HONG KONG, Jan. 18, 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 a non-binding
memorandum of understanding with the shareholders of iMusicTech
Limited ("iMusicTech"), regarding a potential acquisition by EC
Technology of not less than 51% of iMusicTech.
iMusicTech develops music and sound hardware and software
technologies. The iMusicTech team has extensive experience in
sound engineering and mobile application development. iMusicTech is
one of the early Licensed Software and Hardware developers to
support Apple smart devices, and was the first Hong Kong IT company
to implement ISO20000 and ISO2700I international standards.
"The Company's new strategy is to build sharing economy and
commerce models across different vertical markets," said
Parkson Yip, COO of SEII. "Our new
technology teams have a shared vision of building a secured
transaction and application platform that provides an easy
plug-and-play model for sharing economy application developers,
where they do not have to worry about secured transaction
handling. This transaction and application platform will
facilitate the sharing of common transaction tokens, common user
IDs, and a rich database of user sharing behaviors and interests
across different sharing applications. With information provided by
artificial intelligence engines, sharing applications that build on
top of our Sharing Blocks can provide more targeted and
personalized services to the users."
"The development of a music sharing platform extends our vision
of sharing from commonly known workspaces, cars, tools, bicycles
and personal trips further into intellectual property
businesses. The iMusicShare platform and application allow
musical artists and performers to monetize their work on this
social commerce application. Through our secured transaction
platform, which will be developed under our recent cooperation
agreement with CoAssets, anyone can compose and perform music.
According to Statista, the global online digital music market was
approximately $7.8 billion in 2016.
At the same time, China's social
live video streaming market reached $3
billion in 2016. By combining both models, sharing music and
performances on a social live streaming platform with music
intellectual property commerce, we believe SEII can establish a
new, large global market beyond these two existing markets."
"We are moving aggressively and rapidly in executing our sharing
economy verticals. In order to achieve our goals in the most
efficient way, we will continue to seek sharing platforms and
technology partners with acquisition opportunities or forming new
strategic cooperation partnerships."
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.
About iMusicTech Limited
iMusicTech Limited was founded in 2008 and is an information
technology company in Hong Kong. iMusicTech has strived to
develop innovative technology in both hardware and software
development of music and sound products and
services. iMusicTech is the first IT company in Hong Kong implementing ISO20000 and ISO2700
international standard for IT Service Management and Security
Award.
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.