SHISHI, China, Dec. 11,
2018 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the
"Company") (NASDAQ: KBSF), a leading fully-integrated casual
menswear company in China, today
announced termination of the letter of intent to acquire
Hangzhou Siteng Network Technology Company Ltd. ("Siteng").
As previously announced on September 20,
2018, the Company entered into a non-binding letter of
intent to acquire 51% of Siteng, an e-commerce services company
based in China. Pursuant to the
letter of intent, the transaction was to close no later than
June 30, 2019. The parties have
mutually agreed not to proceed with the transaction and terminated
the letter of intent, effective immediately.
About KBS Fashion Group Limited
Headquartered in Shishi, China,
KBS Fashion Group Limited, through its subsidiaries, is engaged in
the business of designing, manufacturing, selling and distributing
its own casual menswear brand, KBS, through a network of 38 KBS
branded stores (as of June 30, 2018)
and over a number of multi-brand stores. To learn more about the
Company, please visit its corporate website
at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of KBS Fashion Group Limited,
and its subsidiary companies. All statements, other than statements
of historical fact included herein, are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
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 these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors 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.
For further information, please contact:
Lixia Tu
Chief Financial Officer
T: +86-158-5972-2469
E: lingsantu@hotmail.com
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SOURCE KBS Fashion Group Limited