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August 12th, 2008
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) -- 08/12/08 -- 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,
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)
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
The company is majority owned by Shanghai Rubi Investment
Co. Ltd., Tianjin Public Transit Holdings Group, Inc. and
Tianjin Global Magnetic Card Co. Ltd.
Red River Advisors
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