HONG KONG, Jan. 29, 2018 /PRNewswire/ -- Sharing Economy International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Rental Ltd. ("EC Rental"), has entered into an exclusivity agreement with the shareholders of JoGeep ("JoGeep"), regarding a potential acquisition by EC Rental of not less than 51% of JoGeep.
JoGeep offers short-term renting of suitcases in different sizes for those travelers who do not always need to own a suitcase at home because of space concerns. JoGeep offers suitcases in a variety of styles, sizes and brands to suit any traveler's needs, including American Tourister, Delsey, Lojei, Samsonite and Rimowa. The rental fee is calculated daily and no deposit is required if the customer has purchased travel insurance.
"I am so excited to have the chance to work with SEII, an international sharing economy company, which shares the same vision and goals of sharing and saving," said Eugena Lau, Founder of JoGeep. "By joining the SEII group, we have better access to technology and operational support to improve and expand our services. Ultimately, not only Hong Kong users but travelers around the world can utilize our services. Tourists can avoid buying luggage and use this savings for other spending and entertainment during their trips. We hope that our collaboration with SEII will help us to promote our brand, extend our exposure in the global markets and more importantly, further improve our bottom line."
"Suitcases are items that most people do not necessarily need to own. JoGeep provides savings in expense and space for most people and gets the most use from each suitcase that is rented out," said Parkson Yip, COO of SEII. "We look forward to providing technological and operational solutions for JoGeep so they can expand their reach and services. In collaboration with our other rental businesses and partnerships, travelers will have the ability to choose from a full suite of rental items for their trip, including suitcases, mobile rechargers, WiFi eggs, local mobile phones, and others through a one-stop travel supply solution at JoGeep.
"The whole travel rental experience will be powered by our blockchain powered 'Sharing Blocks' platform to ensure transaction safety and service availability. Through our recent cooperation partnership with Asiabots, an artificial intelligence engine will assist travelers to identify and resolve their travel needs quickly while they are traveling overseas. Chatbots will assist customers in selecting the best suitcases and travel supplies in several different languages. In addition, Buddigo, our P2P delivery service, and our affiliated workspace networks can provide more options for JoGeep customers to get their rental suitcases and travel supplies delivered and picked up."
There can be no assurances that the parties may enter into any agreement to do a transaction, and even if an agreement is entered into, there can be no assurances that such transaction will be consummated.
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 JoGeep Limited
JoGeep Limited was founded in 2015 by a fashionable young lady, Ms. Eugena Lau, who was previously a flight attendant, and is a local suitcase rental service provider in Hong Kong. Eugena noticed that there exists a sustainable market for suitcase rental after interacting with thousands of passengers during her frequent travel. For more information visit www.jogeep.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, 2016 and in our Form 10-Q for the quarter ended September 30, 2017. 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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