Sale of Qld Mining Assets
Perth, June 16, 2014 AEST (ABN Newswire) - Mobile/online payments platform and logistics software provider SmartTrans Holding Limited (
ASX:SMA) ('SmartTrans') is pleased to confirm that it has finalised the sale of its Mount Mackenzie prospect in central Queensland, for which it received a cash payment of $150,000 with further potential revenue stream possible should this project enter production.
The key benefits from this sale are:
- no further burden of ongoing holding and management costs of these assets;
- the ability to focus solely on its mobile payments platform and technology offerings.
The decision made by the company earlier this year to sell its portfolio of mining assets has enabled it to save about $600,000 in overhead cost per year.
This sale will now allow SmartTrans to fully focus on growing and developing its successful mobile and online payments platform in China, which have been a strong source of year-on-year revenue growth for the Company.
SmartTrans is also examining opportunities for growth and development of its online lotteries and sports betting products and platforms, also based in China. SmartTrans is one of the few foreign companies with rights to distribute the lotteries and sports betting products of the Chinese government in what is the only legal form of gambling here.
The Company is also seeking new supply and service contracts for its proprietary transport and logistics software offering, which has been very successful in Australia. Opportunities are also being assessed in the China market.
About SmartTrans Holdings Limited
SmartTrans Holdings Limited (ASX:SMA) is a leading Australian technology and software provider that has developed a mobile and online billing and payment platform for the China market The company has agreements in place with China Mobile, China Unicorn, China Telecom CMPay, UnionPay and Alipay. With the growing use of the smartphone as a billing device in China, the company is experiencing significant uptake of its technology in that market. SmartTrans has also developed cutting-edge proprietary logistics software which is used by some of Australia's leading blue-chip organisations who have long term contracts in place with the company. SmartTrans is assessing growth opportunities for its logistic offering in China to complement its mobile and online payments platform.
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