Pansoft Signs Major Software System Development and Integration Contract With PetroChina(Jan 4, 2010)
Jan 4, 2010, 9:00 am EST
JINAN, CHINA--(Marketwire - 01/04/10) - Pansoft Company Limited (NASDAQ:PSOF)
("Pansoft" or the "Company"), a leading ERP software service provider for the oil and gas
industry in China, today announced that it has entered into a significant software
system development, expansion and integration contract with PetroChina valued
at approximately $5.0 million (RMB 34.0 million) on December 30, 2009. This
represents the largest single contract in the Company's history and will include
system integration, expansion development, training and technical support.
Under the agreement, Pansoft will integrate FMIS 7.0, the largest centralized
accounting system developed by the Company and operating in PetroChina for years,
with PetroChina's other SAP ERP systems that cover major operation process such
as production, purchasing, sales and logistics and continue to be implemented
and extended to all subsidiaries of PetroChina.
The integration project was initiated to resolve the redundancy in operations
and data entry and lack of communication between the FMIS and SAP ERP systems,
two giant independent systems that were run separately prior to the integration.
Detailed feasibility studies were conducted for months before the official
commencement of the project. The integration project will form a unified
information platform and expand the functionality of the current ERP systems
to optimize PetroChina's operations and systems applications. This platform will
leverage the current legacy systems and provide seamless communication and data
exchange. With the new strategic structure, the system will not only protect
the IT investment that the client has already committed, but also establish an
"all-in-one" solution for the client's ERP needs. It will cover operations of
all PetroChina's subsidiaries in China and significantly improve management and
operation decisions with timely, integrated and accessible operational and
financial data. The integration is a critical step in the evolution towards an
"Integrated Total ERP System."
"This contract demonstrates Pansoft's superior technical capabilities to
integrate sophisticated ERP systems with the Company's proprietary tool
development platform and provides us with access to PetroChina's core information
platform to integrate additional solutions and applications in the future," said
Guoqiang Lin, Chief Executive Officer of Pansoft. "Our continued partnership
with PetroChina with innovative and on-demand ERP support further strengthens
its market position in the industry. This also represents another milestone for
Pansoft in integrating its centralized accounting system with mainstream ERP
systems in the market based on its flexible and multi-functional interfaces with
ERP systems. We will continue to leverage our industry expertise, technical
capabilities, and strong tool platform to penetrate new potential markets for
our FMIS financial and accounting system and increase brand awareness and
profitability."
About FMIS
PetroChina's Centralized Accounting and Financial System (FMIS 7.0), developed
by Pansoft, is a vertical system implemented from PetroChina's headquarter to
all of its subsidiaries to support their budget control, accounting fund
management and reporting, This powerful accounting system covers four different
business segments and 15,000 users, 8,000 cost, profit or revenue centers, 15
million transactions, 150 million accounting entries representing RMB 5 trillion
($732 billion) of transaction value, and over 105 regional subsidiaries in
different levels. This system enables direct electronic communication of business
financial data and processes from corporate headquarters to subsidiaries to
support budget control, accounting, fund management and reporting.
About Pansoft Company Limited
Pansoft is a leading enterprise resource planning ("ERP") software and
professional services provider for the oil and gas industry in China. Its ERP
software offers comprehensive solutions in various business operations including
accounting, order processing, delivery, invoicing, and inventory control and
customer relationship management.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements concerning Pansoft
Company Limited, which include but are not limited to, statements regarding
Pansoft's acquisition strategies, timing of development projects and efforts
to achieve business growth, improvement on profit margin and anticipated revenue
growth. The actual results may differ materially depending on a number of risk
factors including but not limited to, the following: general economic and business
conditions, development, shipment and market acceptance of products, additional
competition from existing and new competitors, changes in technology or product
techniques, and various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this Cautionary Statement
and the risk factors detailed in the Company's reports filed with the Securities
and Exchange Commission. Pansoft Company Limited undertakes no duty to revise
or update any forward-looking statements to reflect events or circumstances after
the date of this release.
Contact:
Pansoft Company Limited
Allen Zhang
Chief Financial Officer
Phone: +86-531-8887-1159
Email: allen.zhang@pansoft.com
CCG Investor Relations Inc.
Mr. Crocker Coulson
President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
WEB: http://www.ccgirasia.com
