Hong Kong, April 21, 2003
— CDC Software Corporation, a subsidiary and software unit of chinadotcom corporation (NASDAQ: CHINA; website: www.corp.china.com) today announced that, it has closed upon a settlement agreement with Sagent Technology, Inc. (NASDAQ: SGNT), with respect to the occurrence of certain events of default under Sagent's US$7 million asset-based senior secured loan to CDC Software. CDC Software has been repaid in full together with an agreed upon sum related to the termination of its warrants and other rights. As a result of this settlement, mutual releases have been exchanged and all litigation between CDC Software and Sagent has been discontinued.
About CDC Software
CDC Software is the software unit of chinadotcom corporation (NASDAQ: CHINA), a leading integrated enterprise solutions company in Asia. CDC Software integrates a series of chinadotcom's self-developed products developed in the two software development centers in China, which include PowerBooks, PowerHRP (Human Resources and Payroll), PowerATS (Attendance Tracking System), Power-eHR, PowerPay+, PowerCRM and Power eDM (a double-byte e-mail marketing technology). In addition, the company also broadens its serving offerings in software arenas by establishing strategic partnerships with leading international software vendors to localize and resell their software products in the Greater China region.
chinadotcom's software arm currently has 600+ enterprise software customers in the Asia Pacific region with over 1,000 installations. Selected multinational and domestic customers include ACNeilsen, Carrefour, Legend Computer, Microsoft (China) Co., Ltd., Shenzhen Airlines, Swire Beverages and Shangri La Hotels and Resorts.
For more information about chinadotcom corporation and CDC Software, please visit the Web site http://www.corp.china.com.
Safe Harbor Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on chinadotcom management's current expectations and are subject to risks and uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein. All forward-looking statements included in this press release are based upon information available to chinadotcom as of the date of the press release, and it assumes no obligation to update or alter its forward looking statements whether as a result of new information, future events or otherwise. Further information on risks or other factors that could affect chinadotcom's results of operations is detailed in its filings with the United States Securities and Exchange Commission, including the Annual Report for the year ended December 31, 2001 on Form 20-F filed on June 11, 2002.
For More Information