Hong Kong – June 26, 2018 – Sharing Economy International, Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Advertising Limited (“EC Advertising”), has entered into an Exclusivity Agreement with OOB Media HK Limited (“OOB HK”), regarding the potential acquisition of not less than 51% of the ordinary shares of OOB HK, which, in turn, effectively holds 60% of the ordinary shares of OOB Media (Sichuan) Limited (“OOB Sichuan”). This agreement extends the Exclusivity Agreement signed on May 9, 2018 by EC Creative Limited, a wholly-owned subsidiary of SEII, and OOB HK.
OOB Sichuan was established in 2008, and its headquarters is located in Shanghai. Its shares were listed on the National Equities Exchange and Quotations in Mainland China (NEEQ) in 2015. OOB Sichuan is one of the leading multimedia and advertising companies in Mainland China, providing integrated solutions for product manufacturers and service providers to conduct their online marketing campaigns via a patent-pending Demand-Side Platform (“DSP”) system. OOB Sichuan’s operating revenue for fiscal years 2015, 2016 and 2017 was RMB49.6 million, RMB47.6 million and RMB 62.3 million respectively, and the corresponding net profit attributable to shareholders amounted to RMB22.4 million, RMB7.5 million and RMB6.3 million accordingly.
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 OOB Media (Sichuan) Limited
OOB Sichuan was established in 2008, and its headquarters is located in Shanghai. Its shares started listing on the National Equities Exchange and Quotations in Mainland China since 2015. It is one of the leading multimedia and advertising companies in Mainland China, providing integrated solutions for product manufacturers and services providers to conduct their marketing campaigns effectively via a Demand-Side Platform (“DSP”) system, where OOB Sichuan is currently applying for five patents for it. For more information visit www.oobmedia.com
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, 2017 and in our Form 10-Q for the quarter ended Mach 31, 2018. 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.
Sharing Economy International Inc.
Vice President of Strategic Business Development
Joseph Chow, Director of Investor Relations