Hong Kong – August 20, 2018 – Sharing Economy International, Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, Sharing Economy Investment Limited (“SEIL”), has entered into a sale and purchase agreement with the shareholder of Gagfare Limited (“Gagfare”), to acquire 60% ownership of Gagfare. SEIL will acquire 60% of Gagfare for consideration of US$3.6 million, which shall be satisfied by the allotment and issuance of 1,176,087 preferred shares of the Company at a price of $3.061 per share.
Launched in the third quarter of 2017, Gagfare is an online platform enabling travelers to search flights directly with over 500 airlines globally, allowing them to get the best-value airfare for their desired flight, and secure a confirmed booking instantly. Its unique book-now-pay-later solution allows travelers to pay only US$2 to secure up to nine seats, well in advance, in one booking. Travelers are not required to pay the remaining fare until the ticketing deadline specified by the individual airlines.
“We created Gagfare because we know what customers want,” said David Leung, travel industry veteran, founder and CEO of Gagfare. “Our mission is to let customers to ‘get a good fare’, hence the name. According to a report published by Allied Market Research (AMR), the online travel market is estimated to garner over US$1 trillion globally by 2022. The Asia Pacific region is expected to witness the highest growth, and online travel agencies (OTA) will witness strong growth over the next five years. With the rich resources and global teams from SEII, we expect to provide the traveling public with more options by offering book-now-pay-later services for as low as US$2.
“We are happy to welcome Gagfare to the SEII network,” said Parkson Yip, Vice President of SEII. “Gagfare puts the power back into travelers’ hands by providing a very competitive direct airfare booking solution which consumers use to search for their flights directly through the airlines’ own systems. This gives travelers access to promotional deals they may never encounter anywhere else online and ensures they get the best airfare offer, on any given travel day, on any given flight, on any of the world’s leading 500 airlines. We are very confident the US$2 book-now-pay-later airfare services can help millions of travelers save money and gain greater financial flexibility through advance confirmation booking of flights. SEII and Gagfare will work together to provide more sharing and saving opportunities for travelers in the future.”
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
Launched in the third quarter of 2017, Gagfare links travelers with over 500 airlines around the world, giving them access to great fares, including special promotional fares. All it takes is one small fee of US$2 to secure a booking for up to nine passengers travelling together, at a good value-for-money airfare on the desired flights. There are no hidden fees, and travelers only have to pay the full airfare when it is time to travel. Travelers can manage their bookings directly through the chosen airline’s official website. The smartphone app is available for free download from the iTunes App Store and Google Play Store. For more information visit www.gagfare.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 June 30, 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