FPS Financial Pay.

RNS Number:1043N
Financial Payment Systems Limited
01 February 2008


                       Financial Payment Systems Limited


                            ("FPS" or "the Company")


                              Joint Venture update


In our Interim Statement issued on 17 September 2007 FPS reported that progress
in deploying systems for inter-Governmental departments had taken longer than
anticipated. We have continued to struggle to engage, through our joint venture
partner (whose ownership has recently changed), the Government departments and
as a result little progress has been made since our last report. We have
consistently pressed our Joint Venture partner to progress matters with the
Government departments but as yet to little avail. A formal board meeting of the
Joint Venture has been called, and will take place as soon as practicable after
the Chinese New Year holiday, in an attempt to move matters forward. The Board
is not optimistic that this will bring any tangible beneficial results.


Development of our B2B proposition has continued with interfaces to ICBC being
completed and progress being made with two other banks. Customer interest has
also been increasing. However it has become evident that a stand-alone B2B
proposition would need, in order to be financially and commercially viable, a
level of business to be attained that is unrealistic given our current structure
and resources.


The Board has concluded that without a successful and timely deployment of our
system in Government departments, which would bring the volume of transactions
necessary to achieve underlying commercial viability, we would not be able to
sustain the company on its B2B proposition alone.


Consequently, failure to make substantial progress at the forthcoming meeting
with our Joint Venture partner is likely to result in the company ceasing its
present activities in China and the Board recommending an alternative investment
strategy.


The Company's current cash position is just under �2 million of which
approximately �700,000 is held in the China Joint Venture and maybe to subject
to transfer restrictions.


A further announcement will be made following our meeting with our Joint Venture
partner.


Contacts:


Daniel Stewart & Company Plc                        Tel: +44 (0) 20 7776 6550
Lindsay Mair / Tom Jenkins


Financial Payment Systems Limited                   Tel: +44 (0) 776 868 8869
Malcolm Williams




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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