HONG KONG, Sept. 4, 2018 /PRNewswire/ -- Sharing
Economy International Inc. ("SEII" or "the Company") (NASDAQ: SEII)
today announced that its wholly-owned subsidiary, Sharing Economy
Investment Limited ("SEII"), has amended the terms of the License
Agreement, which was originally entered into on May 8, 2018 and amended on May 24, 2018, with Ecrent Capital Holdings
Limited ("ECRENT"), regarding the grant of an exclusive and
sublicensable license from ECRENT to SEII to utilize certain
software and trademarks in order to develop, launch, operate,
commercialize, and maintain an online website platform in
Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Japan, and Korea. According to the latest
amendment, ECRENT will guarantee that the operation of its related
websites, mobile applications and business services will contribute
revenue of US$13,000,000 (increased
from US$10,000,000 according to the
previously amended agreement) and gross profit of US$2,522,000 (up from US$1,940,000 as stated on the previously amended
agreement) from the closing date of the License Agreement through
December 31, 2019 (extended from
June 30, 2019 per the previously
amended agreement).
"We are already seeing good progress and large market
opportunities for ECRENT," said Parkson
Yip, Vice President of SEII. "We entered into a sublicensing
agreement in August 2018 with PTI
Corporation through which we will explore and develop the market
for ECRENT in South Korea, and we
will continue to search for other suitable partners to assist us in
introducing ECRENT in other Asian and European regions. These
prospective sublicensing agreements will provide SEII with other
potential income opportunities in the future. More importantly, our
collaboration with these local business partners will allow us to
locally deploy SEII affiliated solutions as well, such as BuddiGo
and Anyworkspace, within the entire SEII operating platform."
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 Ecrent Capital Holdings Limited
ECRENT is one of the largest and most extensive online global
sharing platforms which encourages people to share through renting
to protect our environment. A number of categories of products and
services on wedding, properties, venues, transport, household,
tools, equipment, leisure, fashion, accessories, professional
services, arts, and public services, can be rented through its
platform. For more information visit www.ecrent.com
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.