Update

 

TIDMSFT 
 
RNS Number : 4991P 
Sinosoft Technology plc 
16 July 2010 
 

 
 
 
 
 
                            SINOSOFT TECHNOLOGY PLC 
                          ("SINOSOFT" OR "THE COMPANY") 
 
Update 
 
 
 
Further to the trading update issued on 9th July 2010, the Board of Sinosoft has 
conducted initial enquiries into the matters giving rise to the net loss of $3.8 
million referred to therein. 
This loss arose from a number of foreign exchange contracts entered into in the 
second half of May 2010 in respect of which the Company's internal stop-loss 
limits were not complied with. This breach of limits and the consequent loss 
were not communicated by Mr Liu Biao, the Company's Investment Officer to the 
Board in a timely manner. As a consequence, he has resigned from the Company. 
The Board has resolved to suspend all investment activity, other than the 
placing of fixed deposits, pending a full review of the Company's business, 
investment and strategic objectives. All remaining open foreign exchange 
positions have therefore been closed out. 
A further announcement will be made when the full review has been completed. 
 
                                     -ends- 
 
 
For further information please contact: 
 
+---------------------+----------------------+--------------------------------+ 
| Sinosoft Technology | Mr. Yifa Yu          |[e-mail]  | 
| plc                 |                      |                                | 
+---------------------+----------------------+--------------------------------+ 
|                     |                      |                                | 
+---------------------+----------------------+--------------------------------+ 
| Westhouse           | Tim Metcalfe /       |                  020 7601 6100 | 
| Securities Limited  | Richard Baty         |                                | 
|                     |                      |                                | 
+---------------------+----------------------+--------------------------------+ 
| Tavistock           | Simon Compton        |                  020 7920 3150 | 
| Communications      |                      |                                | 
+---------------------+----------------------+--------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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