NEW YORK, Feb. 2, 2017 /PRNewswire/ -- Wecast Network,
Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"),
announced today that the Company has acquired 55% of Wide Angle
Group Limited ("WAG"). WAG, a fully integrated industrial/trade
media and commerce company, will reside and operate under the
Wecast Network's recently purchased Sun Video Group ("SVG").
WCST will acquire 55% of the outstanding capital shares in WAG
from the seller, BT Capital Global Limited (a Bruno Wu/Sun Seven Stars company) for the sole
consideration of WCST adding WAG to the Sun Video Group business
and thereby including the revenue and gross profit from WAG in the
calculation of the SVG Performance Guarantees. Further details of
the SVG Performance Guarantee can
be found in the February 1, 2017
press release issued by Wecast (linked here), or in the Company's
SEC filing under Form 8K. Other than WAG's financials being
included in the SVG Performance Guarantee, WCST will pay no
additional monetary or stock consideration for the acquisition.
Sun Video Group or SVG will be renamed for both operational and
branding purposes, as Wecast Services Group ("WSG"), and the names
of all businesses residing under
WSG will be changed to reflect the rebranding.
CEO Bing Yang, commenting on the completed deal, stated "The
acquisition of Wide Angle Group is a significant transaction for
Wecast Network. Not only will it directly and significantly
bolster the financial performance of the Wecast Services Group, but
the accretive nature extends even further as Wecast Network is
acquiring 55% of WAG for no additional stock or monetary
consideration. WAG provides products and services, such as
industry trade media, digital publications, events & conferences based
on intelligence, big data and connections to selected
industries. Coupling WAG's capabilities and offerings with
those already existing under the Wecast Service Group, including
Supply Chain Management, Manufacturer Sourcing, Supply Chain
Financing, VR (virtual reality)-Enabled Commerce Technology and
AI-driven Big Data Technology Management, is creating a diversified
and robust division that will drive Wecast Network's growth in 2017 and beyond.
As indicated in a December 2016
press release, Bruno Wu's SSS has
established a 3 Billion RMB
($437 million USD) Holding Company to
support and invest in WCST's future growth and expansion. The
newly formed Wecast Services Group will be a beneficiary of this
support initiative.
More details regarding this transaction can be found in the
Company's SEC filing under Form 8K filed today.
About Wecast Network Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network Inc (NASDAQ: WCST), is a next generation global
brand licensing, IP sales and video commerce company driven by AI
and Big Data. With a firm focus on 4 strategy pillars which
include: Brand, Content, Commerce and Licensing, the Company is
leveraging and optimizing its legacy operations as a premium
content Video On Demand service provider in China to evolve into a global, vertical,
ubiquitous and transactional B2B2C, mobile-driven, consumer and
supply chain management platform. By aiming to establish the
world's premier multimedia, social networking and smart
e-commerce-enabled network with the largest global effective
connected user base, Wecast, through this expanded, cloud-based,
ecosystem of connected screens combined with strong partnerships
with leading global providers, will be capable of delivering a vast
array of WCST/YOD–branded products and services to enterprise
customers and end-use consumers - anytime and anywhere, across
multiple platforms and devices.
Wecast has content distribution agreements in place with many
of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. Wecast is headquartered in both
New York, NY and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You 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 those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (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 a duty to update these forward-looking
statements.
CONTACT:
Jason
Finkelstein
Wecast Network,
Inc.
212-206-1216
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SOURCE Wecast Network, Inc.