Sinosoft
The development and sale of software products the provision of software related services and systems integration specifically tailored to meet the demands of certain Chinese regional and national government agencies.
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Sinosoft acquires Skyinformation, gaining two software licences for development
Sinosoft has acquired Jiangsu SkyInformation Co., Ltd. ('SkyInformation') a China based software company for a cash consideration of RMB4.7m (c. £420,000).
SkyInformation was founded in 2005 to focus on software coding research and has two software copyrights. Sinosoft will be able to use SkyInformation's software license to further develop new products and apply for the corresponding government grants that are available to Chinese registered companies.
The Company is hopeful that following the acquisition of SkyInformation the enlarged group will immediately be better placed to win government mandates that were otherwise not eligible to foreign invested companies such as Nanjing Skytech and Nanjing Software.
The consideration is payable in two installments; one on 10 August 2009 and a second payment on 31 January 2010.
