In October, CRD is launching the international marketing of the company’s extensive development project, the virtual world Beijing Cyber Recreation District. Paynova, the chosen supplier for the project’s payment services, has together with CRD presented the project, first at the Virtual Worlds Conference & Expo in San Jose and currently at the Virtual Worlds Forum Europe in London.

CRD is commissioned by the Chinese Government to build an extensive virtual world called Beijing Cyber Recreation District. The virtual world aims, among other things, at creating a virtual platform for e-commerce. CRD will be able to connect manufacturers in China with companies and people from the rest of the world. Moreover, the virtual world enables contacts to be established between non-Chinese companies and China’s fast-growing middle class. The first stages of the project is planned to go live during the third quarter of 2008.

The virtual world in CRD will be based on a technology from MindArk (the company behind the virtual world Entropia Universe, to which Paynova is a supplier) among others, while the payment services are supplied by Paynova. The strategic cooperation agreement between Paynova and CRD was signed in December 2006.

The cooperation between Paynova and CRD is continuing to develop. As a next step, the implementation of Paynova’s solution is being planned, which will enable payments with 800 million Chinese bank cards and 30 million Chinese credit cards, both with payments in local currency.

In parallel, CRD is following its extensive launch plan in which the current international marketing is an important part. When CRD and Paynova in October jointly presented the extensive project at the industry fair Virtual Worlds Conference & Expo in San Jose, the project attracted attention from international media. The project has during the latest days been presented at the Virtual Worlds Forum Europe in London. Further marketing efforts in South Korea and China is planned to be initiated in the near future.

Paynova offers an international, account-based complete service for payments via the Internet. With Paynova as the only counterpart, e-retailers can get a payment guarantee for 21 payment options with credit cards, debit cards and Internet banks, in 12 languages with 11 currencies in a security-certified interface (PCI). Consumers can open an account, a Paynova Wallet, for free on the Internet to make purchases simpler and more secure, as well as look after transfers between family members, friends and acquaintances. Paynova has agreements with around 1,600 e-retailers. Most are found in the following prioritised segments: travel, retailing and media/network games. The company has been listed on NGM Equity since February 2004. (Paynova)