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HONG KONG, Dec 10, 2009 - (ACN Newswire) - Xing Lin Medical Information Technology Company Ltd (formerly known as Brilliant Arts Multi-Media Holding Limited) (HKSE Code: 8130.HK) ("Xing Lin Medical"/ the "Company") today comments the placing of 5,000,000,000 new shares to investors at the placing price of HK$0.10 per share with CLSA as the placing agent is under progress. The Company has repositioned itself as a key provider of Wi-Fi/RFID based medical information digitalization system (MIDS) to the healthcare sector in China via the acquisition of Sunny Chance Limited, which has been completed on 6 October 2009. It has also renamed itself as "Xing Lin Medical Information Technology Company Ltd" to reflect the new business direction.
The repositioning echoes the healthcare reform in China, which in 2009 to 2011 alone calls for an additional 850 billion Yuan to be spent on building a safer and more affordable healthcare system for China's 1.3 billion citizens, and points to the digitalization of the country's over 20,000 hospitals.
Backed by world-class technical partners IBM and Foxconn, the Company designs, custom-builds and leases MIDS systems and equipments to client hospitals. Integrating real time data capture, identification and verification into the medical process, MIDS facilitates higher efficiency, accuracy and reduces chance of accidents at client hospitals. The Company has contracted 30 hospitals with combined contract size valued at RMB330 million, and will accelerate its marketing pace after strengthening its working capital with the share placement.
The Company's new management team comprises experts in various fields, including:
- Mr. Ho Ka Wai Gavin, executive director and Chief Executive Officer of the Company, comes from a management consulting and investment banking background, and has extensive strategic planning and entrepreneurship experience.
- Mr. Bonny Au, executive director and Chief Operating Officer of the Company, has over 9 years of IT experience in which he worked for HSBC Technology and Services Asia.
- Mr. Leung Chiu Hung, Chief Financial Officer and Company Secretary of the Company, has substantial experience in audit of listed companies from various industries over 20 years.
The Company has also been informed by Growth Harvest, the shareholder, that it would exercise its right and convert additional convertible bonds into shares, thereby, maintaining the 29% interest in the Company following the issuance of placing shares.
Contact:
JOVIAN Financial Communications Ltd
Angel Y Y Yeung / Raquel Tso
Tel: +852 2154 7877
Email: angel@joviancomm.com / raquel.tso@joviancomm.com
Topic: Press release summary
Source: Xing Lin Medical Information Technology Co Ltd
Sectors: Daily Finance, Daily News, BioTech
https://www.acnnewswire.com
From the Asia Corporate News Network
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