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Rahaxi, Inc.: ChinaPay Chooses Rahaxi to Bring Global Retailers, Online Commerce Sites to Chinese Internet Consumers

^{Published on 2009-01-07 11:22:42, Last Modified on 2009-01-07 11:23:57 - Market Wire}
 

DUBLIN, IRELAND--(Marketwire - January 7, 2009) - Rahaxi Inc. (OTCBB: [ RHXI ]), an international card payments processor and technology company, today announced that it has entered into a cooperation agreement with ChinaPay to bring Europe's internet-based retailers to Chinese internet consumers. The agreement lets Rahaxi's direct and partner-connected merchants accept Chinese-issued payment cards for payment of goods. This integration of the Chinese payment cards is a vast improvement for online commerce in China, permitting Chinese business and retail consumers to buy European goods and services in their own currency and using their Chinese payment cards and accounts.

This is the latest in a series of agreements designed to extend Rahaxi's strategic advantages in the Chinese payments business. Paul Egan, Chief Executive Officer of Rahaxi Inc., said, "This global agreement is the natural extension of our strategy to facilitate effective and efficient payment services between Chinese consumers and 'Western' retailers." He added, "Not only can Chinese visitors use China's only credit and debit cards, China Unionpay cards, with Rahaxi-linked retailers in Europe, they will now be able to shop with any Rahaxi-linked online retailer in the world from China with their China-issued cards."

The service opens the virtual doors to all Chinese online consumers. Rahaxi plans to market the product to its direct merchants, online retail service providers, and Rahaxi's partner banks to make the offering available to a wide and diverse audience of online retailers.

XiaoFeng Li, General Manager of ChinaPay, stated, "We are pleased to partner with Rahaxi; their commitment to expanding card acceptance to Chinese visitors in Europe made Rahaxi an excellent partner to introduce the world's top online retailers to the Chinese internet marketplace."

Paul Warren, Global Sales Director with Rahaxi Inc., said, "We are very excited to add ChinaPay to our products portfolio. At present, Rahaxi is taking the lead as the only service provider with this offering. We anticipate Rahaxi will experience substantial growth through this strategic agreement."

About ChinaPay

Founded in 1999, ChinaPay, the online payment subsidiary of China UnionPay, is a government-backed, cross-bank bankcard information switch network and professional internet payment service provider. Supported by People's Bank of China and China UnionPay, combining advanced electronic payment technology and professional financial service, ChinaPay is able to provide all cardholders and merchants with safe bankcard payment and fund settlement services. Based on new channel such as internet, ChinaPay, which has a unified national payment platform, engages in online e-payment service, telephone payment, inter-bank transfer, online fund trade, self-service terminal and other alternative online payment methods and value-added services. [ http://www.chinaunionpay.com/ ]

About Rahaxi Inc.

Rahaxi Incorporation provides mission critical solutions to the financial industry worldwide. Working with merchants and acquires in over twenty countries, our product suite has empowered partners to focus on their core competencies, while our innovative driven approach has allowed them to benefit from first to market advantage and realize their true potential. Rahaxi Incorporation has adopted a partnership strategy for growth. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockman. Our Subsidiaries Rahaxi Processing Oy Finland, Rahaxi Incorporation Ireland Limited and Rahaxi Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level our partners can offer customers. For more information, please visit [ http://www.rahaxi.com ].

Forward-Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. When used in this press release, the words "expects," "anticipates," "believes," "plans," "will" and similar expressions are intended to identify forward-looking statements. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Rahaxi cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in Rahaxi Form 10-K filing and other filings with the U.S. Securities and Exchange Commission (available at [ www.sec.gov ]). Rahaxi undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. The summary financial information contained herein is qualified in its entirety by reference to the information contained in Rahaxi's Form 10-K filing.