HONG KONG, Aug. 7, 2017 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT) today announced that its wholly-owned subsidiary, EC
Power (Global), has signed an agreement with ECoin Global Limited
("ECoin") for the purchase of ECoin redemption codes with an
aggregate value of $50 million for
total consideration of $20
million. The Company plans to resell the redemption
codes in the form of ECrent gift cards at global locals through
reseller channels, such as convenience stores. The Company's
subsidiary has entered into agreement with InComm, a global
pre-payment network and solution provider and will start selling
the redemption codes with face values of HK$100, HK$300 and
HK$500 at major convenience store
networks in Hong Kong and
Macau beginning in August 2017. Other international locations will
follow.
Pursuant to the agreement, in exchange for redemption codes with
an aggregate value of $50 million,
the Company will pay ECoin total consideration of $20 million in four annual installments in an
amount equal to 50% of the net sale proceeds of the redemption
codes sold during each calendar year. The value of any unsold
redemption codes at the expiration of the agreement will be paid to
ECoin using shares of the Company's stock and not more than 19% of
issued and outstanding ordinary shares of the Company.
"ECoin is now being fully utilized by ECrent, the world's
largest online sharing platform, offering a safe and convenient
prepaid payment option for consumers who want to participate in the
worldwide sharing economy," said Parkson
Yip, COO of Cleantech Solutions. "We are excited to partner
with InComm to begin offering ECrent gift cards in major
convenience stores in Hong Kong
and Macau and plan to utilize
ECoin in the other regions, as well as other sharing businesses and
platforms we are currently developing, including our global sharing
bike network."
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 sharing economy markets in
China.
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 March 31, 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.
Company Contacts:
Cleantech Solutions International, Inc.
Parkson Yip, COO
E-mail: parkson.yip@cleantechsolutionsinternational.com
+852-31060372
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
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SOURCE Cleantech Solutions International, Inc.