PALO ALTO, Calif., Nov. 3, 2011 (GLOBE NEWSWIRE) -- Sitoa Global Inc. (OTCQB:STOA) ("Sitoa" or the "Company"), an e-commerce facilitator, announces that it has filed its 10Q for the third quarter of 2011, and highlights recent accomplishments.
Cal Lai, CEO of Sitoa Global, commented: "This was a significant quarter for Sitoa Global as we begin the rollout of our 'Focused Social Marketplace' and generate revenues."
Key accomplishments in the third quarter and recent developments are as follows:
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Service Revenues for the quarter ending September 30, 2011 were $263,537 compared to $0 for the previous quarter.
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Service Revenues were the result of recently signed agreements in regards to hosting sonsi.lanebryant.com and developing three e-commerce sites for Soconison Technology Ventures.
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Recently launched its bi-lingual Focused Social Marketplace in China, Chunjie365 (www.chunjie365.com).
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Received an investment from BayPeak LLC fund (www.baypeak.com/" target="_top" rel="nofollow">www.baypeak.com), which is an established "Asia-Pacific" investment management firm with offices in San Francisco and Shanghai, China.
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Received a Letter of Commitment for up to US$10.8 million from AIV Ltd., a private funding group, to fund its business plan through a strategic partnership. The Company expects to use the funds to further expand into emerging markets.
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Began the buildout and launch of ShopShipUSA, (www.shopshipusa.com), which is focused on Filipino online shoppers seeking to purchase branded U.S. or European luxury items.
- Received investments from ICCP Venture Partners and Bill Porter, the founder of eTrade.
Mr. Lai concluded: "With the first quarter of revenue generation operating as Sitoa Global, we believe that our Focused Social Marketplace will continue to attract new customers as well as strategic and financial partners."
About Sitoa Global Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace," that enables online retailers to deploy a social marketplace e-commerce site. Sitoa's platform allows building marketplaces for online sellers with focused social customer networks to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. 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 news 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.globenewswire.com/newsroom/ctr%3Fd=224559%26l=8%26u=http%253A%252F%252Fwww.sec.gov" target="_top" rel="nofollow">http://www.sec.gov). 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 any duty to update these forward-looking statements.