NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Wecast Network,
Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"),
announced today that a fund established by Guiyang Bank, Sun Seven Stars and Guiyang City
Investment Corporation ("Wecast Industrial Fund") will exclusively
support and underwrite supply chain financing for Wecast's B2B V
Market Platform.
The Wecast Industrial Fund, which will be capitalized with
600 million RMB (approximately
$87 million USD), will be available
to Wecast Network in early Q2 upon the official launch of Wecast's
VR/AR/AI-driven V Market services platform.
About Wecast Network Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network Inc (NASDAQ: WCST), is a next generation global
brand licensing, IP sales and video commerce company driven by AI
and Big Data. With a firm focus on 4 strategy pillars which
include: Brand, Content, Commerce and Licensing, the Company is
leveraging and optimizing its legacy operations as a premium
content Video On Demand service provider in China to evolve into a global, vertical,
ubiquitous and transactional B2B2C, mobile-driven, consumer and
supply chain management platform. By aiming to establish the
world's premier multimedia, social networking and smart
e-commerce-enabled network with the largest global effective
connected user base, Wecast, through this expanded, cloud-based,
ecosystem of connected screens combined with strong partnerships
with leading global providers, will be capable of delivering a vast
array of WCST/YOD–branded products and services to enterprise
customers and end-use consumers - anytime and anywhere, across
multiple platforms and devices.
Wecast has content distribution agreements in place with many
of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. Wecast is headquartered in both
New York, NY and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason Finkelstein
Director Strategy &
IR
Wecast Network,
Inc.
212-206-1216
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SOURCE Wecast Network, Inc.