software solutions developed by Earn World will be able to be integrated with EFT-POS terminals and software solutions of the Company.
Mr. Lo Chun Kit Andrew, chairman, Chief Executive Officer and executive director of the Group said, "we are principally engaged in the provision of EFT-POS solutions, which is complement with the business of Earn World. It is believed that the Acquisition will provide synergy effect for the Company. We aim at integrating Earn World's software solutions with our EFT-POS terminal and software solutions in order to enhance one-stop integrated payment solution to our clients. We are confident that the Acquisition could provide an opportunity to the Company to enlarge the market share of the software solutions business and to explore more business opportunities in payment solutions so as to strengthen the Company's financial position and maintain its growth in Hong Kong."
About EFT Solutions Holdings Limited
EFT Solutions Holdings Limited (Stock Code: 8062) has been committed to provide a full range of electronic payment solutions, supporting software and peripheral devices. EFT aims at providing the most suitable electronic payment solution for different customers, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation. EFT's EFT-POS terminal service covers all major chain stores and department stores in Hong Kong, including Sogo, PARKnSHOP, DFS and Watsons.
Topic: Press release summary
Source: EFT Solutions Holdings Limited
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