XI'AN, China, Jan. 25, 2018 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT)
("Future FinTech", "FTFT" or "the
Company"), a financial technology company and integrated producer
of fruit-related products, today announced that on January 23, 2018, one of its wholly owned
subsidiaries, DigiPay FinTech Limited ("DigiPay"), entered into an
agreement to acquire 60% of the digital assets associated with
DCON, a blockchain development project that has developed 100
communities utilizing blockchain technology and which intends to
conduct a variety of financial businesses to provide users with a
diversified blockchain experience.
"We believe that this agreement furthers our strategic plan to
rapidly grow our company into a diversified fintech firm. The
acquisition of the DCON digital assets will enable us to realize
the value connectivity between cryptocurrencies and the end user,"
said Mr. Hongke Xue, Chief Executive Officer of Future FinTech. "We
foresee an ongoing trend where various cryptocurrencies will play a
vital role in financial businesses and create value for customers
by connecting them with each other. Our goal is to accelerate the
application of practical blockchain technologies for use in the
lives of real people."
The DCON digital assets to be acquired by the Company include
60% of all business and technology components attributable to DCON
including codes, software, applications, technologies, trading
platforms, digital rights, authentication systems, agreements and
contracts, intellectual property, tokens and the DCON communities
built in Nova Realm City ("NRC").
DCON is the only designated financial center in NRC (see "About
Nova Realm Limited" below). DCON offers an efficient trading
system where the mBTC (a MilliBitcoin, equal to one thousandth of a
bitcoin) is the only token accepted for transaction settlement
within DCON. mBTC transactions can be confirmed within seconds, and
the platform allows 5,000 transactions per second while keeping
transaction fees low. The NRC Community is
composed of different segments including SHE Insurance, a
decentralized mutual assistance community which utilizes blockchain
technology to secure medical services, and UniGame, a platform for
sports betting with transparent data using the open characteristics
of blockchain technology. With more projects expected to
join the community in the future, the
Company believes that NRC will attract huge user traffic for
DCON. DCON reports that it has now completed its launch on the NRC
community, and that as of December 30,
2017, 100 communities have been established in NRC.
The transfer agreement stipulates that the Company will pay
$9.6 million for the transfer of 60%
DCON digital assets, to be paid through the issuance of 1.2 million
Company shares to the seller of the DCON digital assets at
$8.00 per share. Both DigiPay and the
seller of the DCON digital assets have agreed to establish an
operational company in Japan with
the tentative name 'DCON DigiPay Corp.' into which they can
transfer the DCON digital assets. Future FinTech will hold a 60%
equity interest in this entity and seller's designated company,
Nature Worldwide Resources Ltd. will hold a 40% equity interest in
this entity.
"We believe that blockchain technology is a disruptive
technology that will change the way that companies and people
interact. By developing a blockchain financial center, we hope to
create a value chain using blockchain cryptography that will
connect currencies, users and projects to form a mutually
beneficial ecological model to maximize the business value of
blockchain technology," concluded Mr. Hongke Xue, Chief Executive
Officer of Future FinTech.
Related Recent Event
On January 4, 2018, the Company
previously announced that it received a 5% equity interest in Nova
Realm Limited ("Nova Realm"), which was gifted to the company by
Mr. Yongke Xue, a director of Future
FinTech. Mr. Yongke Xue owns 55% of
Nova Realm. Nova Realm is a blockchain technology research and
development company registered in the United Kingdom. Nova Realm developed NRC,
which it believes to be the first-ever blockchain technology value
community registered with real name users and delivers asset-based
digital services to global blockchain projects and provides a
platform for members to communicate and participate in these
projects.
About DCON
DCON is a blockchain development project that is creating an
open and transparent digital payment system backed by blockchain
technology with planned businesses including payment and
settlement, cash flow, asset storage, financial lending, online
insurance, asset sales, private placements, project crowdfunding
and other diversified financial services products. DCON intends to
become a blockchain financial center that breaks the barrier among
cyptocurrencies and links users with users, and users with
blockchains to realize a completely new and innovative financial
services model. In addition, DCON is the only designated financial
center in NRC's largest community and the only exchanger of mBTCs
for circulation of currencies in the NRC community, and therefore
plays a central role in all of the financial activities of the NRC
community. For more information, please visit DCON's Chinese
website at: http://www.dcon.cc.
About Nova Realm Limited
Nova Realm Limited ("Nova Realm") is a blockchain technology
research and development company registered in the United Kingdom. Nova Realm developed Nova
Realm City ("NRC"), which it believes to be the first-ever
blockchain technology value community registered with real name
users and which delivers asset-based digital services to global
blockchain projects. NRC's mission represents the first interaction
community with a real-name registration system in the world.
The operation of the NRC community is ensured through blockchain
technology where the legitimate allocation of community funds is
safeguarded through multiple signatures and the community's major
events are decided through a voting mechanism. For more
information, please visit Nova Realm's Chinese website at
http://www.nrc.one/.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company"), is a fintech company that is developing an operational
platform to utilize blockchain technology to participate in the
shared economy, as well as for the distribution, marketing and
sales of various products. The Company's legacy business is the
production and sales of fruit juice concentrates, fruit beverages,
and other fruit related products in China and certain overseas markets, and FTFT
is utilizing fintech solutions to operate and grow this business.
The Company is also developing a regional agricultural products
commodities market with the goal to become a leader in agricultural
finance technology. For more information, please visit
http://www.ftft.top/.
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, 2016 and otherwise in our SEC
reports and filings, including the final prospectus for our
offering. 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.
For more
information, please contact:
|
|
Cindy Liu, Investor
Relations Manager
|
Future FinTech Group
Inc.
|
Tel:
China +86-29-8187-8277
|
Email:
skypeople_annie@163.com
|
Web:
http://www.ftft.top
|
View original
content:http://www.prnewswire.com/news-releases/future-fintech-announces-digital-assets-transfer-agreement-300588246.html
SOURCE Future FinTech Group Inc.