BEIJING, Sept. 15, 2020 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter known as “Future Fintech”, “FTFT” or “Firm” “) a number one blockchain e-commerce firm and a service supplier for monetary expertise, in the present day introduced it has signed an fairness acquisition body settlement (“Body Settlement”) with Benma (Shenzhen) Industrial Co., Ltd. (“Benma”), and plans to accumulate a minimum of 60% of the shares of Sichuan Tema Provide Chain Administration Co., Ltd. ( “Tema”) from Benma. The Body Settlement is non-binding apart from the “Confidentiality and Exclusivity” and “Relevant Regulation and Dispute Decision” sections.
In keeping with the Body Settlement, FT Business Administration (Beijing) Co., Ltd., a newly established wholly-owned subsidiary of FTFT, will purchase a minimum of 60% of the fairness shares of Tema by a share exchange with Benma.
Tema supplies monetary companies for provide chain business and achieved income RMB 3.36 billion (roughly $480 million) and internet revenue RMB 76 million (roughly $10.86 million) in 2019 primarily based upon unaudited financials beneath Chinese language GAAP. Tema’s enterprise consists of procurement agent companies, gross sales agent companies, stock pledged loan companies, and provide chain financing middleman companies. Tema’s provide chain associated companies cowl digital parts, expertise service to produce chain knowledge administration for the digital business, provide chain administration for numerous digital parts and supplies, steel supplies, and plastic uncooked supplies.
The acquisition price can be decided in line with the audited internet revenue of Tema in 2019 topic to the results of the due diligence, and the consideration can be paid in FTFT’s widespread stock, and the price of FTFT’s widespread stock can be primarily based on the common closing price of FTFT’s widespread stock on the Nasdaq in the course of the 10 buying and selling days earlier than the signing date of the ultimate definitive share exchange settlement.
Mr. Shanchun Huang, Chief Government Officer of FTFT, acknowledged, “The acquisition of Tema will carry higher efficiency development to the Firm and returns to our shareholders, and additionally it is key to our energetic pursuit of enterprise transformation technique. It’s going to assist us to achieve skilled employees and buyer sources within the company monetary companies space that we additionally plan to enter. With this acquisition and thru the linking of capital and the actual economic system, FTFT plans to construct a sustainable and mutually helpful platform for banks, enterprises and the provision chains in addition to to create a complete monetary consulting and companies platform to additional develop the chain of our monetary expertise companies.”
Mr. Jiancao Wang, Chairman of Tema stated, “FTFT is within the course of to construct a world monetary expertise service community. Changing into part of FTFT will develop our worldwide enterprise channel, assist us achieve entry to abroad capital market and a variety of diversified prospects, that are important to the regular development of our enterprise. The potential acquisition will create a win-win future for each firms.”
About Future FinTech Group Inc.
Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Firm”) is a number one blockchain e-commerce firm and a service supplier for monetary expertise included in Florida. The Firm’s operations embrace a blockchain-based on-line shopping center platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain primarily based utility tasks and technical service and assist for actual title and blockchain primarily based property and their working entities. The Firm can be engaged in improvement of blockchain primarily based e-Commerce expertise in addition to monetary expertise. For extra data, please go to http://www.ftftex.com/.
Secure Harbor Assertion
Sure of the statements made on this press launch are “forward-looking statements” inside the which means and protections of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Change Act of 1934, as amended, or the Change Act. Ahead-looking statements embrace statements with respect to our beliefs, plans, targets, targets, expectations, anticipations, assumptions, estimates, intentions, and future efficiency, and contain identified and unknown dangers, uncertainties and different components, which may be past our management, and which may trigger the precise outcomes, efficiency, capital, possession or achievements of the Firm to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. All statements apart from statements of historic reality are statements that may very well be forward-looking statements. You’ll be able to establish these forward-looking statements by our use of phrases akin to “may,” “will,” “anticipate,” “assume,” “ought to,” “point out,” “would,” “consider,” “ponder,” “count on,” “estimate,” “proceed,” “plan,” “level to,” “undertaking,” “might,” “intend,” “goal” and different comparable phrases and expressions of the long run.
All written or oral forward-looking statements attributable to us are expressly certified of their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described in our annual report on Type 10-Okay for the 12 months ended December 31, 2019 and our different reviews and filings with SEC. Such reviews can be found upon request from the Firm, or from the Securities and Change Fee, together with by the SEC’s Web web site at http://www.sec.gov. Now we have no obligation and don’t undertake to replace, revise or appropriate any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements in any other case are made.
SOURCE Future FinTech Group Inc.