HONG KONG, June 13, 2018 /PRNewswire/ -- 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 license agreement
with Ecrent Capital Holdings Limited ("ECRENT"), regarding the
grant of an exclusive and sublicensable license from ECRENT to SEII
to utilize certain software and trademarks in order to develop,
launch, operate, commercialize, and maintain an online website
platform in North Korea. The
License Agreement will be valid until December 31, 2023. In return, SEII shall pay
ECRENT a maximum amount of US$1,000,000 upon satisfying the condition
precedent that the gross profit generated from the corresponding
business arrangement in North
Korea exceeds the license fee payment, which will be
determined at expiration of the license agreement on December 31, 2023.
"The US-North Korea summit appears to have progressed very
smoothly, which is extremely good news not only for the populations
of these two countries, but for every individual around the globe,"
said Tin Chi CHAN, CEO of SEIL. "We strongly believe that the
potential opening of the North Korean market provides a unique
opportunity for us to develop both online and offline sharing
economy business models in the region that would greatly benefit
the North Korean people. Given the limited means of the population,
the opportunity to share products and services instead of
purchasing them outright can lower the costs incurred and enhance
the quality of life of North Korean citizens. By establishing
ECRENT along with other offline sharing economy solutions at the
appropriate time, North Korean users will have the convenience of
sharing and renting from each other. We are dedicated to improving
the quality of life of the people living there and looking forward
the longer-term opportunities in the region."
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 Ecrent Capital Holdings Limited
ECRENT is one of the largest and most extensive online global
sharing platforms which encourages people to share through renting
to protect our environment. A number of categories of products and
services on wedding, properties, venues, transport, household,
tools, equipment, leisure, fashion, accessories, professional
services, arts, and public services, can be rented through its
platform. For more information visit www.ecrent.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 March 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.
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SOURCE Sharing Economy International, Inc.