Key Developments For e-Future Information Technology Inc.
e-Future Information Technology Inc. (EFUT.O) (Consolidated Issue listed on NASDAQ Capital Market)
eFuture Information Technology Inc. Announces Agreement with Fujian Hengan
eFuture Information Technology Inc. announced that the Company's Fast Moving Consumer Goods (FMCG) Business Unit, one of its six strategic business units, has signed a software license contract for eFuture ONE E-Channel with Fujian Hengan Holding Co., Ltd., a customer-oriented FMCG company in China, to provide a Visual Distributor Resources Planning (VDRP) solution.
eFuture Information Technology Inc. Reiterates FY 2009 Outlook
eFuture Information Technology Inc. announced that for fiscal 2009, it continues to expect total revenues to be in the range of approximately USD28 million to USD29 million, representing annual growth of 38% to 40% over 2008. Adjusted EBITDA (non-GAAP) is expected to be in the range of approximately USD5.1 million to USD6.1 million.
eFuture Information Technology Inc. Signs Strategic Service Agreement With 3.Z.U
eFuture Information Technology Inc. announced that its Specialty Store Business Unit, one of its six strategic business units, has signed a five year strategic service agreement with 3.Z.U, a specialty sock retailer for the Chinese and international markets with 200 stores in China. Under the agreement, the Company will provide 3.Z.U. with consulting and systems support at its planned 800 new retail store openings across China over the next five years.
eFuture Information Technology Inc. Works With Microsoft Corp. To Provide Standardized POS-ERP System In China
eFuture Information Technology Inc. announced that it has entered into a strategic relationship with Microsoft Corp. to provide a standardized POS-ERP system for retailers in China. This system will integrate Microsoft Windows Embedded POSReady 2009 into eFuture's POS-ERP Store Operation System. Leveraging eFuture's nationwide retail customer base and Microsoft's worldwide reputation will allow eFuture to deliver a reliable and seamlessly integrated POS solution to companies throughout China.
eFuture Information Technology Inc. Announces Delay in Filing of Annual Report on Form 20-F
eFuture Information Technology Inc. announced that it would delay filing its annual report on Form 20-F for the fiscal year ended December 31, 2008 (the 2008 20-F). The delay is principally due to the Company's determination to review its accounting for certain convertible notes issued in 2007 in connection with a private placement of securities with three institutional investors (the 2007 Notes). The 2007 Notes consisted of $10 million in senior notes convertible into the Company's ordinary shares at an initial rate of $24.99 per share (subsequently reset to $19.00 per share on June 11, 2008). As of July 15, 2009, the institutional investors have converted, in the aggregate, $9 million of the 2007 Notes into the Company's ordinary shares.
