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Pansoft Company Limited to Change Fiscal Year End and Filing Status

^{Published on 2009-12-16 06:28:19 - Market Wire}
 

JINAN, CHINA--(Marketwire - December 16, 2009) - Pansoft Company Limited (NASDAQ: [ PSOF ]) ("Pansoft" or the "Company"), a leading ERP software service provider for the oil and gas industry in China, today announced that its board of directors has authorized a change in the Company's fiscal year to June 30 from December 31 and will change its filing status with the Securities and Exchange Commission to that of a foreign private issuer.

The changes take effect immediately and therefore Pansoft will report transitional fiscal 2009 financial results on Form 20-F for the six-month period ended June 30, 2009. The first full fiscal period will be for the twelve months ended June 30, 2010. The change in year end has been made to better align Pansoft's reporting, tax planning, and business cycles with those of its customers. The company intends to continue to provide quarterly financial information to its shareholders through timely press releases.

"By moving to a June 30th fiscal year end, our management processes and sales cycles will be more synchronized with those of our customers," said Hugh Wang, Chairman of Pansoft. "Changing our status to a foreign private issuer will reduce legal and accounting costs related to quarterly SEC filings, which are not required for foreign private issuers."

The Company expects to report its financial results for the quarter ended December 31, 2009, in early March 2010, which will constitute Pansoft's second quarter results for the new fiscal year. The Company will also provide pro forma financial results for the calendar year 2009 to assist investors in understanding the transition to the new fiscal year.

About Pansoft Company Limited

Pansoft is a leading enterprise resource planning ("ERP") software and professional services provider for the oil and gas industry in China. Its ERP software offers comprehensive solutions in various business operations including accounting, order processing, delivery, invoicing, and inventory control and customer relationship management.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.