NEW YORK, June 12, 2017 /PRNewswire/ -- Wecast Network,
Inc. (NASDAQ: WCST) ("Wecast" or "WCST"), announced today that it
has acquired 51% of NextGen Exchange Group ("NextGen"), the first
Blockchain- and Big Data-enabled index exchange, which will reside
and operate under Wecast Network's Wecast Services Group ("WSG")
and become an essential component of Wecast's Transactional Finance
Product Cloud business. WCST will pay no monetary or stock
consideration for the acquisition.
WCST will purchase 51% of the outstanding capital shares in
NextGen Exchange Group from the seller, Redrock Capital Group
Limited, a Bruno Wu controlled and
owned company (the "Seller"). In addition, Seller has entered
into a separate agreement with the Delaware Board Of Trade Holdings, Inc.
("DBOT") (http://dbottrading.com/), under which Seller will
transfer 5% of the total issued and outstanding stock of NextGen to
DBOT.
The Delaware Board of Trade or
DBOT, is an approved and licensed FINRA / SEC regulated electronic
trading platform with operations in Delaware. By utilizing
DBOT's existing platform, trading system and technology, NextGen
will be amongst the world's first Big Data, artificial intelligence
and blockchain-based platform to generate a new array of derivative
indexes (Brands, IPs, Forex, Commodities, Fine Art, E-Sports, etc),
asset-backed securities and digital currencies (cryptocurrencies,
loyalty points, game credits, etc.). Digital currency based
products and index product trading is expected to begin in the
second half of 2017.
Mr. John F. Wallace, the former
Chairman of the Philadelphia Stock Exchange, Chairman of the
Philadelphia Depository Trust and Vice Chairman of NASDAQ OMX PHLX
will serve as Executive Chairman of NextGen.
Speaking about NextGen, Mr. Wallace stated, "I am very pleased
and excited to be participating in this new generation of exchange
businesses as NextGen positions itself to become a leading global
platform for securitization and digital currencies."
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on 'BASE'
technology and infrastructure (Blockchain, Artificial Intelligence,
Supply Chain & Exchanges) to power our V PaaS (Virtual Platform
as a Service), WCST is creating a closed trade ecosystem for buyers
and sellers designed to eliminate supply chain and transactional
middlemen and create a more direct and margin-expanding trading
path for principals. WCST is applying BASE + V PaaS to focus
on 3 Core Cloud Areas: I. Brand, Content & Intellectual
Property Cloud; II. Physical Product Sales Cloud; III.
Transactional Finance Product Cloud. With the three
clouds functioning both independently and interdependently, Wecast
is creating a vertical, transactional and flexible platform for
today's global enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
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.