Bat Group, Inc. Enters into Memorandum of Understanding with Regional Commercial Bank to Accelerate Business Expansion to Ne...
June 20 2019 - 9:15AM
Bat Group, Inc. (Nasdaq: GLG) (the "Company"), an emerging used
luxurious car rental service provider headquartered in Beijing,
China, today announced that the Company, through its wholly owned
subsidiary Beijing Tianxing Kunlun Technology Co., Ltd., has
entered into a strategic cooperation memorandum of understanding
(the “Memorandum”) with Shuangtaizi Rural Credit Cooperative Union
(“SRCCU”), a regional commercial bank based in Panjin City,
Liaoning, to accelerate the Company’s business expansion to new
regions.
SRCCU currently has 16 branches throughout the
city of Panjin, Liaoning province. SRCCU is positioned as “serving
small and medium-sized enterprises, and local residents,” to
support the local economy.
Pursuant to the Memorandum, SRCCU agrees to
issue the Company a credit line of up to US$580 million. The
Company agrees to use the proceeds from the line to purchase luxury
cars, expand its operations and satisfy other working capital
needs. This Memorandum is a framework agreement only. SRCCU is not
committed to provide any line or credit to the Company pursuant to
Memorandum. The terms of the draw under the line of credit will be
agreed by the parties based on negotiation.
Mr. Jiaxi Gao, CEO and President of Bat Group,
Inc., comments, “We expect to use the funds under this line as well
as the financing we previously raised in U.S. to purchase more
self-owned vehicles, to expand our luxury car rental network to
target cities such as Shanghai, Chengdu, Shenzhen, Sanya and Xiamen
in 2019.”
About Bat Group, Inc.
Bat Group, Inc. (Nasdaq: GLG) is an emerging
used luxurious car rental service provider in China. The used
luxurious car business is conducted under the brand name “BatCar”
by the Company’s VIE entity, Tianxing Kunlun Technology Co. Ltd,
from its headquarters in Beijing. Utilizing a streamlined, digital,
transaction process, the Company endeavors to provide the best
possible rental experience for its customers. For more information
please visit ir.imbatcar.com
Safe Harbor Statement
This press release may contain certain
"forward-looking statements" relating to the business of China
Commercial Credit, Inc. and its subsidiary companies. 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 these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Investors 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 at
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.
For more information, please
contact:
Ms. Tina Xiao
Ascent Investor Relations LLC
Email: tina.xiao@ascent-ir.com
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