NEW YORK, July 10, 2017 /PRNewswire/ -- Wecast
Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST or the "Company")
is pleased to announced that it has completed a definitive
agreement to sell to BT Capital Global Limited (an affiliate of
WCST's Chairman Bruno Wu), the
issued and outstanding stock that WCST holds in three separate
non-core assets. In exchange for the issued and outstanding stock,
WCST will receive consideration of RMB100
million (approximately $14.75 million
USD at current exchange rates) in a combination of cash and
publicly traded stock to be paid to WCST within one year of
closing. A minimum of 20% of the total consideration to WCST
will be paid in cash (approximately $2.95
million USD). If any portion of the consideration is
in the form of publicly traded stock, the securities will represent
a public company affiliated with BT Capital, in an industry related
to WCST's and with an average daily trading value of at least
$146,000 USD. A fairness
opinion, or an independent opinion on the financial fairness of the
proposed transaction, will be conducted by a third-party valuation
firm before the consideration is delivered to WCST.
The assets being sold to BT Capital Global Limited include:
- WCST's 80% equity interest in Zhong Hai Shi Xun Media;
- WCST's 13% equity interest in Nanjing Tops Game;
- A portion of WCST's 40% total equity interest in the recently
announced Pantaflix JV, which will leaves WCST with a remaining 15%
stake post transaction.
The impetus behind the asset sales of Zhong Hai Shi Xun Media
and Nanjing Tops Game is to streamline the future operations and
auditing of the WCST company as a whole by eliminating and
monetizing legacy non-core businesses. The sale of a portion
of WCST's equity ownership in the Pantaflix JV and the resulting
equity ownership percentage, allows WCST to realize gains and still
benefit from the JV's future potential upside.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on 'BASE'
technology and infrastructure (Blockchain, Artificial Intelligence,
Supply Chain & Exchanges) to power our V PaaS (Virtual Platform
as a Service), WCST is creating a closed trade ecosystem for buyers
and sellers designed to eliminate supply chain and transactional
middlemen and create a more direct and margin-expanding trading
path for principals. WCST is applying BASE + V PaaS to focus
on 3 Core Cloud Areas: I. Brand, Content & Intellectual
Property Cloud; II. Product Sales Cloud; III. Transactional Finance
Product Cloud. With the three clouds functioning both
independently and interdependently, Wecast is creating a vertical,
transactional and flexible platform for today's global
enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
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. 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
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://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 factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason
Finkelstein
Wecast Network,
Inc.
212-206-1216
View original
content:http://www.prnewswire.com/news-releases/wecast-to-sell-interests-in-3-non-core-assets-for-rmb100-million-approx-1475-million-usd-at-current-exchange-rates-in-cash-and-stock-300485127.html
SOURCE Wecast Network, Inc.