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Tianjin IC Card Public Network System Co. LTD Announces Strategic Partnership With Alternet Systems, Inc. for E-Ticketing and Mass Transportation Solutions
TIANJIN, CHINA--(Marketwire - August 12, 2008) - Tianjin IC Card Public Network Systems Co.
LTD (TCPS) today announced the official formation of a joint venture with
Alternet Systems, Inc. (OTCBB : ALYI ). Through the agreement, Alternet
Systems will be TCPS' strategic partner in Latin America through a newly
formed joint venture named Transtech Sino America, Inc. TCPS is a large,
established company based just outside of Beijing in Tianjin, China,
providing urban mass transportation fare collection with proven contactless
card and terminal solutions that have been developed and implemented in the
most populated country in the world. TCPS chose Alternet Systems for their
experience in Latin America and for their proprietary wireless
e-transaction capabilities, which are complementary to TCPS' contactless
card and financial terminals.
Mr. Wei Xiu, Chairman of TCPS, stated, "We are very excited about our
partnership with Alternet and enthusiastic about the opportunities ahead of
us. Combining our fleet management solutions with their e-transaction
technology, in the newly formed company, creates a turn-key solution for
the mass transportation industry. We have experienced great success in
Asia, but Alternet's experience will be invaluable as we seek to expand
into Latin America. We look forward to a long, highly successful
partnership."
TCPS is currently the market leader in China, with more than 57% of the
market served. Currently, TCPS' systems are used in 76 cities and process
prepaid fares for more than 300 million people. TCPS has issued more than
100 million contactless cards, has proprietary technology in the fare
collection industry and has set up a post graduate Research and Development
facility in partnership with Hebei Industry University.
The joint venture, TransTech Sino America, will be headquartered in
Alternet's offices in Miami, Florida. Alternet will manage all of the
joint venture's business opportunities in the Americas and the Caribbean
and Mr. Yanbin Wang, currently the COO of TCPS, will be the Executive
President of the joint venture.
About Alternet Systems (www.alternetsystems.com)
Alternet Systems, Inc. provides telecommunications services, education and
health-care application software and systems, and electronic transaction
platforms for the mass transportation and utility markets. Alternet Systems
is a U.S. corporation with offices in Miami, Florida and Vancouver, British
Columbia, Canada.
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of 1933
and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to
the safe harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and objectives of
the Company, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially
from those anticipated in such statements.
About Tianjin IC Card Public Network Systems Co, LTD (TCPS)
(http://www.tcps.com.cn/EN/)
Tianjin IC Card Public Network system CO. LTD (TCPS) is a high-tech company
specializing in the development and production of contactless IC card
systems and financial payment terminals. TCPS has become a leader in the
area of contactless IC card payment systems, and has implemented public
transportation IC card payment systems and metropolitan multi-purpose IC
card systems in more than 76 cities in China, including Tianjin, Chongqing,
Xi'an, Hangzhou and Urumqi.
Tianjin IC Card Public Network system CO. LTD. provides comprehensive
solutions for urban public transport systems, including user information
systems, safety monitoring systems, communication platforms, fuel
management systems, charging systems and intelligent dispatch systems.
The company is majority owned by Shanghai Rubi Investment Co. Ltd., Tianjin
Public Transit Holdings Group, Inc. and Tianjin Global Magnetic Card Co.
Ltd.