|
Yucheng Technologies Limited OTC Symbols Change to Reflect Foreign Issuer Status to YCHTF and YCHTWF
Wednesday November 29, 5:59 pm ET
NEW YORK--(BUSINESS WIRE)--In connection with the acquisition by Yucheng Technologies Limited of the operations in the PRC of Beijing Sihitech Co., Ltd and Beijing e-Channels Century Technology Co., Ltd. the company now qualifies as a foreign issuer. To reflect the change, the trading symbols of Yucheng on the Over-the-Counter Bulletin Board will change to YTEC and YCHTWF.OB on November 30, 2006.
The change in symbol reflects the reporting status with the Securities and Exchange Commission as a foreign issuer. The objective of becoming a foreign issuer was part of the reason for the merger into a British Virgin Islands company completed on November 24, 2006, to align the company's income tax liabilities with the location of its business activities, reducing the overall impact certain taxes, including corporate income tax, on its expenses and net income.
Questions and inquiries for further information may be directed to James Preissler, Secretary, of Yucheng Technologies Limited. He can be reached via telephone at (646) 383-4832.
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. 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; integration of the Sihitech and e-Channels businesses; 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.
|
