HONG KONG, Jan. 23, 2018 /PRNewswire/ -- Sharing Economy
International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced that it has entered into Amendment No. 2 to the
Exclusivity Agreement with ECrent Capital Holdings Limited
("ECrent"), a private company incorporated in British Virgin Islands focusing on developing
and operating of a global sharing and rental platform to promote
sharing economy across 30 countries and regions (the "Amendment"),
which amends the Exclusivity Agreement dated June 11, 2017 by and between the Company and
ECrent (the "Exclusivity Agreement").
Following changes to the Board of Directors in December 2017, the Company also announced the
formation of a new special committee consisting of independent
directors, to evaluate and negotiate on behalf of the Company for
the potential acquisition and/or business cooperation
transaction(s) with ECrent. The special committee is also expected
to engage independent financial and other advisors in connection
with such potential transactions.
There can be no assurances that the parties may enter into any
agreement to do a transaction, and even if an agreement is entered
into, there can be no assurances that such transaction will be
consummated.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated
companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
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, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2016 and in our Form 10-Q for the quarter ended September 30, 2017. All forward-looking
statements attributable to the Company or to 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.
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SOURCE Sharing Economy International, Inc.