JINJIANG, China, August 18,
2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Capital Market: CCCL) ("China Ceramics" or the "Company"), a
leading Chinese manufacturer of ceramic tiles used for exterior
siding and for interior flooring and design in residential and
commercial buildings, today announced that its newly-formed
wholly-owned subsidiary which focuses on software development,
Antelope Holdings (Chengdu), Co.,
Ltd., has entered into a one-year licensing contract with
Chengdu Jinke Yulu Technology Co. Ltd., a software distributor
which provides digital technology systems to banks, large financial
institutions and courts. The total
fee to be paid to the Company under this contract is RMB 10 million (approximately $1.4 million), of which RMB 2.6 million (approximately $375,000) is to paid three months after the
contract's execution and the remaining balance prior to the end of
the one-year contract term. The software that the Company's
subsidiary developed is a blockchain digital storage and depository
system designed to ensure the legal
compliance of financial transactions.
"We are very pleased that our new software development
subsidiary has introduced a software product into the marketplace
that can help secure transactions in the high-growth fintech
marketplace," said Ms. Meishuang Huang, Chief Executive Officer of
China Ceramics. "This subsidiary was formed to broaden our business
operations and diversify our revenue stream, and we are encouraged
to see our software team develop this software for the benefit of
the financial services industry. We plan to expand our software
capabilities to access the fintech sector as an important area of focus
to sustain our corporate growth."
The Company believes that this software
will be very effective in streamlining legal processes associated
with fintech transactions for financial institutions. The
Company anticipates that the new software will be marketed
in the markets of Anhui, Sichuan, Guizhou and Hunan before it is rolled out nationwide. The
Company views the fintech blockchain market as an opportunity to
penetrate a high-margin growth sector which, while competitive, is
also highly fractured, which in
turn could result in new opportunities.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.
Through its wholly-owned subsidiary, Antelope Holdings
(Chengdu), Co., Ltd., the Company
provides fintech solutions which includes the development of
blockchain software. For more information, please visit
http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties,
including statements relating to the Company's ability to, among
other things, successfully design, deploy and pursue this expansion
strategy, the Company's ability to complete any agreements with new
customers in the markets in question and add to its overall growth.
Actual events or results may differ materially from the Company's
expectations. Factors that could cause actual results to differ
materially from those stated or implied by the Company's
forward-looking statements are disclosed in its filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the time of this
release. The Company disclaims any intent or obligation to update
these forward-looking statements, other than as may be required
under applicable law.
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SOURCE China Ceramics Co., Ltd.