BEIJING, Dec. 29, 2017 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a social
networking service and internet finance business in China, today announced that it has entered
into a definitive agreement to acquire 100% of Trucker Path Inc.
("Trucker Path"), a provider of a social platform for the trucking
industry in the United States.
Trucker Path's core product is the Trucker Path app, a trip
planning companion for truck drivers, enabling a large driver
community to assist each other in updating the real-time status of
relevant points-of-interest on their route. It helps truckers find
truck stops, available parking spots, rest areas, scales, open DOT
weigh stations, truck washes and more. Expanding on the success of
the Trucker Path app, Trucker Path also introduced the Truckloads
app, a mobile marketplace providing freight load matching with over
3 million loads posted monthly. At present, Trucker Path has more
than 600,000 monthly active users covering more than 33% of all
U.S. long haul truck drivers and maintains steady organic growth.
For Renren's global business, the acquisition of Trucker Path means
an entry into the transportation sector. Going forward, Renren will
continue exploring breakthroughs in this space, whether in
intelligent transportation solutions or in autonomous vehicles.
Joseph Chen, Chairman and Chief
Executive Officer of Renren, commented: "Currently, the two major
emerging technology areas are artificial intelligence and
blockchain. With the acquisition of the Trucker Path social
platform and the Truckloads freight marketplace, the Company will
be well-positioned technologically to drive innovation within this
important industry."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a social networking
service (SNS) and an internet finance business in China. Our
SNS enables users to connect and communicate with each other, share
photos and access mobile live streaming. Our internet finance
business includes primarily auto financing. Renren.com and
our Renren mobile application had approximately 254
million activated users as of September 30,
2017. Renren's American depositary shares, each of which
represents fifteen Class A ordinary shares, trade on the
NYSE under the symbol "RENN".
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
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar
statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Renren's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed with
the SEC. All information provided in this press release is as
of the date of this press release, and Renren does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
For more information, please contact:
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.