CLPS Incorporation Announces Operational Updates for First Quarter Fiscal 2019

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Oct 16, 2018, 07:45 ET

SHANGHAI, Oct. 16, 2018 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), a leading information technology ("IT") consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, today announced operational updates for the first quarter of its 2019 fiscal year.

During the first quarter of the new fiscal year (July-September 2018), CLPS has advanced a number of its operations goals and objectives in IT consulting services, customized IT solution services, industry-university cooperation, and research and development:

IT Consulting Services

CLPS signed a global service contract with a leading international online travel and peripheral services provider to provide consulting services to its global subsidiaries. This agreement will further extend CLPS's reach in the global IT market.
Building upon its previous relationship with Cisco, a leading global network solutions provider, CLPS has begun expanding its service geography to Singapore to support Cisco's global business.
CLPS and a Japanese IT service company, WeTec, signed a cooperation agreement for IT talent projects in Japan. This is the first time that CLPS has entered Japan to collaborate with a firm. This cooperation will lay a strong foundation for CLPS to further develop in the Japanese market.
CLPS has signed a service agreement with a Fortune Global 500 Chinese state-owned automotive design and manufacturing company to support its developing artificial intelligence and new energy vehicle projects.
CLPS has signed a new service contract with Bux Global, a financial services company in Australia, which will allow CLPS to further expand in the Australian market.
Following the recently completed acquisition of the CLPS Singapore subsidiary, InfoGain, CLPS has been integrating this business into its overall corporate services offerings. As compared with the same period last year, InfoGain's operating income shows steady and continued growth.

Customized IT Solution Services

CLPS completed the implementation of its contracted project with the Bank of Pingdingshan, a domestic commercial bank. CLPS helped the bank enhance its market competitiveness by establishing a stable and high-performing IT application system. The contract was valued at RMB 650,000.

Industry-University Cooperation & Research and Development

CLPS is currently working with the Innovation Laboratory Center of the Shanghai University of Finance and Economics. CLPS will utilize its blockchain technology capabilities in designing, developing and constructing the University's teaching and management platform to further achieve its objectives.

Meetings & Events

In August 2018, CLPS presented at the H.C. Wainwright 20th Annual Global Investment Conference in New York.
In September 2018, CLPS attended the Shanghai Industry-University Association meeting in China. The Company attended as an association expert to judge the progress of industry-university cooperation. CLPS and Shanda University's CLPS University won first place in the preliminary round.
In September 2018, CLPS attended the 10th Congress of the Shanghai Association for Science and Technology in Shanghai, China. Association leaders shared their thoughts on industry development.

About CLPS Incorporation

Headquartered in Shanghai, China, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT"), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains eleven delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining four global centers are located in Hong Kong, Taiwan, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including, among other factors, the Company's ability to complete and successfully integrate various acquisitions into its business and operations, to decrease costs, to improve margins and increase profits, and to leverage the target's client base to expand the Company's market and geographical reach, InfoGain's ability to sustain its steady growth in future quarters, the Company's potential inability to successfully manage completed, proposed or future transactions; the Company's ability to capitalize on and include InfoGain's performance into its own financial performance and results; the Company's ability to manage expenditures relating to research, development, and implementation of the Company's products and services and risks that such products may not be developed successfully or approved for commercial use; infringement of the Company's technology or the assertion that the Company's technology infringes the rights of other parties; potential for significant adverse changes in PRC governing regulations; changes in tax laws and regulations; fluctuations in exchange rates; concentration of a substantial portion of the Company's revenues among a few customers; volatility in the market price of the Company's common stock; the Company's future issuance of non-equity compensation under its equity incentive plans; changes in key personnel; changes in currency exchange rates; growth through acquisitions, including the inability to commercialize technology acquired through and other factors referred to in the Company's Annual Report on Form 20-F for the year ended June 30, 2018 and other materials filed with the Securities and Exchange Commission. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Contact:

CLPS Incorporation
Ms. Tian van Acken
Chief Financial Officer
Phone: +86-158-0198-4357
Email: [email protected]

ICR Inc.
Rose Zu
Phone: +1-646-405-4868
Email: [email protected]

SOURCE CLPS