HONG KONG, Feb. 27, 2018 /PRNewswire/ -- Sharing Economy
International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced that its wholly-owned subsidiary, EC Technology &
Innovations Ltd. ("EC Technology"), has entered into an exclusivity
agreement with the shareholders of Weying Mtel Limited ("Weying
Mtel"), regarding a potential acquisition by EC Technology of not
less than 51% of Weying Mtel.
Weying Mtel is a joint venture of Mobile Telecom Limited and
Weiying Technology ("Weiying"), a company whose largest shareholder
is Tencent. Weiying operates a
ticketing service on Tencent's WeChat platform and aims to
accelerate the collaboration of Hong
Kong's movie businesses and Weiying's leading position in
Mainland China's ticketing service market to develop ticketing
services which it will deploy in global markets outside of
China.
"This is a unique opportunity for the development of SEII's
media and advertising business," said Parkson Yip, COO of SEII. "According to
Persistence Market Research, the global mobile ticketing market
will reach nearly US$3.2 billion by
2024. Our opportunity with Weying Mtel not only provides the
company with entry to this market opportunity, it also opens other
opportunities for the development of our media and advertising
business with more income opportunities as well as market education
channels. The majority of the market is still unfamiliar with
the sharing economy and media plays an important role in our market
education strategy. Our media and advertising business unit
is planning video and movie projects to educate the market about
the sharing economy and the related technologies that we are using,
such as blockchain and artificial intelligence. We want to
apply user-friendly media channels to communicate the benefits of
the sharing economy and related technologies, and how our societies
can change for the better in a true sharing community. We
value this opportunity to partner with Weying Mtel, which has
extensive experiences in video and movie production and
distribution. SEII will extend our technology partnership
with Shanghai Ganqu Network Technologies, whose extensive
experience in applying blockchain technologies into ticketing
systems will move these initiatives forward quickly. Our
initial targets are global movie theater markets with the potential
to expand into other event ticketing. Weying Mtel is already
cultivating partnernships with movie theater in the Asia regions."
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 Sharing Economy International Inc.
Sharing Economy International Inc., 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. Moreover, the
Company will actively pursue blockchain technology in its existing
and to-be-acquired business, enabling the general public to realize
the beauty of resource sharing. For more information visit
www.seii.com
About Weying Mtel Limited
Weying Mtel Limited aim to accelerate the collaboration of
Hong Kong and Mainland China movie
businesses, to increase Hong
Kong's box office earning, to help the film market grow
rapidly. Boosting the development of Hong Kong mobile ticketing business and
building a new communication platform, and extend into Asia and global markets.
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.
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SOURCE Sharing Economy International, Inc.