HONG KONG, Aug. 16, 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 PTI Corporation ("PTI"), that sublicenses SEIL's exclusive
license with Ecrent Capital Holdings Limited ("ECRENT") to utilize
certain software and trademarks in order to develop, launch,
operate, commercialize, and maintain an online website platform
in South Korea. In return, PTI shall pay to SEIL $230,000 ("Consideration"). The License Agreement
will be effective on September 1,
2018 through December 31,
2019. In addition, if the aggregate revenue during the
period exceeds the Consideration, SEIL shall receive 30% of the
difference between the aggregate revenue and the Consideration.
"This agreement represents a great step for us to foster the
market presence of ECRENT in South
Korea, since we obtained the ECRENT exclusive operating
license for the Asia regions in
June," said Parkson Yip, Vice
President of SEII. "By partnering with PTI to explore sharing
economy business opportunities in South
Korea, we gain a local presence that is very familiar with
the retail market. We expect this will shorten the period of time
required to enter the market and believe PTI's commitment, advice
and guidance will enable us to quickly tackle any obstacles. Should
this endeavor prove to be a fast and effective method of entering
new markets, we will seek to identify and partner with additional
local companies to develop our sharing economy solutions in other
regions in the future."
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 PTI Corporation
PTI Group, the parent company of PTI Corporation, was
established in 1996, and is now a renowned sourcing firm in
South Korea. PTI Corporation is
experienced in identifying the market trends in South Korea and helping clients from all over
the world to source high-quality products and services at
competitive costs. For more information visit
www.ptigroup.kr/default/01/menu02.php?topmenu=1
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 the Form 10-Q for the quarter ended June 30, 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.