CALGARY, ALBERTA -- (Marketwire) -- 01/08/13 -- GINSMS Inc. (TSX VENTURE: GIN) is pleased to announce the appointment of Joel Siang Hui Chin as Chief Executive Officer ("CEO") of the Corporation effective immediately. Mr. Chin will also remain the CEO of Inphosoft Group Pte Ltd. the Singapore based provider of mobile data services and solutions recently acquired by the Corporation in September 2012.
Commenting on the appointment, Jonathan Lai, Chairman of the Board stated: "Joel brings a wealth of experience in the mobile data services and solutions business and will help improve the implementation of the Corporation's business strategy. He will also help in the pursuit of new opportunities that have a potential to improve the financial strength of the Corporation."
The Corporation also entered into an amendment to the January 12, 2012 Share Purchase Agreement entered among the Corporation, Inphosoft Pte. Ltd., Inphosoft Group Pte. Ltd., Inphosoft Singapore Pte. Ltd., Inphosoft Malaysia SDN. BHD., Inphosoft Technology SDN. BHD. and PT Inphosoft Indonesia. The amendment was required to modify certain terms and conditions of the Share Purchase Agreement related to the adjustments to the principal amount of the convertible debentures issued by the Corporation in payment of the purchase price and placed into escrow following the closing of the acquisition of Inphosoft Group Pte. Ltd. in September 2012.
GINSMS owns 100% of Global Edge Technology, a technology company focused on providing inter-operator short messaging services to mobile telecom operators in Hong Kong. GINSMS also owns 100% of Inphosoft Group Pte. Ltd., a leader in providing innovative mobile data services and solutions in the areas of mobile advertising, mobile payment and banking, mobile service delivery platforms and mobile social networking services. Since its inception, Inphosoft has accelerated mobile data adoption through more than 100 deployments globally for mobile operators, financial institutions, media companies and enterprises. Inphosoft operates out of three offices in Singapore, Malaysia and Indonesia.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with GINSMS' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to GINSMS or its management. The forward-looking statements are not historical facts, but reflect GINSMS' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in GINSMS' Filing Statement filed on August 29, 2012 with the regulatory authorities. GINSMS assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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