NEW YORK, Dec. 4, 2017 /PRNewswire/ -- Seven Stars
Cloud Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), announced
today a Securities Purchase Agreement ("SPA") with Tiger Sports
Media Limited, a Hong Kong limited liability company
("Tiger") pursuant to which the Company agreed to purchase
Tiger's 20% equity ownership in BBD Digital Capital Group Ltd.
("BBD Digital Capital"), a New York corporation. SSC
will purchase the 20% equity from Tiger for a total purchase price
of $9.8 million (consisting of
$2 million in cash and $7.8 million to be paid in the form of the
Company's common stock (valued at $2.60 per share and equal to 3 million shares of
the Company's common stock).
As per all business matters of this nature, SSC's Audit
Committee has reviewed the terms and conditions of the BBD SPA and
has recommended that the Company obtain a valuation report in
connection with the transaction. As requested by Company's
management, the valuation report will be conducted post-signing of
the BBD SPA with both parties understanding that there is no
obligation to close the transaction until a satisfactory valuation
report has been received, evaluated and approved.
The Company shall pay the $2
million in cash upon the full execution of the SPA and will
pay the 3 million shares of SSC common stock upon full closing
(post valuation report review and approval). If this
transaction does not meet the closing requirements then Tiger shall
refund the $2 million cash payment to
SSC within 15 days of notice from the Company.
As mentioned previously, BBD Digital Capital will focus on
leveraging the BBD brand with artificial intelligence-driven
financial data services as well as transactional platforms for
index, futures and derivative trading, for both global commodity
and energy clients.
BBD is Asia's leading provider
of Artificial Intelligence-based big data solutions dedicated to
optimizing the efficiency and effectiveness of industrial-level
decision-making and risk management, by standardizing data
services. BBD Digital Services will look to capitalize on commodity
and energy provider's needs for more precise risk management
services, more informed operational planning and more strategic
decision-making, specifically as they all relate to the trading of
index, futures and commodities.
Dr. George Yuan is the Chief Risk
Officer and Chief Engineer of BBD Digital Finance. With prior
risk management experience at Deloitte China, KPMG LLP
(USA) and TXU Energy Trading
(Dallas, TX), as well as holding a
professorship at the Institute of Risk Management at Tongji
University, Dr Yuan's study and work has centered around the
valuation of Financial Derivatives and Value-at-Risk (VaR) Modeling
for Market Risk, Credit Risk and Operational Risk under the
framework of Basel II (Basel III) Accord, Financial and Credit
Derivatives Pricing, Portfolio Optimization, Risk Limit Design,
Commodity Forward Price Curve Design, Complex Position, Commodity
Price Risk Assessment and Asset Valuation.
BBD Digital Finance will be powered by Dynamic Ontology
models. Dynamic Ontology has emerged as a powerful way to
share common understanding, due to its ability to chain limitless
amounts of knowledge, compartmentalize the variables needed for any
set of computations and establish the relationships between
them. BBD Digital Finance is positioned to operate a global
AI + Blockchain digital issuance & trading platform of index /
future derivatives. Centered on SSC's Dynamic Ontology
model and approach, BBD Digital Finance will convert data into
financial super intelligence, that intelligence to investment
opportunities, and those opportunities to cash and assets through
integrated digital securitization and Initial Exchange Offering
financial services.
About Seven Stars Cloud Group, Inc.
(http://www.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC)
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
@sevenstarscloud
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SOURCE Seven Stars Cloud Group, Inc.