NEW YORK, June 5, 2017 /PRNewswire/ -- Wecast Network, Inc.
(NASDAQ: WCST) ("Wecast" or the "Company"), announced today that
the Company is changing its corporate name to Seven Stars Cloud
Group, Inc. ("Seven Stars Cloud"), which will become effective in
early Q3 (specific date to be announced).
The Company will continue to trade on the Nasdaq Stock Exchange
but under the new symbol "SSC" (specific date to be
announced) with no change in the Company's share structure.
The name change will be phased in across all aspects of the
business in the relatively near future. The Wecast Network,
Inc. corporate name will continue to be used in press releases and
corporate filings until the SEC officially deems the new name,
Seven Stars Cloud Group, Inc., effective.
CEO Bing Yang stated, "While a corporate name change has already
recently occurred, the recent dynamic shift in corporate strategy
that the company has undergone since that time, requires a name
that will more accurately reflect the Company's new strategy and
business. The Company selected a name that could better
encompass and further establish its identity in the industry and to
more accurately represent its portfolio of cloud-based solutions
and services aimed at Chinese and global businesses and
enterprises. Even more, the new name both references and
will benefit from the established goodwill and brand recognition
from our Chairman Bruno Wu's Sun
Seven Stars Media Group conglomerate, one of the biggest private
media and investment companies in Asia."
"As the Company utilizes our 'BASE' technology and infrastructure
(Blockchain, Artificial Intelligence, Supply Chain & Exchanges)
to power our V PaaS (Virtual
Platform as a Service), WCST is creating a closed trade ecosystem
for buyers and sellers designed to eliminate supply chain and
transactional middlemen and create a more direct and
margin-expanding trading path for principals. WCST is
applying BASE + V PaaS to focus on
3 Core Cloud Areas: I. Brand, Content & Intellectual Property
Cloud; II. Physical Product Sales Cloud; III. Transactional Finance
Cloud. Our rebranding to Seven Stars Cloud represents the
cloud-based ecosystem we are building and I look forward to
continue overseeing the evolution of this Company as the pieces
continue to merge together."
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are 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 such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You 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.
CONTACT:
Jason Finkelstein
Wecast Network,
Inc.
212-206-1216
http://corporate.wecastnetworkinc.com
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SOURCE Wecast Network, Inc.