PALO ALTO, CA--(Marketwire -07/09/12)- Sitoa Global Inc. (STOA) (STOA) ("Sitoa" or the "Company"), an e-commerce solutions and service provider, today announced that it has entered into a strategic partnership agreement with a division of China International Trust and Investment Corporation ("CITIC"). CITIC will utilize the Company's software technology to expand select Business-to-Business ("B2B") marketplaces.
CITIC is a large state-owned multinational conglomerate of the People's Republic of China, established in 1979. It is one of the largest diversified conglomerates in Asia with a balanced development of both financial and non-financial businesses across forty-four subsidiaries. CITIC was enlisted in the Fortune Global 500 for the third consecutive year in 2011, ranking 221st.
Sitoa Global will work together with CITIC's evolving B2B trading platform to integrate the Sitoa Global catalog management system. An initial pilot is currently underway and is expected to be launched by the end of 2012.
The terms of the agreement include an initial upfront, non-refundable licensing fee of US$500,000 and an ongoing 'per-transaction' fee or revenue share contingent on the B2B platform being acceptable to participants.
George Yu, the Company's President and CEO, comments, "The relationship with CITIC represents an important milestone for us as this marks the first time a major corporate entity will be utilizing our technology. The Sitoa platform is well suited for large scale transactions between medium to large sized buyers and sellers and can scale up to enterprise level."
About Sitoa Global Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace" that enables online retailers to deploy a social marketplace e-commerce site. Sitoa's platform allows building marketplaces for online sellers with focused social customer networks to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to successfully execute its partnership with CITIC; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.