Yucheng Technologies Limited Reminds Warrant Holders of the Warrant Redemption Date
June 06 2007 - 8:00AM
PR Newswire (US)
BEIJING, June 6 /Xinhua-PRNewswire-FirstCall/ -�C Yucheng
Technologies Limited (Nasdaq: YTEC; YTECW), a leading local IT and
outsourcing service provider focused on the Chinese banking
industry, today issues a reminder notice to warrant holders that
the last day for exercise of the warrants will be June 13, 2007.
The initial warrant call was issued on May 14, 2007 by the Company.
After the redemption date, holders of warrants who have not
exercised them will be paid $0.01 per warrant, and the warrant will
be extinguished. Prior to June 13, 2007, holders of the warrants
may exercise them for common shares by sending the warrants
together with payment in full of $5.00 per warrant to the company's
stock transfer agent, Continental Stock Transfer & Trust
Company. About Yucheng Technologies Limited Yucheng Technologies
Limited (NASDAQ:YTEC) is a leading IT and outsourcing service
provider to the Chinese banking industry. Headquartered in Beijing,
China, Yucheng has more than 800 employees and has established an
extensive footprint to serve its banking clients nationwide with
five subsidiaries and representative offices located in Shanghai,
Guangzhou, Xi'an, Xiamen, and Chengdu. Yucheng provides a
comprehensive suite of IT solutions and services to Chinese banks
ranging from 1) system integration and IT consulting, 2) solutions
and software platform, and 3) outsourcing operations. Yucheng
counts 13 out of the 15 top banks in China as its customers, and is
especially strong in banking channel management IT solutions and
services, such as web banking and call centers, and
risk/performance management solution consulting and implementation
services. It has a 70% market share in 2005 in China's web banking
application market, calculated based on users according to a third
party research report. Yucheng is ranked one of the top five IT
solution providers, along with IBM and Digital China by IDC's
"China Banking Industry IT Solution 2006-2010 Forecast and
Analysis" report released in September, 2006. Forward-Looking
Statements This press release includes forward-looking statements
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties. Forward-looking statements are statements that are
not historical facts. Forward-looking statements generally can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "project" or "continue" or the negative thereof or other
similar words. Such forward- looking statements, based upon the
current beliefs and expectations of Yucheng's management, are
subject to risks and uncertainties, which could cause actual
results to differ from the forward-looking statements. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements:
current dependence on the PRC banking industry demand for the
products and services of Yucheng; competition from other service
providers in the PRC and international consulting firms; the
ability to update and expand product and service offerings;
retention and hiring of qualified employees; protection of
intellectual property; creating and maintaining quality product
offerings; operating a business in the PRC with its changing
economic and regulatory environment; and the other relevant risks
detailed in Yucheng filings with the Securities and Exchange
Commission. The information set forth herein should be read in
light of such risks. Yucheng assumes no obligation to update the
information contained in this press release. For more information,
please contact: In Beijing, China Ms. Wei Peng Investor Relations,
Yucheng Technologies Limited Tel: +86-10-6442-0533 Email: In the
U.S.A. Mr. Jim Preissler Director, Yucheng Technologies Limited
Tel: +1-646-383-4832 Email: DATASOURCE: Yucheng Technologies
Limited CONTACT: China contact - Ms. Wei Peng, Investor Relations,
+86-10-6442-0533, or ; US contact - Mr. Jim Preissler, Director,
+1-646-383-4832, or , both of Yucheng Technologies Limited
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