BEIJING, Sept.13, 2018
/PRNewswire/ -- China Internet Nationwide Financial Services Inc.
(NASDAQ: CIFS) ("CIFS" or the "Company"), a financial advisory
services provider and financial technology company today announced
that that its wholly owned subsidiary Fu Hui (Xiamen) Commercial Factoring Co., Ltd. ("Fu
Hui"), signed a revolving factoring credit facility (the
"Facility") agreement with CNBM Technology Corporation Limited
("CNBMTC"), a subsidiary of China National Building Materials Group
Co., Ltd., which is in turn owned by China National Building
Materials & Equipment Import and Export Corporation.
The Facility has a one-year initial term and allows CNBMTC to
receive a RMB 100 million (~
$15 million) revolving factoring
credit line from CIFS. The Facility has multiple-year
extension options and it is backed by CNBMTC's accounts
receivable.
Mr. Jianxin Lin, Chairman and
Chief Executive Officer of CIFS, commented, "The agreement with
CNBMTC marks the expansion of our factoring services beyond the
healthcare/pharmaceutical segment. Thus far this year, we
have signed several factoring credit facilities totaling over
RMB 500 million (~ $75 million). Our factoring business is
expected to generate approximately 25% of total revenue for CIFS in
2018 and will contribute significantly to our financial performance
going forward."
About CNMB Technology Corporation Limited
CNMBTC was established in 2005 and is a subsidiary of China
National Building Materials & Equipment Import and Export
Corporation. CNMBTC provides clients with safe, reliable, high
quality, and easy to expand industry solutions to meet their
different needs of information construction and information
management. It serves clients in government, finance, internet,
education, manufacturing, energy, transportation and other
segments. (for more information visit:
http://www.cnbmtech.com/gsjs.html).
About China National Building Materials & Equipment
Import and Export Corporation
China National Building Materials & Equipment Import and
Export Corporation is a wholly-owned subsidiary of the China
National Building Material Group Company Limited (the 'Group'),
which is one of the top Fortune 500 companies under SASAC.
Incorporated in Beijing in 1985,
the Company provides bulk commodity full industrial chain services,
international resource integration and comprehensive project design
services, internationally advanced technology equipment trade
services, big data intelligent manufacturing and the intelligent
internet of things cloud services. It is committed to becoming a
comprehensive service provider with global influence. (for more
information visit:
http://www.cbmie.com/mcms-eng/html/1/160/164/index.html).
About China Internet Nationwide Financial Services
Inc.
Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial
Services Inc. provides financial advisory services, including
commercial payment advisory, intermediary bank loan advisory, and
international corporate financing advisory, to meet the financing
and capital needs of its clients, comprised largely of
small-to-medium sized enterprises. Beijing Anytrust Science &
Technology Co., Ltd. ("Anytrust") is a wholly owned subsidiary of
CIFS focusing on providing data infrastructure design, big data
access and analytics, and document automation for enterprises and
government agencies in China. For more information about the
CIFS and Anytrust, please visit www.cifsp.com or
www.anytrust.cn.
For more information contact:
Investor Relations
(China)
China Internet
Nationwide Financial Services, Inc. ir@cifsp.com
+1 212
220-6998
|
Investor Relations
Service (US)
Lena Cati:
ir.us@cifsp.com
+1 212
836-9611
|
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. All statements other than statements of historical fact
in this press release are forward-looking statements and involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the
Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties, Further information
regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
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SOURCE China Internet Nationwide Financial Services Inc.