Asia Payment Systems, Inc. has signed an agreement in principle to acquire Global Uplink Communications Ltd., a Chinese company based in Guangzhou, with established loyalty program operations and related services in China and Hong Kong. The agreement, which is subject to standard due diligence procedures as well as final documentation by both parties, should likely be finalized in the fourth quarter of 2006.

Global Uplink, which was established in 2001, will bring to Asia Payments successful operations in business processes outsourcing (BPO), loyalty programs, customer relations management (CRM) as well as additional consumer services. The Company conducts business in what is recognized as the rapidly growing regions within China, including Guangzhou, Dongguan and Hong Kong. The Company’s client base includes financial institutions and multi-national corporations that are operating in these areas. The acquisition will immediately provide Asia Payments with a minimum of US $1 million per year in revenue, according to Asia Payment Systems. ( PRNewswire )