NEW YORK, Oct. 23, 2017 /PRNewswire/ -- Seven Stars Cloud
Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), today announced
a non-exclusive agreement to license the technology platform from
its Red Coin Chain JV
(https://www.prnewswire.com/news-releases/seven-stars-cloud-announces-new-jv-red-coin-chain-ltd-300505339.html).
Guangxi Dragon Coin Network Technology Co., Ltd, ("the
Licensee"), a subsidiary of Courage Investment Group Ltd (1145.HK),
will be granted a non-exclusive license from SSC and the Red Coin
Chain JV ("Red Coin"), to use
Red Coin's technology platform
specifically and exclusively for
real estate based securitization.
In exchange and in consideration for, the non-exclusive rights to the technology, SSC will
receive 17.9% of the existing total equity of Courage Investment
Group Limited which is the Licensee's HK listed parent
company. 17.9% of Courage Investment Group's shares are
valued at approximately HK$ 151 million, based on a recent
closing price trading price of HK$
1.76. That pegs the shares at a value of approximately
$18.5 million as of the date of
this announcement.
About Seven Stars Cloud Group, Inc.
(http://corporate.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to be a
leading Intelligent Industrial Internet (3I) platform, creating a
artificial intelligent & fintech-powered, supply chain solution
for commercial enterprises. There are 2 Engines that drive
our business platform: 1. VPaaS + TPaaS - Supply Chain
Management for key industry sectors and leaders including but not
limited to Big Commodities, Cross-Border Trade, Consumer
Electronics & Energy; 2. Digital Finance Solutions -
Supply Chain Finance underwritten by our Global Cornerstone Funds
and ABS, Tokenization and Exchange Platforms, which include FINRA
and SEC-regulated: Index Exchanges, Initial Coin Offering /
Tokenization, ETFs and Derivatives. Both Engines and their
various arms will run on 'BASE' technology and infrastructure
(Blockchain, Artificial Intelligence, Supply Chain & Exchanges)
to power a closed trade ecosystem for buyers and sellers designed
to eliminate transactional middlemen and create a more direct and
margin-expanding path for principals.
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
VP, Investor Relations
Seven Stars Cloud Group, Inc.
212-206-1216
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SOURCE Seven Stars Cloud Group, Inc.