SOURCE: Tianjin IC Card Public Network System Co. LTD

August 12, 2008 09:00 ET

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.

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