NEW YORK, June 15, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to
announce it has entered into an agreement, which is subject to
approval by the Ideanomics Board of Directors, whereby the Company
will sell Grapevine Logic ("Grapevine"), Fintalk, and
CommentsRadar, to Techconn Holding Group Co.,
Ltd. ( "Techconn Group").
Ideanomics would receive a 15% interest in the deal that would
see the merging of the Grapevine Influencer Platform, and suite of
technologies, with the Techconn Group's strong influencer
operations, sees estimated their sales of RMB 20 Billion through 2021 and Techconn has
committed to a RMB 300 million
valuation for the merged entity.
Techconn's influencer operations currently oversees more than
340,000 influencers from their operations in the cities of
Hangzhou, and Changsha, China. Along with Grapevine's
190,000 influencers, exChina, the Techconn Group's' influencer
operations would become one of the world's leading and truly global
influencer platforms, boasting over 540,000 Key Opinion Leaders
(KOL). These large and mid-sized KOLs will benefit even further,
with access to the technologies that have been developed inside
Fintalk, and through the Artificial Intelligence and sentiment
analysis development inside CommentsRadar.
"China benefits from a striving
ecosystem of influencers much more involved with brand promotions,
and the influencers that are quickly sought after and can easily
monetize their following," said Dr. Bruno
Wu, Chairman of Ideanomics. "The strong appetite of
followers for brand recommendations are advantageous for KOLs and
for brands: both benefit from strong demand for quality branded
content. With our combined technologies to drive sales, the planned
IPO of Techconn could happen within the next 24 months."
The combined sale of these assets is expected to close during
the third quarter of 2020, subject to approval by the Company's
Board of Directors and other customary closing conditions, and
regulatory approvals.
About Ideanomics
Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products. Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain. MEG and Ideanomics Capital provide our global customers
and partners with better efficiencies and technologies and greater
access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing and Qingdao,
China.
About Techconn Holding Group
Techconn Holding Group Co., Ltd., ("Techconn Group") was
established in Shenzhen, China, in
2012. It is a large multinational company specializing in the
intelligent manufacturing and technology service. We invest in
advanced technology fields such as AI and IOT, to build a
high-quality innovation technology engine which can promote the
intelligent upgrading and accommodation development of traditional
manufacturing industry.
We provide competitive high-quality products and supporting
solutions in the areas of design, R&D, intelligent
manufacturing, intelligent supply chain, AI and industrial IOT
cloud service. We provide business incubation, fund venture capital
and other services to continuously create value for customers.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements". All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties, and include statements regarding our intention
to transition our business model to become a next-generation
financial technology company, our business strategy and planned
product offerings, our intention to phase out our oil trading and
consumer electronics businesses, and potential future financial
results. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company's actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of risks and
uncertainties, such as risks related to: our ability to continue as
a going concern; our ability to raise additional financing to meet
our business requirements; the transformation of our business
model; fluctuations in our operating results; strain to our
personnel management, financial systems and other resources as we
grow our business; our ability to attract and retain key employees
and senior management; competitive pressure; our international
operations; and other risks and uncertainties disclosed under the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
most recent Form 10-K and Form 10-Q filed with the Securities and
Exchange Commission, and similar disclosures in subsequent reports
filed with the SEC, which are available on the SEC website at
www.sec.gov.. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by these risk factors. Other than as required under
the securities laws, the Company does not assume a duty to update
these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
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SOURCE Ideanomics