Asia Pay Announces Restructuring of Its Senior Management Team17 October 2005
Asia Payment
Systems, Inc. (OTC Bulletin Board: APYM) today announced it has completed a
restructuring of its management team.
Matt Mecke, the company's President and CEO, has relinquished his
executive positions to make way for key senior appointments that will enable
Asia Pay to focus greater attention on revenue growth and consolidate its
approach to developing business in China. Mr. Mecke will continue as a
director of the company and Vice-Chairman of the board.
The board of directors has appointed Robert Clarke as CEO and Benny Lee as
President. Both are existing members of the board, and Bob Clarke was
recently elected Chairman of the Board, a position he had held for a number of
years previously.
The new appointments reflect Asia Pay's renewed and intensified commitment
to capitalize upon the abundance of opportunities in China and to fully
integrate its service offerings across the broader East Asian region. The
business opportunity and the company's proven business model remain
fundamentally unchanged, but Asia Pay will focus added effort on accelerating
revenue growth to become net cash positive.
Benny Lee, as President, is based in Shanghai and will be responsible for
directing all aspects of Asia Pay's operations and business development. Mr.
Lee has extensive experience in the Asian credit card market, initially with
American Express and later with MasterCard where he served as Vice President -
Asia/Pacific. Later with MasterCard he served as Vice President for Canada.
Benny Lee has been involved in the development of the China credit card market
since its earliest days and has assisted various financial institutions in
initiating credit card operations - including the introduction of the Bank of
China's Greatwall MasterCard, the first credit card in China. More recently,
as President of MBf Card International, he was responsible for setting up card
centers and joint ventures in Hong Kong, Taiwan, Vietnam and other Asia
Pacific countries. Among many other accomplishments he has also served as
President-Asia for Western Union.
Bob Clarke assumes the role of CEO and will be responsible for Asia Pay's
public company and regulatory functions, as well as corporate finance and
development. He has been a director of the company since its inception and
has also served as director of a number of public companies over the past
15 years. He will continue to be based in Hong Kong, but will work closely
with Benny Lee in realizing Asia Pay's exciting business potential.
Asia Pay will also continue to monitor the China and Asian markets for
strategic partnerships and joint venture opportunities, adding management and
technical resources in line with operational needs and the company's expanding
business.
About Asia Payment Systems
Asia Pay is a US public company with offices in: New York City, Shenzhen
and Hong Kong in China and Singapore. Asia Pay is developing a credit card
processing network that provides clearing services to merchants and financial
institutions in China, Japan, and other markets in Asia.
Centered upon its mission is to become a national provider of world-class,
third-party processing services in China, Asia Pay has systems, hardware, and
personnel strategically positioned. Armed with this infrastructure which now
embraces China, Japan and Singapore, Asia Pay is able to deliver service and
grow its client base both in China and across the Asian region. The company
continues to identify new opportunities to expand nationwide in China, which
is continuing to experience high growth in credit card issuance and usage.
China also has an estimated 800 million debit cards in use, and an expected
growth of an additional 80+ million debit cards annually.
Asia Pay's Singapore operation is the main gateway for global e-commerce
transactions, providing a multi-currency clearing/settlement capability.
Contacts
Asia Payment Systems, Inc.
Tel. +1-866-877-APAY
ir@asiapayinc.com
http://www.asiapayinc.com
Investor Relations
Sussex Avenue Partners
Tel. 760-918-5592
Toll-free. 866-878-7739
news@sussexavenuepartners.com
http://www.sussexavenueprofiles.com
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.
Source: PR Newswire
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