HONG KONG, Jan. 4, 2018 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(Nasdaq: "CLNT") today announced that its wholly-owned subsidiary,
EC Advertising Limited ("EC Advertising"), has entered into an
exclusivity agreement with the shareholder of Channel Power Limited
("Channel Power"), regarding a potential acquisition by EC
Advertising of not less than 73% of Channel Power, which in turns
holds 70% of the issued share capital of Touch Media Interactive
(HK) Company Limited ("Touch Media"), an advertising agency in
Hong Kong. As a result, EC
Advertising will in effect own 51% of the total voting rights of
Touch Media.
"CLNT has a strong mindset in the global sharing economy,
technology and media businesses, which perfectly complements our
business development plan," said Yik Chung
Chong, Director of Channel Power and CEO of Touch Media.
"After establishing ourselves as Hong
Kong's leading in-taxi interactive media companies, we look
forward to this potential collaboration with CLNT, which can
support our efforts to expand our advertising coverage to more
taxis and their passengers. At the same time, we will consider
replicating this business model in different overseas markets,
reaching international taxi passengers en route to their
destinations."
"We are excited about this potential partnership with Touch
Media," said Parkson Yip, COO of Cleantech Solutions. "There
are currently about 18,000 taxis on the streets of Hong Kong, of which 1,800 have installed Touch
Media's touchscreen consoles, which provide passengers with
promotional advertisements related to their particular location and
can act as a useful travel guide for tourists. By joining Touch
Media and CLNT, we can explore the in-vehicle advertising business
through their existing taxi network within Hong Kong and plan to increase the base of
taxis using their touchscreen consoles, and further expand into
other vehicles."
"From there, we are planning to expand our vision in the concept
of a 'mobilized WiFi city' where users, especially foreign
visitors, can easily gain access to a WiFi signal through the Touch
Media consoles installed in the taxi. Moreover, we plan to develop
a 'Sharing Taxi APP' which will allow different passengers going to
nearby places to share the same taxi, reducing transportation costs
to the passengers while benefiting the environment by sharing
trips. We plan for Hong Kong and
Macau to be our pilot cities and
will expand our business coverage to overseas markets in long
run.
"The Touch Media console has obtained safety certifications from
transportation departments in both Hong
Kong and China. It is a
valuable in-car terminal where we can develop further value-added
functions to expand its business opportunities. The 'mobilized WiFi
network' and 'Sharing Taxi' initiatives are just the beginning. We
will integrate all these further into our blockchain-powered
sharing economy backbone, so in-car media consoles will become
another crucial part of our sharing economy ecosystem."
There can be no assurances that the parties may enter into any
agreement to do a transaction, and even if an agreement is entered
into, there can be no assurances that such transaction will be
consummated.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs,
manufactures and distributes a line of proprietary high and low
temperature dyeing and finishing machinery to the textile
industry. The Company's latest business initiatives are
focused on targeting the technology and global sharing economy
markets, by developing online platforms and rental business
partnerships that will drive the global development of sharing
through economical rental business models.
About Touch Media
Touch Media is the leading in-taxi interactive media company in
Hong Kong. It provides
an interactive touchscreen system for headrests in taxis.
Touch Media is now transforming from simple outdoor media into a
tech-media company with mobile channel and smart data. The company
will provide diversified mobile service network to taxi passengers,
based on its unique advantages of interactive technology, location
based services and outdoor digital media network.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
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, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31, 2016 and in our Form
10-Q for the quarter ended September 30, 2017. All
forward-looking statements attributable to the Company or to
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.
View original
content:http://www.prnewswire.com/news-releases/cleantech-solutions-international-enters-into-exclusivity-agreement-with-channel-power-for-potential-acquisition-of-touch-media-300577469.html
SOURCE Cleantech Solutions International, Inc.