NEW YORK, Feb. 23, 2018 /PRNewswire/ -- Seven Stars Cloud
Group, Inc. (NASDAQ: SSC) ("SSC" or "Seven Stars Cloud" or the
"Company"), today provided updates on 2017 pending financial
results, fiscal year 2018 revenue guidance and initiation of fiscal
year 2018 EBITDA guidance.
2018 Full Year Guidance: Revenue and EBITDA
SSC management is expecting that in fiscal year 2018, the
Company, via its fintech-powered digital financial services
business and seven product engines, will generate $280 million in revenue and $35 million in EBITDA.
2017 Full Year Revenue
SSC now foresees full-year 2017 revenue to be in the range of
$125 million - $144 million upon the anticipated timely
completion of its 2017 audit by BF Borgers CPA PC ("BF
Borgers"). While this was short of the Company's earlier
and recent guidance, the result is anticipated to be in the 256%
- 310% growth range over 2016 revenue.
Commenting on the Company's achievements in 2017 as well as
outlook for 2018, Mr. Bruno Wu,
Chairman & CEO of Seven Stars Cloud stated: "We experienced our
fair share of opportunities and challenges in 2017 and generated
what is anticipated to be record revenue and revenue growth."
"Management is focused on building the Company for long term
growth, profitability and success. This is more than evident
in the performance delta between 2017 revenue results and any other
prior year in the Company's existence. This evolution and
progress includes significant transformational work in solving for
lagging and embedded legacy issues while at the same time balancing
and addressing current and go forward execution activities."
"Unanticipated personnel issues that led to internal
communication and internal administrative oversights that
materialized during the Company's 2017 fiscal year, resulted in
what is anticipated to be 2017 revenue that is below prior and
recent guidance expectations. However, the Company and
management specifically, believes that it has taken strong and
immediate actions to cure the causes of these deficiencies.
Because of the foundation built and steps taken during 2017, the
Company believes it is well positioned for continued growth in
2018. Specifically:
- Management successfully transitioned the Company,
formerly strictly focused on VOD content
distribution in China, into a
global financial technology firm;
- The Company executed the first phase of
its strategic and integration plan by acquiring, investing in,
or partnering with firms focused on Artificial Intelligence,
Blockchain and Alternative Trading System platforms;
- SSC is poised to launch the second phase of its
strategic plan in 2018 and expects to introduce a Global
Trading Partner Network that enables partners to list and
trade financial products both cost effectively
and seamlessly across the globe;
- The Company relieved its former Chief Executive Officer of his
responsibilities and Mr. Robert G.
Benya joined the Company as President, Chief Revenue Officer
& Board Director. Mr. Benya is responsible for leading
the Company's US operations with specific focus on revenue
generating initiatives. In addition, Mr. Benya is overseeing
plans to open a US HQ in NYC in 2018 and is working to supplement
the global management team with additional US-based senior
executives.
Mr. Wu continued, "Given the high level of 2017 strategic plan
accomplishments as well as operational and personnel adjustments
continually implemented in the midst of all of the forward
motion, SSC estimates the Company will generate
$280 million in revenue and
$35 million in EBITDA in 2018."
CONTACT:
Jason
Finkelstein
Seven Stars Cloud Group,
Inc.
212-206-1216
About Seven Stars Cloud Group, Inc.
(http://www.sevenstarscloud.com/)
SSC is
aiming to become a next generation Artificial-Intelligent (AI)
& Blockchain-Powered, Fintech company. By managing and
providing an infrastructure and environment that facilitates the
transformation of traditional financial markets such as
commodities, currency and credit into the asset digitization era,
SSC provides asset owners and holders a seamless method and
platform for digital asset securitization and digital currency
tokenization and trading.
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.
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SOURCE Seven Stars Cloud Group, Inc.