UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 29, 2009
SINO PAYMENTS, INC.
(Exact name of registrant as specified in its charter)
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Nevada |
000-53537 |
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(State or other jurisdiction of incorporation) |
(Commission File No.) |
Unit T25, GF Bangkok Bank Building
18 Bonham Strand West
Sheung Wan, Hong Kong
(Address of principal executive offices and zip code)
(203) 652-0130
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement.
Reseller Agreement
On September 29, 2009, the Registrant executed a Reseller Agreement (the “Agreement”) with eNETS Hong Kong Ltd. (“eNETS”), with an effective date of August 3, 2009, whereby eNETS and the Registrant have agreed that Registrant shall have the right to market and sell the eNETS payment gateway system, which is a direct debit and credit card payment gateway that allows users to receive payment of transactions electronically. Pursuant to the terms of the Agreement, the Registrant shall pay to eNETS a pre-determined rate for each transaction processed as fully set forth in the Agreement. The Agreement is attached to this Current Report as Exhibit 10.01.
The foregoing description of the Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.01 to this Form 8-K and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
On September 29, 2009, Sino Payments, Inc. announced that it had entered into the Agreement.
A copy of the release is attached as Exhibit 99.1. This information shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date of this report, regardless of any general incorporation language in the filing.
Item 9.01 Financial Statements and Exhibits
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Exhibit # |
Description |
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10.01 |
Reseller Agreement between Sino Payments, Inc. and eNETS Hong Kong, Ltd., dated August 3, 2009, and executed September 29, 2009. |
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99.1 |
A copy of the Press Release dated September 29, 2009. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SINO PAYMENTS, INC. |
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Date: September 29, 2009 |
By: |
/s/ Matthew Mecke |
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Matthew Mecke |
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Chief Executive Officer |
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Exhibit 99.1
Sino Payments Signs Agreement With eNETS for Ecommerce Processing in Asia
HONG KONG, Sept. 29, 2009 (GLOBE NEWSWIRE) -- Sino Payments, Inc. (OTCBB:SNPY) today announced that it has concluded a reseller agreement for credit and debit card ecommerce processing in Asia with eNETS.
Sino Payments will utilize eNETS to process ecommerce transactions from its customers in Asia in multiple currencies, including US dollar.
Sino Payments President and CEO Matthew Mecke added, "Our reseller relationship with eNETS will enable Sino Payments to offer ecommerce card processing to our growing merchant base in Asia. eNETS is well established in Singapore, Hong Kong, and China and cooperates with the largest banks in the region. This partnership allows us to utilize the eNETS banking relationship network to provide our merchants with regional ecommerce solutions in addition to our proprietary Sino Pay GPP physical store processing capabilities."
About Sino Payments, Inc. (www.sinopayments.com)
Sino Payments is a Nevada incorporated US Company with offices in Hong Kong and Macau. Sino Payments proprietary IP transaction processing system (Sino Pay GPP) was designed to convert transaction processing systems from old type dial up point of sale systems connected to sophisticated check out terminals to a modern seamless IP transaction process, thereby reducing credit and debit card transaction processing times by half at checkout. Sino Payments focuses on providing IP credit and debit card processing services to large retail chains in China and throughout Asia including supermarket chains and large regional multinational retailers.
The Sino Payments, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6215
About eNETS (www.eNETS.com)
eNETS Pte Ltd is a wholly owned subsidiary of NETS, a company that in turn is owned by Singapore's local banks. Whereas NETS enables physical world payments for the local PIN based debit and stored value card services, eNETS, its subsidiary, enables online payment services for banks, merchants and other payment gateways.
eNETS is the leading online payment gateway in Singapore, offering online credit card and direct debit products. eNETS enables payment from all major international credit cards including China UnionPay (CUP) as well as online direct debit (internet banking payments) from the largest banks in Singapore and China. The solutions that we have serve a broad range of merchants including multinational corporations, government agencies and sole proprietors.
eNETS Pte Ltd has wholly owned subsidiaries in Malaysia, Hong Kong and Macau which enables eNETS to serve regional customers.
FORWARD-LOOKING-STATEMENT:
Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Sino Payments, Inc. results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release, and Sino Payments, Inc. undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
CONTACT: Sino Payments, Inc.
Matthew Mecke, Chairman & CEO
ir@sinopayments.com
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