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Longtop Will Not Replace Departing Board Member In China
June 15, 2009 |
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Chinese financial services software company Longtop Financial Technologies Limited has announced a resignation from its board and does plan to fill that spot.
Paul Wolansky who had been serving as Cathay ITfinancial's board of directors representative at Longtop since June 2007, and Longtop will not be filling the vacancy created by the resignation. In 2004, Cathay ITfinancial became Longtop's first outside investor.
Two weeks ago, Longtop announced an increase in its first quarter revenue for 2009. Total revenues for the quarter ended March 31, 2009, were USD25.9 million, an increase of 60.3% year-on-year from USD16.1 million in the corresponding year ago period. Total revenues for the fiscal year ended March 31, 2009, were USD106.3 million, an increase of 61.3% year-on-year from USD65.9 million in the corresponding year ago period.
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