Initial test transactions are underway, and full commercial operations are expected to follow in the near future. The Asia Pay Japan network is currently able to process all Japan domestic cards and International Visa, MasterCard, AMEX, JCB and Diners Club card transactions on behalf of Asia Pay merchant clients. This Asia Pay Japan system is one of the first of its kind to provide Internet Protocol (IP)- based transaction processing for Japan credit card transactions. Client requirements for the Asia Pay Japan system, primarily from DFS (Duty Free Stores), a subsidiary of Louis Vutton Moet Hennessy (LVMH), will be completed in full for final phase processing in November/December 2004. As a result of going live on phase 1 of Asia Pays Japan system, Asia Pay is now able to provide ongoing transaction processing to our initial Japanese client list. In addition to the Asia Pay Japan transactions, Asia Pay has also completed client integration (United States credit card transaction processing) for two Hong Kong-based clients, CTUSA and Telecom Innovation Limited. Asia Pay expects revenues from these transactions to commence in the near future.
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