RNS Number : 2419V
06 August 2015
("cloudBuy" or the "Company")
Signing of Memorandum of Understanding with Yiwu Government
cloudBuy plc (AIM: CBUY), the global provider of cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, today announces it has signed a Memorandum of Understanding with Yiwu government, to promote the transformation and upgrading of the Yiwu physical marketplace using cloudBuy's technology and international partnerships.
Yiwu Commodity Market is the largest small commodity wholesale market in the world, covering 5.5 million square meters, with more than 75,000 shops selling 1.8 million kinds of commodities, and attracting more than 210 thousand visitors daily. Yiwu is the "National e-commerce model city" as part of Chinese Premier Li Keqiang's internet plus initiative. The city is investing £ 800 million in new ecommerce infrastructure along with an agreement with China Telecom to support the new ecommerce centre and build a new Yiwu data centre.
Ronald Duncan, Executive Chairman commented "Signing this agreement with Yiwu government and the speed at which they delivered high level meetings with the physical marketplace management, China Telecom and the Overseas Assistance Office, gives me confidence that we can implement a solution that will help Yiwu suppliers to sell more online overseas. There are buyers all over the world who are interested in purchasing from good quality Chinese suppliers."
For further information, please contact:
Ronald Duncan, Executive Chairman
David Gibbon, CFO
Tel: 0118 963 7000
Westhouse Securities Limited
Tom Griffiths/Richard Johnson
Tel: 020 7601 6100
Tel 07780 901 979
About cloudBuy PLC
cloudBuy, formerly @UK, is the world's leading transactional Cloud Platform.
cloudBuy has used the platform to build the world leading B2B ecommerce and eProcurement applications which address the full range of buying and selling activities, in an easy to use web and mobile experience, along with other cloud based applications including Content Management, email and big data analysis.
The applications have already analysed over $1.5 trillion of spend and are being used by leading organisations around the world to deliver savings and improved services.
The applications are unique in delivering correct pricing in the complex world of B2B whilst being easy enough to use that the people with difficulties can use the system to buy their own social and health care.
For more information, visit www.cloudbuy.com
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