SHANGHAI, July 22, 2019 /PRNewswire/ -- JMU Limited (the
"Company" or "JMU") (Nasdaq:
JMU) today announced that it has
divested its food supply chain business by selling all the issued
and outstanding shares of New Admiral Limited, a wholly-owned
subsidiary of the Company to Marvel Billion Development Limited in
exchange for $1,000,000 in cash.
In addition, the buyer and the divested entities agreed to
waive all the rights and claims with respect to the liabilities
owed by the Company to the divested entities. Upon the completion
of this transaction, the purchaser has assumed all the outstanding
liabilities of the divested entities.
Marvel Billion Development Limited is associated with the
Company's chairperson of the board of directors and chief executive
officer Ms. Xiaoxia Zhu. The
transaction has been approved by the Company's audit committee and
board of directors.
After the divestment, JMU will focus
on developing blockchain-based asset transaction platform products,
seizing potential business opportunities that come along with the
emerging blockchain technology. With this change in strategies, the
Company expects to create more business opportunities, optimize
results of operations and improve financial condition going
forward.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"aim," "anticipate," "believe," "estimate," "expect," "hope,"
"going forward," "intend," "ought to," "plan," "project,"
"potential," "seek," "may," "might," "can," "could," "will,"
"would," "shall," "should," "is likely to" and the negative form of
these words and other similar expressions. Among other things,
statements that are not historical facts, including statements
about JMU's beliefs and expectations
are or contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement and JMU might not be able to implement all of its
strategic plans as expected. All information provided in this press
release is as of the date of this press release and is based on
assumptions that JMU believes to be
reasonable as of this date, and JMU
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Contact:
Zhengzhen Li
JMU Limited
lizhengzhen@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
For more information about JMU Limited, please visit:
http://ir.ccjmu.com.
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SOURCE JMU Ltd