PORTLAND, Ore. September 21, 2006 — Vesta Corporation, an innovator and worldwide leader in virtual commerce solutions, announced it has acquired Unimobile, the leading provider of prepaid mobile top-up services in Beijing. Unimobile will operate as a subsidiary of ChinaDotMan, a Beijing-based company that offers a broad range of mobile and online payment solutions. Vesta acquired ChinaDotMan in early 2005.
“We plan to combine Unimobile’s electronic PIN distribution network and extensive retailer relationships throughout Beijing with the electronic payments experience of Vesta and ChinaDotMan. Together, the combined company will be able to extend its product offering to include an electronic point-of-sale solution that facilitates retail transactions using cash, debit cards and credit cards,” said Doug Fieldhouse, CEO and President of Vesta Corporation.
Currently the largest distributor of prepaid PINs in Beijing, Unimobile plans to expand its geographic coverage with leading wireless operators in five provinces next year. “The strength of Unimobile’s reputation as a distributor of prepaid PINs, and its recent agreement to expand its relationships into five new provinces are essential ingredients in our strategy to develop a nationwide network for electronic point of sale,” commented Mark Atkeson, COO of ChinaDotMan.
Financial terms of the transaction were not disclosed, however it was noted that the transaction, which closed in mid-September, will be immediately accretive to earnings.
Designers of the Chinese Mobile Electronic Card System, Unimobile was established in 2000. The company distributes recharge cards for China Mobile for top-up of mobile prepaid accounts. Unimobile’s distribution footprint in Beijing includes thousands of retail outlets and kiosks. For more information, visit www.unimobile.com.cn.
Established in 2000, ChinaDotMan Co. Ltd. is one of China's leading virtual payments companies, offering mobile payment solutions via SMS, MMS and WAP and online payments via debit and credit cards and stored value solutions. ChinaDotMan combines mature network, communications and software technologies to develop all kinds of practical and beneficial applications and services including wireless subscriptions and online travel for more than seven million registered users. For more information, visit www.9588.com.
Headquartered in Portland, Oregon, USA, and with operations in China and Europe, Vesta has been a pioneer and worldwide leader in virtual commerce since 1995. Vesta utilizes proprietary authentication and fraud screening measures in managing its telecommunications and financial services clients' virtual (phone and Web) payment programs, and provides a secure, privacy-assured payment alternative to end users. Vesta has been recognized by Inc. magazine as one of America's fastest growing privately owned companies for five years running. Vesta's clients include AT&T, Cingular Wireless, T-Mobile USA, MCI, IDT, Sprint, and Firefly Mobile. For more information on Vesta Corporation, email info@trustvesta.com.
Mark Atkeson, Chief Operating Officer, ChinaDotMan
mark@9588.com
+86 10 5986-2244