For immediate release:
Pansoft Signs Contract with Sinopec for Centralized Accounting and Treasury Management Systems
Jinan, China, July 21 , 2010 – Pansoft Company Limited (NASDAQ: PSOF) (“Pansoft” or the “Company”),
a leading ERP software service provider for the oil and gas industry in China, today announced that it has signed
two contracts with Sinopec Corp. to develop and install: (1) a centralized accounting management system and (2)
a treasury management system upgrade.
Sinopec is one of China’s leading petroleum companies and is headquartered in the Chaoyang district of Beijing.
Its businesses include: oil and gas exploration, refining, and marketing; production and sales of petrochemicals,
chemical fibers, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil
and natural gas; import and export of crude oil, natural gas, refined oil products, petrochemicals, and other
The centralized accounting system will combine and integrate Sinopec’s current multi-layer accounting subsystem
and thousands of accounting centers into one unified system. The system aims to: standardize accounting
standards and procedures, consolidate financial management processes, strengthen financial management and
control, improve the access and analysis of quality financial information, and modernize the financial management
group. The centralized accounting system will cover the financial and accounting operations of all Sinopec’s and
its parent company’s privately held subsidiaries, and the contract is valued at approximately $2.9 million.
The centralized treasury management system upgrade will further enable resource allocation and process control
under one common platform. It enables management to dynamically manage, monitor, and control business
processes, as well as analyze the flow of capital and information. Further, the system manages business-critical
financial functions at key decision points to imp