PAX Inaugurates Initial Public Offering on Hong Kong Stock Exchange

Hong Kong, December 20, 2010 – PAX officially listed its shares today on the Hong Kong stock exchange (Stock code 327, PAX GLOBAL).

In typical tradition, at 09:00 am, Tiger Nie, Chairman of PAX, rang the bell at the Hong Kong Exchange and Clearing Limited, announcing the arrival of PAX on the public market and celebrating the diligence and success of PAX to date.

PAX is an electronic fund transfer point-of-sale (EFT-POS) terminal solutions provider, principally engaged in the development and sales of EFT-POS products and provision of related services. In 2009 the company ranked No.1 in China in sales volume of EFT-POS terminals, with a 32.5% market share, and according to Nilson report, its shipments worldwide ranked the company No. 8 internationally.

This initial public offering confirms PAX’s position as a leading payments industry supplier, enabling greater R&D investment and growth of sales and technical support networks in international markets.

Tiger Nie, Chairman of PAX said, ‘We are all extremely proud of our IPO today. PAX remains committed to its core mission of providing customers with superior quality products using state of the art technology and software.  Given our success in local Asian markets we are now focusing on internationalizing our brand.  PAX seeks to cooperate with its fellow payment industry players and we are always looking for reputable channel partners worldwide to provide customers with our innovative EFT-POS solutions.

PAX Technology is a global leader in the provision of secure electronic payment systems and Point-of-Sale (POS) software. PAX was founded in 2000 and is one of the fastest growing POS suppliers globally.  The company’s goal is to provide superior product quality and the highest levels of professional service and support to clients.