SHISHI, China, Sept. 16, 2021 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, announced today that through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd., Luxventure closed a Business Strategic Agreement ("Agreement") with Tianjin China Travel Cultural Development Company ("TCTCD"), a subsidiary of China Travel Services ("CTS"). The Agreement was entered into on September 15, 2021 and the transaction closed on the same day.
Pursuant to the Agreement, Luxventure will cooperate with TCTCD to jointly develop an online, mobile and offline cross-border BBC system, which would enable members of TCTCD access to cross-border products of Luxventure.
Ms. Sun Lei, Chief Executive Officer of the Company commented: "TCTCD has 106 stores in the city of Tianjin serving approximately 13,000,000 residences. This cooperation enables TCTCD to bring on-line cross-border products experience to its members. The joint development of cross-border BBC system shows our technology solution can be easily adopted. I look forward to more companies using our technology and expand our distribution channel."
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. Through the brand of Luxventure, it also engages in cross-border merchandise, airfare and tourism business. 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.
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