SHISHI, China, March 29, 2021
/PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company")
(NASDAQ: KBSF), a leading
fully-integrated casual menswear company in China and the
operator of Luxventure, a social media platform, announced today
that through Hua Zhi Guan (Hainan)
Cross-Border E-Commerce Co., Ltd, Luxventure closed a Cross-Border
Payment Agreement ("Agreement") with Hainan New Generation
Technology Co., Ltd. ("HNGT"), a leading on-line payment operator.
The Agreement was entered into on December
25, 2020 and the transaction closed on March 15, 2021.
Pursuant to the Agreement, Luxventure will cooperate with HNGT
in connection with on-line payment for cross-border
transactions. As part of the cooperation, Luxventure will be
the first E-commerce cross-border merchandise operator from
Hainan to test the digital
Renminbi, the on-line currency issued by the Central Bank of
China.
Ms. Sun Lei, Chief Executive
Officer of the Company commented: "We are proud of this cooperation
with HNGT. HNGT has an extremely strict criteria for
cooperation and it took Luxventure almost three months to meet its
qualifications. We are honored to be the first E-commerce
cross-border merchandize operator from Hainan to test the digital
RMB. Luxventure began full business operations a little more
than 6 months ago. This is a true testament of our focus on
Blockchain and its related applications. We look forward to
working with HNGT and becoming a part of the digital payment
revolution."
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited,
through its subsidiaries, is engaged in the business of i)
designing, manufacturing, selling and distributing its own casual
menswear brand, KBS, through a network of 30 KBS branded
stores (as of Dec 31, 2019) and over a number of
multi-brand stores. KBS Fashion Group is the operator of
Luxventure, a social media platform. To learn more about the
Company, please visit its corporate website
at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of KBS Fashion Group Limited,
and its subsidiary companies. All statements, other than statements
of historical fact included herein, are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
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 these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors 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.
Related Links
http://www.kbsfashion.com
View original
content:http://www.prnewswire.com/news-releases/luxventure-closed-a-cross-border-payment-agreement-with-hainan-new-generation-technology-co-ltd-for-digital-payments-301257077.html
SOURCE KBS Fashion Group Limited