NEW YORK, Feb. 15, 2017 /PRNewswire/ -- Wecast
Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"),
today provided several key updates on the previously announced B2B
virtual reality ("VR"), augmented reality ("AR") and artificial
intelligence ("AI") –enabled commerce technology solution ("V
Market") that will be launched in Q2 2017.
Starting in May of 2017, Wide Angle Group ("WAG"), which Wecast
Network recently acquired 55% of, will begin placing products form
over 10 of WAG's existing customer base, through the V market
platform. Some of these clients and manufacturers include
British Telecom, Konka, Macromax, and Wintech. Additional and
new client/manufacturers that will be using the V Market PaaS
(platform as a service) will be announced in the weeks to come.
In 2017, Wecast Network is anticipating approximately $200MM USD
in transactional sales from these product placements. The
Company is looking to use its V Market Platform as a centerpiece of
its e-commerce business with data management, search and settlement
capabilities all combining to become amongst the first globally
with a viable and scalable V Commerce model.
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.