May 10, 2007
Oxford Investments Holdings Completes Closing of Partnership With Wanzhi Electron S&T Co., Ltd
TORONTO, ON. - May 10, 2007 - Oxford Investments Holdings Inc. (OTCBB: OXIHF) is pleased to announce that it has completed the acquisition of thirty-five percent (35%) of Foshan Foshantong Information Technology Co., Ltd. from Wanzhi Electron S&T Co., Ltd. through Oxford's joint venture partner, the Ko-Ho Group. Foshantong is an electronic payment smart card program used for public transportation and small payment transactions in the municipality and is an accepted form of payments for many designated merchants in the Foshan urban region.
Foshantong is a local government initiative to build the municipality as an electronic payment model in the Pearl River Delta region and is the only prepaid card authorized by the government to be issued by a non-bank entity in the Foshan urban region. Citizens are encouraged to use this card for small payment transactions. The electronic purse of the card can be built into many sub-brands smart cards, such as student card, worker card, resident card, library card, or transportation card and is expected to evolve into an all around use card similar to the "Octopus" card used for the complete Hong Kong transportation system and all general shopping transactions.
Wanzhi is now converting 300,000 existing card accounts to the Foshantong Card program. The portfolio includes the existing Foshan Education One Card, Smart Cards issued to the staff of Chigo Air-Conditioning Manufacturing Co., Watson's loyalty cards, library membership cards and Foshan residential district cards. Wanzhi shall provide 500 P.O.S. (point of sale) card-processing units for use by Foshantong at merchant locations in addition to the existing 500 units now placed with merchants. A bonus point based loyalty card program and a gift card program are being planned. These programs may be named to Oxford's choice of a brand name.
Revenues are generated from initial card fees, the merchant transaction fees and interest earned on the float (prepaid deposit). At the moment, a refundable deposit of RMB 30 is charged for the card in addition to the initial deposit of funds. It is planned to abolish the deposit and to be replaced by the one-time non-refundable fee of RMB 15, but in return cardholders will be given goods and services in excess of such value.
"We are very pleased to have acquired a stake in another successful Chinese technology Company through our joint venture Ko-Ho Group." stated Michael Donaghy, President of Oxford Investments Holdings. "Receiving an initial order to convert 300,000 cards is an milestone in our mission to become one of the leaders in the electronic payments, security card and prepaid card businesses in China".
Libra Chen, CEO of Foshantong commented, "We are very pleased to have Ko-Ho as a participant in our business, and to have the payment system expertise provided by Oxford. Foshantong is now in a position to enhance the services to the general public and to roll out more payment-related programs."
About Oxford Investments Holdings Inc.
Oxford Investments Holdings Inc. is now establishing itself as a leading online payment solutions Company. The Company is concentrating its business around its "FocusKard" suite of products. The FocusKard suite provides a comprehensive card payment solution meshed with a user-friendly e-wallet for e-commerce businesses.
For further information, please visit Oxford Investments Holdings website at www.oxsof.com or AGORACOM’s Oxford Investor Relations Hub at www.agoracom.com/IR/Oxford, phone Michael Donaghy at 1-800-293-4871 or email OXIHF@agoracom.com.
FORWARD LOOKING STATEMENTS DISCLAIMER:
Statements in this press release, which are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with product liability and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on suppliers, risks relating to international operations, risks associated with competition and other risks detailed in the Company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
This release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be a sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the laws of any such jurisdiction. This press release was accurate at the time it was issued but may not reflect the Company's current strategy or product offerings.
