Jingwei International Limited Enters Into Definitive Agreement to Acquire Shanghai Haicom Limited and Raises FY 2010 Net Income Guidance

SHENZHEN, China, Nov. 8, 2010 /PRNewswire-Asia-FirstCall/ -- Jingwei International Limited (Nasdaq: JNGW) ("Jingwei" or "the Company"), a leading provider of data-mining, interactive marketing and software services in China, today announced that it has entered into a definitive agreement to acquire Shanghai Haicom Limited ("Haicom"), a Shanghai-based Internet and mobile value added service platform provider with business operations covering ten provinces in the People's Republic of China.  Terms of the definitive agreement are consistent with the previously announced framework agreement and stipulate that Jingwei will acquire 100% of Haicom in exchange for RMB 35 million, or approximately $5.2 million, in cash and up to 667,802 shares of stock, depending on compliance with revenue and earnings targets for the fiscal year ending December 31, 2011.  The closing of the acquisition is subject to the satisfaction of customary conditions, which are expected to be satisfied within the next ten business days.

Given Jingwei's strong performance during the first part of 2010 and the outlook for the remainder of the year, the Company reaffirms its previous revenue guidance for fiscal year 2010 of total revenues between $37.5 million and $42.0 million, and raises its net income guidance to between $8.8 million and $9.8 million from between $7.8 million and $8.7 million. The Company expects this year's diluted share count to reach approximate 20.6 million on a weighted average basis, and diluted earnings per share to range from $0.43 to $0.48 in 2010.

About Jingwei International Limited:

Jingwei International Limited ("Jingwei") is a leading provider of data mining, interactive marketing and software services in China.  By leveraging its proprietary database of over 400 million consumer profiles, Jingwei helps companies to more effectively reach their target audiences. To capitalize on China's rapid growth in mobile, Internet and e-Commerce applications, Jingwei has focused on enhanced data mining offerings that encompass interactive marketing, bundled mobility solutions and mobile value added services.  The Company's software services include business intelligence ("BI"), billing, operations support ("BSS/OSS") and customer relationship management ("CRM") solutions for Chinese telecom operators and power companies.

About Shanghai Haicom Limited:

Founded in 1992, Shanghai Haicom Limited is an Internet and mobile value added service platform provider based in Shanghai with business operations covering ten provinces in China. Haicom develops 3G system solutions and provides interactive marketing services to financial institutions and major telecom carriers in China.

Business Risks and Forward-Looking Statements

This report includes forward-looking statements. Generally, the words "believes," "anticipates," "may," "will," "should," "expect," "intend," "estimate," "continue," and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, and our ability to successfully integrate Haicom's operations with our own, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.

SOURCE Jingwei International Limited