CHENGDU,
China, May 4, 2023 /PRNewswire/ -- Antelope
Enterprise Holdings Limited (NASDAQ Capital Market: AEHL)
("Antelope Enterprise", "AEHL" or the "Company"), which operates
KylinCloud, a livestreaming ecommerce business in China with access to 300,000+ hosts and
influencers, today announced that on April
28, 2023, the Company consummated the sale of its legacy
ceramic tile building materials business.
"The divestiture of the ceramic tile business enables us to
focus all of our resources and energies on China's high growth livestreaming ecommerce
sector," commented Antelope Enterprise CEO Will Zhang. "The ceramic tile business faced
significant hurdles due to the slowdown of the real estate sector
in China. As our recent earnings
report demonstrated, we have successfully implemented a strategic
transformation towards a rapidly growing online business with
a dynamic corporate culture."
"Our KylinCloud subsidiary operates a platform that amplifies
product sales for consumer brand companies by matching them with
different hosts and influencers. We believe that our core
competencies and competitive advantage will enable us to capitalize
upon the expected high growth of China's livestreaming ecommerce sector for
many years to come," concluded CEO Will
Zhang.
On December 30, 2022, the
Company's wholly owned subsidiary, Stand Best Creation Limited,
entered into a purchase agreement with New Stonehenge Limited (the
"Buyer") pursuant to which the Company sold its ceramic tile
manufacturing business to the Buyer in exchange for a 5% unsecured
promissory note with a principal amount of US$ 8.5 million. The note will mature in four
years and the 5% interest and principal amount on the note is to be paid in four annual
installments. On February 21, 2023,
the Company's shareholders approved this transaction, and on
April 28, 2023, this transaction was
closed.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited holds a 51% ownership
position in Hainan Kylin Cloud Services Technology Co., Ltd
("KylinCloud"), which operates a livestreaming ecommerce business
in China with access to 300,000+
hosts and influencers. For more information, please visit our
website at http://www.aehl-kylin.com/, or follow the Company
on Twitter at https://twitter.com/aehl_ltd. To receive the
Company's public announcements, please
email investor@aehltd.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, the continued stable macroeconomic
environment in the PRC, the PRC real estate, construction and
technology sectors continuing to exhibit sound long-term
fundamentals, our ability to bring additional ceramic tile
production capacity online going forward as our business improves,
our ceramic tile customers continuing to adjust to our product
price increases, our ability to sustain our average selling price
increases and to continue to build volume in the quarters ahead,
and whether our enhanced marketing efforts will help to produce
wider customer acceptance of the new price points; and our ability
to continue to grow our business management, information system
consulting, and online social commerce and live streaming business.
All statements other than statements of historical fact are
statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should,"
"indicate," "would," "believe," "contemplate," "expect,"
"estimate," "continue," "plan," "point to," "project," "could,"
"intend," "target" and other similar words and expressions of the
future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2022 and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not undertake
to update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/antelope-enterprise-announces-the-closing-of-the-sale-of-its-ceramic-tile-business-301815355.html
SOURCE Antelope Enterprise Holdings Ltd.
