BEIJING, Sept. 15, 2020 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) (hereinafter referred to as "Future
Fintech", "FTFT" or "Company" ") a leading blockchain e-commerce
company and a service provider for financial technology, today
announced it has signed an equity acquisition frame agreement
("Frame Agreement") with Benma (Shenzhen) Industrial Co., Ltd.
("Benma"), and plans to acquire no less than 60% of the shares of
Sichuan Tema Supply Chain Management Co., Ltd. ( "Tema") from
Benma. The Frame Agreement is non-binding except for the
"Confidentiality and Exclusivity" and "Applicable Law and Dispute
Resolution" sections.
According to the Frame Agreement, FT Commercial Management
(Beijing) Co., Ltd., a newly
established wholly-owned subsidiary of FTFT, will acquire no less
than 60% of the equity shares of Tema through a share exchange with
Benma.
Tema provides financial services for supply chain industry and
achieved revenue RMB 3.36 billion
(approximately $480 million) and net profit RMB 76 million (approximately $10.86 million) in 2019 based upon unaudited
financials under Chinese GAAP. Tema's business includes procurement
agent services, sales agent services, inventory pledged loan
services, and supply chain financing intermediary services. Tema's
supply chain related services cover electronic components,
technology service to supply chain data management for the
electronic industry, supply chain management for various electronic
components and materials, metal materials, and plastic raw
materials.
The acquisition price will be determined according to the
audited net profit of Tema in 2019 subject to the result of the due
diligence, and the consideration will be paid in FTFT's common
stock, and the price of FTFT's common stock will be based on the
average closing price of FTFT's common stock on the Nasdaq during
the 10 trading days before the signing date of the final definitive
share exchange agreement.
Mr. Shanchun Huang, Chief
Executive Officer of FTFT, stated,
"The acquisition of Tema will bring greater performance
growth to the Company and returns to our shareholders, and it is
also key to our active pursuit of business transformation strategy.
It will help us to gain experienced staff and customer resources in
the corporate financial services area that we also plan to enter.
With this acquisition and through the linking of capital and the
real economy, FTFT plans to build a sustainable and mutually
beneficial platform for banks, enterprises and the supply chains as
well as to create a comprehensive financial consulting and services
platform to further expand the chain of our financial technology
services."
Mr. Jiancao Wang, Chairman of Tema said, "FTFT is in the process to build an
international financial technology service network. Becoming a part
of FTFT will expand our international business channel, help us
gain access to overseas capital market and a wide range of
diversified customers, which are essential to the steady growth of
our business. The potential acquisition will create a win-win
future for both companies."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects and
technical service and support for real name and blockchain based
assets and their operating entities. The Company is also engaged in
development of blockchain based e-Commerce technology as well as
financial technology. For more information, please
visit http://www.ftftex.com/.
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, 2019 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.
View original
content:http://www.prnewswire.com/news-releases/future-fintech-and-benma-shenzhen-industrial-co-ltd-signed-an-equity-acquisition-frame-agreement-301130941.html
SOURCE Future FinTech Group Inc.