Notification of £5.99 million Investment in EBT

28/08/2009

EBT Mobile China plc (“EBT”) announces the investment of £5.99 million by Ringtone Investment Limited, a British Virgin Islands Company.  The investment proceeds will be used to fund EBT’s growth and expansion in China. 

Ringtone Investment is a newly formed investment company managed by a China Renaissance Capital Investment Inc. (CRCI), a leading China-based alternative investment firm.  CRCI, with offices in Shanghai, Beijing and Hong Kong, manages China Harvest Fund, one of the largest independent growth private equity funds in China.

Concurrent with the completion of the investment, Dr. Mark Qiu, Chief Executive Officer and Managing Director of CRCI, will join EBT’s board of directors. Additionally, Dr. Qiu will serve as Chairman of EBT’s board of directors and Jim Reiman will resign as Chairman but continue to serve as a non-executive director.

Dr. Qiu has over 20 years of professional experience, with a strong track record in investment banking and corporate management.  Dr. Qiu was the CFO of CNOOC Limited, and was widely credited for helping turn this State Owned Enterprise into a highly regarded public company during his tenure.  Dr. Qiu also worked for the investment bank Salomon Smith Barney, last as the head of its Asia Oil & Gas Investment Banking Group.  He previously held several management positions at Atlantic Richfield Corporation (ARCO) of the United States. Dr. Qiu started his career as a consultant with the leadership succession planning consulting firm RHR International.”

Jim Reiman, EBT’s current Chairman, stated:  “The Board and management are extremely excited and honored by this transaction. The investment in EBT, and Dr. Qiu’s personal commitment to the Company through his service as Chairman, is a testament to the quality of EBT as a business and its potential for financial success.  The proceeds of this investment will enhance EBT’s ability to expedite its growth and seize new market opportunities created by the current economic conditions and the competition arising from China’s newly issued network operator licenses.”

Dr. Qiu commented:  “We are excited about this investment. EBT, the management and the Board have built a solid business foundation upon which we can build a great business enterprise. The crucial elements for success are here. We are committed to proving a more empowering financing, operating and governance environment to help the management grow this business aggressively.”