NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Future FinTech
Group Inc. (FTFT) ("Future FinTech", "FTFT" or "the Company") today
announced that it has entered into a Three Party Cooperation
Agreement (the "Agreement") with Fan
Zhang, a citizen of China,
and Caixia Wang, a citizen of
China through its wholly owned
subsidiary GlobalKey SharedMall Limited to develop and operate a
cross border e-commerce platform.
Pursuant to the Agreement, the three parties agreed to make cash
contributions totaling RMB 1,000,000
(approximately $142,857) to QR (HK)
Limited ("QR HK"), a wholly owned subsidiary of GlobalKey
SharedMall Limited ("GlobalKey"). Of this total, GlobalKey
shall contribute RMB 510,000
(approximately $72,857); Fan Zhang shall contribute RMB 300,000 (approximately $42,857); and Caixia
Wang shall contribute RMB
190,000 (approximately $27,143). GlobalKey agreed to loan Fan Zhang
RMB 300,000 for his cash contribution
obligation, which shall be repaid from dividends of QR HK in the
future. If QR HK is terminated by the parties before the loan is
paid off from the dividends or by liquidation of Fan Zhang's ownership of QR HK, Fan Zhang shall repay the loan to GlobalKey in
two years. Fan Zhang shall be
responsible for the operations and daily management of QR HK's
cross-border e-commerce platform and shall be paid RMB 12,000 per month. GlobalKey is responsible
for accounting, supervision of Fan
Zhang's management, and auditing the financials of QR HK,
and additionally has the right to veto material business decisions
of QR HK.
"Since the formal launch in January this year, our
blockchain-backed shopping platform Chain Cloud Mall (CCM) has been
widely praised by customers and entrepreneurs. After comprehensive
market research, we decide to expand our e-commerce business to the
cross border market and choose Southeast
Asia as our first stop. According to a report released by
Forrester Analytics, the online-retail sector in Southeast Asia is expected to reach
$53 billion in 2023 from $19 billion in 2018. Our new cross border
e-commerce platform is currently under construction and will mainly
target female customers in first and second-tier cities in
Southeast Asia, where the number
of female online shoppers is growing fast." said Mr. Yongke Xue, Chief Executive Officer and Chairman
of Future Fintech.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is incorporated in Florida and engages in fruit juice and
blockchain based e-commerce businesses. The Company engages
in the operation of a blockchain based online shared shopping mall
platform and also operates an incubator for application projects
using blockchain technology. FTFT and its subsidiaries are
developing blockchain technology for a variety of B2B and B2C
real-life applications including the distribution, marketing and
sale of consumer products. The Company is also developing financial
technology business to stay ahead of the changing industry. 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, 2017 and our
other reports and filings with SEC. 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.
IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: ftft@dgipl.com
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SOURCE Future FinTech Group Inc.