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Longtop Achieves CMMI Level 5 Certification
Demonstrates International Quality Management and Processes for Software Development
HONG KONG, March 1 -- Longtop Financial Technologies Limited ("Longtop") (NYSE:LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced it has achieved company-wide Capability Maturity Model Integration (CMMI) Level 5 Certification for software development. CMMI is an international standard developed by the Software Engineering Institute (SEI) to assess the maturity of software development processes. Maturity Level 5 is the highest rating that can be achieved under the standard.
"We are extremely proud to have joined the select group of companies worldwide that have CMMI Level 5 certification," said Weizhou Lian, Chief Executive Officer of Longtop. "The CMMI Level 5 certification reflects our commitment to continuous process improvement and providing our clients with the highest quality software solutions and services."
"Having certified various leading software companies around the world with CMMI Level 5 certification, I believe Longtop is clearly a deserving recipient of this certification. CMMI Level 5 demonstrates that Longtop is one of the leaders in the Chinese software industry. Not only is this milestone a significant achievement for Longtop, it also highlights the growing maturity of the Chinese software industry as well as the continued expansion of the CMMI as a means to benchmark organizations throughout the world," said Henry Schneider, a SEI certified High Maturity Lead Appraiser with SEI Partner Process and Product Quality Consulting (PPQC).
About SEI
The Software Engineering Institute (SEI) is a U.S. Department of Defence federally funded research and development center operated by Carnegie Mellon University. The SEI helps organizations make measured improvements in their software engineering capabilities by providing technical leadership to advance the practice of software engineering
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar year 2008. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.
For more information, please visit: http://www.longtop.com/ .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes, " "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.
For more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-54624301
Source: Longtop Financial Technologies Limited
CONTACT: Investors, Charles Zhang, CFA of Longtop Financial Technologies
Limited, +86-10-8421-7758, ir@longtop.com; or media, Caroline Straathof of IR
Inside BV, +31-6-54624301, info@irinside.com
Web site: http://www.longtop.com/
Longtop Achieves CMMI Level 5 Certification
Demonstrates International Quality Management and Processes for Software Development
HONG KONG, March 1 -- Longtop Financial Technologies Limited ("Longtop") (NYSE:LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced it has achieved company-wide Capability Maturity Model Integration (CMMI) Level 5 Certification for software development. CMMI is an international standard developed by the Software Engineering Institute (SEI) to assess the maturity of software development processes. Maturity Level 5 is the highest rating that can be achieved under the standard.
"We are extremely proud to have joined the select group of companies worldwide that have CMMI Level 5 certification," said Weizhou Lian, Chief Executive Officer of Longtop. "The CMMI Level 5 certification reflects our commitment to continuous process improvement and providing our clients with the highest quality software solutions and services."
"Having certified various leading software companies around the world with CMMI Level 5 certification, I believe Longtop is clearly a deserving recipient of this certification. CMMI Level 5 demonstrates that Longtop is one of the leaders in the Chinese software industry. Not only is this milestone a significant achievement for Longtop, it also highlights the growing maturity of the Chinese software industry as well as the continued expansion of the CMMI as a means to benchmark organizations throughout the world," said Henry Schneider, a SEI certified High Maturity Lead Appraiser with SEI Partner Process and Product Quality Consulting (PPQC).
About SEI
The Software Engineering Institute (SEI) is a U.S. Department of Defence federally funded research and development center operated by Carnegie Mellon University. The SEI helps organizations make measured improvements in their software engineering capabilities by providing technical leadership to advance the practice of software engineering
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar year 2008. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.
For more information, please visit: http://www.longtop.com/ .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes, " "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.
For more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Tel: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Tel: +31-6-54624301
Source: Longtop Financial Technologies Limited
CONTACT: Investors, Charles Zhang, CFA of Longtop Financial Technologies
Limited, +86-10-8421-7758, ir@longtop.com; or media, Caroline Straathof of IR
Inside BV, +31-6-54624301, info@irinside.com
Web site: http://www.longtop.com/