eFuture Closed of Private Placement With Executive Management
20 April 2015 - 10:00PM
eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company" or
"eFuture"), a leading provider of software and mobile social
shopping network services to China's rapidly growing retail and
consumer goods industries, today announced that it has completed a
private placement sale of 798,000 ordinary shares to Mr. Adam Yan,
Chairman, Mr. David Ren, Chief Executive Officer, Ms. Ping Yu,
Chief Finance Officer and other individuals for US$3.2 million (or
$ 4.0345 per share) in cash on April 13, 2015. The transaction was
completed pursuant to share purchase agreement and subscription
agreements.
The price of US$4.0345 per share represents the average closing
price of eFuture's ordinary shares for the 20 consecutive trading
days ending on, and including, April 8, 2015, the day the
agreements were entered into. The transaction was authorized and
approved by a special independent committee consisting solely of
eFuture independent directors based upon the current fair market
value of the Company's shares, and supported by an independent
financial valuation.
The net proceeds from the sale will be used for general business
operation. The shares are "restricted" with 180-day lock-up periods
and the Company has no present intention to register such shares
for resale.
Adam Yan said, "The transaction will provide capital to pursue
eFuture's growth, and reflects our continued commitment in
eFuture's long-term prospects."
David Ren added, "This investment shows our executive management
team's strong desire for the entrepreneurship. As a new member of
both eFuture's executive management team and shareholders, I will
continue to seek to maximize the Company's value."
ABOUT EFUTURE INFORMATION TECHNOLOGY INC.
eFuture Information Technology Inc. (Nasdaq:EFUT) is a leading
provider of software and mobile social shopping network services to
China's rapidly growing retail and consumer goods industries.
eFuture's clients include 1,000+ active retailers with more than
50,000 physical stores across China, which above 45 companies
were ranked among the top 100 chain retailers during 2013. As a
pioneer and proponent of omni-channel and mobile internet solutions
in Asia-pacific, we developed myStore, a mobile shopping
social network, to connect consumers and physical stores. For
more information about eFuture, please
visit http://www.e-future.com.cn.
SAFE HARBOR
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Among other things, 2013 financial outlook and
quotations from management in this announcement, as well as
strategic and operational plans, contain forward-looking
statements. eFuture may also make written or oral
forward-looking statements in periodic reports to the Securities
and Exchange Commission (the "SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
second parties. Statements that are not historical facts,
including statements about the Company's beliefs and expectations,
are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors
could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: eFuture's anticipated growth strategies;
eFuture's effective implementation of and transition to an
omni-channel model; eFuture's future business development, results
of operations and financial condition; expected changes in the
Company's revenue and certain cost or expense items; eFuture's
ability to attract clients and leverage its brand; trends and
competition in the software industry; the Company's ability to
control expenses and maintain profit margins; the Company's ability
to hire, train and retain qualified managerial and other employees;
the Company's ability to develop new software and pilot new
business models at desirable locations in a timely and
cost-effective manner; the performance of third parties under
contracts with the Company; the expected growth of the Chinese
economy software market in retail and consumer goods industries;
and Chinese governmental policies relating to private managers and
operators of software and applicable tax rates.
Further information regarding these and other risks will be
included in eFuture's annual report on Form 20-F and other
documents filed with the SEC. All information provided in this
press release and in the attachments is as of April 20, 2015, and
the Company undertakes no duty to update such information or any
other forward-looking information, except as required under
applicable law.
CONTACT: Investor Contact:
Troe Wen, Company Secretary
eFuture Information Technology Inc.
+86 10 52937699
ir@e-future.com.cn
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