MOXIAN, INC. SIGNS A LETTER OF INTENT WITH A BEIJING E-SPORTS COMPANY
November 06 2019 - 9:00AM
Moxian, Inc. (“Moxian” or the “Company”) (MOXC), an
offline-to-online (O2O) social media services and Internet media
marketing services provider, and an exclusive agent and operator of
the Games channel of the Xinhua News APP, today announced the
signing of a Letter of Intent with Beijing Bi Er Culture
Communication Co. Ltd., (“Bi Er”), pursuant to which, Moxian may,
upon a satisfactory completion of due diligence and an audit of
past financial statements, enter into a definitive agreement to
acquire a controlling stake of Bi Er, the terms of which have yet
to be finalised and which will be subject to approval by the
shareholders of the Company in a general meeting.
Bi Er is a limited company incorporated under
the laws of the Peoples’ Republic of China in June 2013 and is
involved in the industry of mobile gaming, e-sports, animation and
comics. It has successfully organized many e-sports competitions in
various cities in China with strong support from the local
governments and is generally regarded as a leading player in the
e-sports industry in the country.
The global e-sports industry was estimated to be
worth as much as $138 billion in 2018, according to Newzoo, a
market research firm. In a report by eMarketer, citing research
from PricewaterhouseCoopers, it is predicted that global e-sports
revenue could increase by about 18% annually to reach approximately
$1.58 billion by 2022. Spectator interest is also on the rise as
e-sports viewers are expected to reach 557 million globally by
2021, up from 380 million in 2018.
Already the world’s largest gaming market in
terms of revenue, the Chinese domestic e-sports audience is
expected to top 350 million and revenues to reach $1.9 billion in
2019 according to Tencent’s Penguin Intelligence. The revenue comes
from tournaments, sponsorship, media rights and money earned by
teams and players. Newzoo, the market research firm, expects China
to overtake South Korea as the second largest e-sports market after
the US this year and to continue growing at a compound annual rate
of 21% until 2023.
Commenting on the proposed acquisition, Mr. Hao
Qinghu, CEO of the Company said, “We are very pleased with the
co-operation and support of Bi Er in various advertising
initiatives which have brought mutual benefit to both our
companies. We believe this acquisition, if and when completed, will
take us to a higher level of integration of our businesses. We are
confident that given the strong management and expertise of Bi Er,
and the rapid development of the e-sports industry in China, there
will be tremendous growth opportunities for Moxian going
forward.”
About Moxian, Inc.
Founded in 2013, Moxian is located in Shenzhen,
China, with subsidiaries in Beijing, Malaysia and Hong Kong, it is
an O2O integrated platform operator, and a service provider of
social media and Internet media marketing.
Safe Harbor Statement
This announcement contains forward-looking
statements as defined in Section 21E of the Securities Exchange Act
of 1934 as amended. These forward-looking statements are based on
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995 and may be governed by terms such as “will,”
“expect,” “anticipate,” “future,” “intend,” “plan,” Believe,
“estimate”, “potential”, “continue”, “in progress”, “goal”,
“guidance expectations” and similar statements are identified. The
company may also include in its periodic reports to the US
Securities and Exchange Commission (“SEC”), annual reports to
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as oral statements from third parties to the company’s management,
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about the company’s philosophy and expectations, are
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from those in the forward-looking statements. These factors and
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goals and strategies; future business development; financial status
and operating results; expected growth of China’s credit industry,
especially the expected growth of China’s online lending platform;
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Contacts:
Investor Relations
Phone: +86 (010) 5332 0602
Email: ir@moxiangroup.com
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