Sharing Economy International Amends Terms of License Agreement with Ecrent Capital Holdings Limited
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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