XI'AN, China, March 17, 2017 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today announced that on March 13, 2017, the Board of Directors approved
Future World Trading (Hong Kong)
Limited's, a wholly owned
subsidiary of the company, acquisition of Shaanxi Quangoutong
E-commerce Inc. ("Quangoutong"), an e-commerce company and a wholly
owned subsidiary of SkyPeople International Holdings Group Limited,
which is the major shareholder of the Company. The relevant
agreement was signed on March 16,
2017. Quangoutong owns certain permits and licenses from
local governments in China to
conduct certain on-line financial service businesses in
China. The purchase price for Quangoutong will be nominal
as it has divested itself of several of its traditional businesses
and all of its assets and debts. The FinTech industry is an
emerging sector that utilizes computer programs and innovative
technology to support the delivery of payment and financial
services.
"The acquisition of Quangoutong
is an important strategic move for the Company as it is based on
the Company's development plan, which is to diversify our business
to include lighter asset businesses in addition to our more capital
intensive operations," said Mr. Hongke Xue, Chief Executive Officer
of SkyPeople. "We believe that a healthy flow of capital is
essential to all modern enterprises, and our entry into the FinTech
space is intended to strengthen our own business, reinforce and
develop strong partnering collaborations and capitalize upon an
emerging high technology sector."
The Company believes that the acquisition of Quangoutong will
bring an innovative business development and sales model to
SkyPeople, including a rewards points system that has cooperation
agreements with other alliances. The reward points systems can be
applied to SkyPeople's subsidiaries, including but not limited to
Hedetang, its consumer fruit juice products business, and Hede
Jiachuan, its food products concern. The Company also plans to use
Quangoutong to apply online third party payment license with
Chinese government to upgrade our distribution and sale system to
better integrate internet and our traditional business.
SkyPeople also believes that it will benefit from Quangoutong's
advanced sales model such as its
large-scale product customization business, which is designed to
facilitate strategic cooperation among companies and platforms, and
in so doing, to boost sales. Meanwhile, the Company will continue
to develop its risk control and operation standardization processes
in the FinTech industry and will work to improve and advance its
competitive positioning in the space.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 73.42% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)") and 100% ownership interest in
SkyPeople Foods (China) Co., Ltd.
("SkyPeople Foods China"). SkyPeople (China) and ("SkyPeople Foods China"), together
with their operating subsidiaries in China, are engaged in the production and sales
of fruit juice concentrates, fruit beverages, and other fruit
related products in the PRC and overseas markets. The Company's
fruit juice concentrates are sold to domestic customers and
exported directly or via distributors. Fruit juice concentrates are
used as a basic ingredient component in the food industry. Its
brands, "Hedetang" and "SkyPeople," which are registered trademarks
in the PRC, are positioned as high quality, healthy and nutritious
end-use juice beverages. For more information, please visit
http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2015 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
For more information, please contact:
Cindy Liu, Investor
Relations Manager
SkyPeople Fruit Juice, Inc.
Tel: China + 86 - 29-8837-7161
Email: skypeople_annie@163.com
Web: http://www.skypeoplefruitjuice.com
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SOURCE SkyPeople Fruit Juice, Inc.