SOURCE: VisionSky Corporation

April 05, 2005 09:00 ET

VisionSky Corporation Licences Software to Second Chinese System Integrator

CALGARY, AB -- (MARKET WIRE) -- April 5, 2005 -- VisionSky Corporation (TSX-V: VKY) reports that it has entered into a contract to licence its proprietary business intelligence system to AdvantAsset Limited, a Kowloon company located in the Hong Kong Special Administrative Region of Hong Kong.

AdvantAsset Limited is a systems integrator and subcontractor that specializes in providing one of the leading complete core banking systems for use in large and medium sized financial institutions in China. The core banking system developed by AdvantAsset is specially designed for Chinese banks to allow for the integration with the worldwide banking industry.

AdvantAsset has secured a significant contract with Mainline Information Systems (Shanghai) Company Ltd ("Mainline") to provide the core banking system for the Jiangxi Provincial Rural Credit Cooperatives ("JRCCB"), a provincial banking corporation operated by the Peoples' Government of Jiangxi Province, China. The JRCCB is one of the pioneers among all provincial rural credit cooperative banks in China to employ the latest core banking systems using advanced technologies in response to the demands of more sophisticated market environment and government regulations due to China's entrance into the World Trade Organization. AdvantAsset has licensed VisionSky's business intelligence software solution with the intended use being JRCCB.

AdvantAsset intends to also directly bid for other Chinese provincial banking contracts, with VisionSky's critical software solutions as support, as provincial deregulation of the banking and financial sector continues and the World Trade Organization requirement of the introduction of foreign competition into China.

The key terms of the non-exclusive 18 month licence call for business intelligence system use in no more than two implementations for fees of HKD 1.5 million with payment 90 days after acceptance of key system delivery. The licence also provides for customary technical support and unlimited updates within the term period of the agreement.

About VisionSky Corporation

VisionSky Corporation through its wholly owned subsidiary VisionSky North America Inc. specializes in the provision of proprietary and non-proprietary business intelligence and enterprise data warehouse solutions in the financial and banking software sector in the Peoples Republic of China. VisionSky's solutions allow its customers to leverage existing systems and information to support strategic decision making.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information please contact:
    Eric LeBeouf or Carl Desjardins
    Relations Publiques Paradox Inc.
    Montreal, Quebec
    Telephone: 1-866-460-0408

    Gilbert Chan
    VP Marketing
    Bob Wai
    NAI Interactive Ltd.
    Vancouver, British Columbia
    Telephone: 1-604-488-8878

    Preston J. Maddin
    Vice President and Director
    VisionSky Corporation
    Telephone: (403) 589-6023