Moxian signs a Letter of Intent with Btab Group, Inc
August 10 2020 - 9:00AM
Moxian, Inc. (“Moxian” or the “Company”) (MOXC), an
offline-to-online (O2O) social media services and Internet media
marketing services provider, today announced the signing of a
Letter of Intent with Btab Group Inc., a Delaware corporation
(“Btab”), pursuant to which the two corporations will further
negotiate, and if the terms are agreed, enter into a Merger
Agreement (“Merger”) for a business combination.
The terms of the Merger have not been finalized
but it is contemplated that the Company will issue both common and
preferred shares in exchange for the common shares of Btab. The
Merger will also be subject to certain conditions, including a
satisfactory completion of due diligence and an audit of past
financial statements.
Btab Group Inc was established as a holding
company in 2018 with a central location in Sydney, Australia and
has offices in Australia, China, the United Kingdom and the United
States of America. Btab is an e-commerce services provider and a
product supplier to small businesses with total unaudited assets in
excess of $100 million as of June 30, 2020. It currently operates
through subsidiaries in Australia but has plans to expand into
South-east Asia and other emerging markets.
Btab aims to provide affordable online
technology to small businesses to allow them to compete with the
technology that big companies are using. Services offered include
building a marketing platform across the Btab network, providing
managed e-commerce services, securing useful domain names and
creating social marketplaces. The motto of the company is to serve
the underserved market. It is believed that every small business
deserves an equal opportunity to empower its supply chain and
succeed in the modern retail market.
E-commerce is expected to become the largest
retail channel in the world by 2021, outpacing sales through
traditional retail outlets. The sector’s growth outlook is
especially positive in emerging markets, driven by growth in the
millennial sector with rising smartphone and internet penetration,
access to online payment options, technological advancements such
as big data and cloud-based e-commerce platforms.
Australia is one of the digital leaders in the
world, driven by increasing digital awareness and e-commerce has
grown rapidly with nearly 90% of the total population already
online but there is still room for higher dollar volume sales. The
revenue in the Australian e-commerce market is projected to reach
US$25 billion in 2020 and then grow at a CAGR rate of nearly 6% to
reach $32 billion by 2024.
E-commerce sales Southeast Asia is projected to
reach over $54 billion in 2020 and show an CAGR of over 12% over
the next four years. This double-digital growth should be
sustainable well into the next decade, fuelled by increasing
numbers of internet users, greater familiarity with online
shopping, and improved consumer spending power.
Commenting on the merger, Mr. William Yap,
Chairman of the Company, said “We are pleased to have this
opportunity to partner another group with a similar vision and
growth strategy. We believe our combined experience will prove
invaluable in achieving rapid growth for our shareholders who have
been patient with the Company as it seeks new partners to provide
the necessary support.”
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
shareholders, press releases and other written materials, as well
as oral statements from third parties to the company’s management,
directors or employees. Oral forward-looking statements. Any
statements that are not historical facts, including statements
about the company’s philosophy and expectations, are
forward-looking statements that involve factors, risks, and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These factors and
risks include, but are not limited to, the following: company’s
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;
market-oriented and credit products and The demand and acceptance
of services; and the ability of credit to attract and retain
borrowers and lenders in the market; the relationship between the
company and strategic partners; industry competition; and policies
and regulations related to the company’s structure, business and
industry. More detailed information about these and other risks and
uncertainties is included in the company’s filings with the
Securities and Exchange Commission. All information provided in the
company’s introduction is the latest information as of the date of
publication of the company. Except as provided by applicable law,
the company is not obligated to update such information.
For further information, please contact:Tan
Wanhongtan.wanhong@moxiangroup.com
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