BEIJING, Aug. 24, 2020 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the
Company"), a leading blockchain e-commerce company and a service
provider for financial technology, today announced it entered
into a SHARE EXCHANGE Letter of Intent ("LOI") with Asen Tech
Group Limited on Aug 18 , 2020.
Pursuant to the LOI, the Company's 100% owned subsidiary,
DigiPay FinTeh Limited (BVI), plans to acquire 60% equity interest
in Asen Maneuvre Group Limited (BVI) in Indonesia ("Asen") from Asen Tech Group
Limited. Through this acquisition, FTFT will obtain the Indonesian
OJK and KSP financial licenses and enter into the financial
technology business in Indonesian. The LOI is non-binding except
for the "Confidentiality and Exclusivity" and "Applicable Law and
Dispute Resolution" sections.
Asen owns an OJK Fintech Lending license and a Koperasi Simpan
Pinjam financial license, which are issued by Indonesian
Financial Services Authority, Indonesian Ministry of Law and SME
Regulatory Authority, respectively. Asen develops consumer finance
business in Indonesia, through
cooperation with Shopee, Tokopedia, Lazada, Bukalapak and
other e-commerce companies. It provides loan services for
consumers with its online service platform and currently has more
than 3 million registered members of which more than 1 million are
active members.
According to the LOI, the acquisition price for 60% equity
interest of Asen is expected to be approximately US$5.4 million. FTFT plans to issue approximately
2.16 million shares of its Common Stock to Asen Tech Group Limited
for the acquisition price. The acquisition also expects to have an
earn-out clause based on Asen's performance for the next two years,
which will require Asen to achieve a pre-tax profit for no less
than $1 million and $1.4 million in 2020 and 2021, respectively, in
order to receive the full share payment.
FTFT is determined to implement its transformation strategy and
enter into the financial technology industry. It entered into a
Share Exchange Agreement on July 13,
2020 to acquire 90% ownership of Nice Talent Asset
Management in Hong Kong, which is
expected to close in the next couple weeks. The Company plans to
improve the customers' experience in the consumer investment and
financial management industry through the use of online platform
whilst also saving costs and improving the company's
profitability.
Shanchun Huang, CEO of FTFT
stated: "Asen has a strong financial and banking background, and
has a solid business foundation in the Indonesian market. I believe
that the Indonesian market with a population of 260 million will
provide us with growth opportunities. It will also provide us with
the experience we need to enter and compete in other Southeast Asia markets."
Xujun Ji, Chairman of Asen,
said: "We have the same vision and
mission as FTFT. We believe that the challenger banking and online
service fields that FTFT plans to enter into will become a
competitive advantage for our consumer finance business and provide
better service to our customers."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects and
technical service and support for real name and blockchain based
assets and their operating entities "DCON". The Company is also
engaged in development of blockchain based e-Commerce technology as
well as financial technology. For more information, please
visit http://www.ftftex.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2019 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website at http://www.sec.gov. We
have no obligation and do not undertake to update, revise or
correct any of the forward-looking statements after the date
hereof, or after the respective dates on which any such statements
otherwise are made.
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SOURCE Future FinTech Group Inc.