XI'AN, China, Sept. 28, 2017 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("Future FinTech" or "the Company"), a financial technology company and integrated producer of fruit-related products, today announced that on September 24, 2017, a signing ceremony of 'IB-LIVE' provincial agents by GlobalKey Supply Chain Ltd. ("GlobalKey Supply Chain"), a wholly owned subsidiary of the Company, was held at the Ramada Plaza in Xi'an, Shaanxi Province, China. GlobalKey Supply Chain had previously signed a License Agreement with Shaanxi Entai Bio-Technology Co. Ltd. ("Entai Bio-Technology") to serve as the sole global general distributor and operational platform for 'IB-LIVE' with responsibility for marketing, sales, publicity and distribution. 'IB-LIVE' is a new generation of nutritious and healthy products for improving male sexual health.
"Today's signing ceremony launched the official commencement of marketing activities for this new and exciting health product," said Mr. Hongke Xue, Chief Executive Officer of Future FinTech. "The agreement with Entai Bio-Technology is an ideal strategic fit with the company's transformation into a lighter asset fintech business and potentially offers excellent long-term profitability that we can extend into other product areas. The enthusiasm generated by today's ceremony is reflective of the confidence we have in our fintech and marketing capabilities as well as the spirit of the new sales team that will make this venture a success."
To date, GlobalKey Supply Chain has signed agreements with agents from 20 provinces and major provincial level cities, including Beijing, Chongqing, Tianjin, Shaanxi and Guangdong. The contracts signed signify revenue of approximately RMB 10 million payable to the Company by September 30, 2017. Based upon the more favorable unit price for the products to be paid by these agents, the Company newly estimates that sales of the 'IB-LIVE' product could reach RMB 30 million in the fourth quarter of 2017 and approximately RMB 200 million in fiscal 2018.
GlobalKey Supply Chain has established a multilayered support platform for provincial agents to ensure their success and is also developing an online sales platform to access distributors to integrate with the efforts of the agents. GlobalKey Supply Chain also plans to provide extensive training for the provincial and prefecture-level city agents semiannually who can develop additional agents to cover more customers. GlobalKey Supply Chain will also provide training for provincial agents and new prefecture-level city agents each quarter, and will provide training and guidance for provincial agents each month. In addition, GlobalKey Supply Chain will provide sample products of 'IB-LIVE' to help agents develop and grow their businesses.
GlobalKey Supply Chain plans to leverage various online marketing channels to execute its marketing program and implement its online strategies including the WeChat platform, and e-commerce and online direct selling systems. GlobalKey Supply Chain is planning to rapidly expand the market for 'IB-LIVE' products at the provincial level and engage in an extensive roll-out throughout China. GlobalKey Supply Chain also plans to establish cross-border marketing and e-commerce systems for 'IB-LIVE', and will assess strategic cooperation agreements with other entities who can work with 'IB-LIVE' agents to ensure the success of 'IB-LIVE' products.
In addition to its efforts with 'IB-LIVE', the Company plans upon integrating its online and offline marketing channels, and to undertake integrated marketing for its core fruit juice business as well as to explore conducting supply chain management for other products. The Company believes that these steps will further the Company's strategic transformation from a heavy asset to a lighter asset business, create fintech opportunities and help to generate high margin profitability.
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About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech" or the "Company"), is an agricultural products company that utilizes financial technology solutions to operate and grow its businesses. The Company is engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in China and certain overseas markets. The Company's fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Its fruit juice products, "Hedetang" and "SkyPeople," are healthy and nutritious beverages and sold primarily in China. The Company leverages e-commerce and new technology platforms and is building a regional agricultural products commodities market with the goal to become a leader in agricultural finance technology. For more information, please visit http://www.ftft.top/.
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