Formula Telecom Solutions, Ltd Establishes a Chinese Joint Venture with a Local Company
FTS continues worldwide expansion plans with JV with JPI Group, well-established Chinese investment and investment advisory company
March 7, 2006
Herzliya, Israel | March 7, 2006: Formula Telecom Solutions, Ltd. (LSE: FTS) (‘FTS’), a global provider of Billing and CRM solutions for service and content providers and the telecom industry, today announced that it has established a Chinese company in a joint venture with the JPI Group, a well-established investment and investment advisory company in China. The company will focus on marketing and selling FTS' Leap family of real-time business control, charging, billing and CRM solutions to the rapidly growing Chinese market. The creation of the Chinese company is part of FTS' worldwide expansion strategy.
"Entering the Chinese market is a strategic decision for FTS. This is a growing market with substantial opportunities. Furthermore, it complements our presence in the Asia Pacific Region," said Amos Sivan, CEO of Formula Telecom Solutions. "We are currently engaged with a number of Chinese service providers and have received very favorable feedback. However, given the long lead time customary in this market, we would expect to see meaningful revenues only after 18 months or so."
“We are proud to be working with such a highly regarded partner as JP International,” added Sivan. “I believe that their local presence and skillful management coupled with our vision position FTS’s operations in China for success.”
"We are very excited about the prospect of working together to market FTS solutions, which, as we have seen, offer great flexibility and can be tailored to the specific requirements of the Chinese market,” said Dr. JP Huang, Chairman of the Board and the Chief Strategic Planner of the JPI Group. "With the ever-increasing growth in subscribers, and with FTS' proven ability to deploy advanced solutions for all types of operators – mobile, fixed line, ISPs, cable and content – we foresee significant joint business opportunities."
FTS is currently working to adapt its product to the Chinese market in terms of language and functionality, with a view to marketing, selling and implementing the FTS solutions in China, utilizing local resources.
About Formula Telecom Solutions (FTS)
Formula Telecom Solutions (LSE: FTS) is a leading global provider of billing and CRM solutions for service and content providers and the telecom industry. With more than 50 customers in 40 countries, FTS delivers end-to-end and modular solutions to traditional operators and to providers of the world’s most advanced next-generation services. The FTS track record of successfully implementing complex projects enables customers to keep up with the ever-changing requirements of the industry. Combining on-time, on-budget project delivery with the extensive resources of the Formula Group (NASDAQ: FORTY), FTS is a CRM and billing one-stop shop.
In January 2006, FTS was ranked as the 54th fastest growing technology company on the 2005 Deloitte Technology Fast-500 EMEA.
For more information, please visit us at www.fts-soft.com.
About The JPI Group
JPI Group is a leading private operation-focused investment and investment advisory company in China. Founded in 1988, JPI Group develops and implements value added China strategies for its individual, institutional and governmental clients and partners. JPI Group invests its own capital resources together with its fellow client investors and partners in the areas of food and agriculture, human capital development, healthcare, logistics, environmental engineering, technologies, chemicals and pharmaceuticals. JPI Group operates as financial advisor, general partners, direct investor or portfolio asset manager in its financial services operations. JPI Group employs 900 staff and workers and has annual sales revenue in excess of USD 180 million. JPI Group is headquartered in Beijing with operations and offices across China and in New York, and can be found on the World Wide Web at http://www.jpi.cn.
SAFE HARBOR: Certain statements contained in this release may be deemed forward-looking statements, with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company's tools, successful implementation of the Company's tools, competitive factors, the ability to manage the Company's growth, the ability to recruit and retrain additional software personnel, and the ability to develop new business lines.
For further information please contact:
F.T.S. - Formula Telecom Solutions Ltd.
investors@fts-soft.com
Moshe Peterfreund, Tel. +972 9 952 6536
Ruder Finn
Glenn Jasper,
Tel. +972-54-467-6981,
glenn@ruderfinn.co.il
Ruder Finn
Glenn Jasper, Tel. +972-54-467-6981, glenn@ruderfinn.co.il
 
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