NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the
Company"), a leading blockchain based e-commerce company and a
service provider for financial technology, announced today that it
has entered into an Share Exchange Agreement (the "Agreement") with
Asen Maneuvre Group Limited, a limited company organized under the
laws of British Virgin Islands
(the "Seller") to acquire 70.59% of the equity interest
of Asiasens Investment Holding Pte. Ltd., a company incorporated
under the laws of Singapore
("Asiasens").
Asiasens owns 85% equity interest of PT. Sens Tekonlogi
Indonesia, an Indonesian company ("STI") which holds a
Financial Service Authority (Otoritas Jasa Keuangan "OJK")
license in Indonesia, and it also
controls PT Permata Techno Indonesia, an Indonesian company
("PTI") through variable interest entity ("VIE")
structure but will change it to 100% equity ownership of PTI before
the closing of this transaction. PTI engages e-commerce business in
Indonesia.
Pursuant to the Agreement, the Company, through its wholly owned
subsidiary Future FinTech (Hong
Kong) Limited is acquiring 70.59% of the equity interest of
Asiasens by using 2,160,000 shares of common stock of the Company (
the "Company Shares"). The Company Shares will be issued according
to the achievement of certain Earnings Before Interest and Taxes
("EBIT") goals by Asiasens in 2021 and 2022.
More complete information of the terms of the Agreement is
set forth in the Form 8-K and its exhibit filed with the Securities
and Exchange Commission on December 18,
2020.
Mr. Shanchun Huang, Chief
Executive Officer of the Company, commented: "Asiasens team has
extensive experience in financial technology and business
development in Indonesia and we
are excited to be able to enter into consumer financial and
e-commerce business in Indonesia
through this acquisition. Asisens has established close cooperative
relationships with major e-commerce companies in Indonesia. With a population of 260 million in
Indonesia, we believe the
acquisition of Asiasens is a key step for our business development
in Indonesia and Southeast Asia markets."
Mr. Xujun Ji, Chairman of Asiasens, said: "Relying on
mobile Internet, big data and intelligent cloud computing, Asiasens
has forged its core competitiveness in terms of customer
acquisition, operation, and funding channels, making its products
and services have a good user experience and very high user
stickiness. The share exchange agreement with FTFT will definitely
bring Asiasens to a higher level in terms of business and
philosophy. I believe that the challenger banking and payment
fields which FTFT is developing will form a cooperation
advantage with our consumer finance business. We will continue to
enrich product features to bring users better and more
comprehensive financial services experience."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects. The Company is
also engaged in the development of blockchain based technology and
services as well as financial technology services. For more
information, please visit http://www.ftftex.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2019 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website at http://www.sec.gov. We
have no obligation and do not undertake to update, revise or
correct any of the forward-looking statements after the date
hereof, or after the respective dates on which any such statements
otherwise are made.
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SOURCE Future FinTech Group Inc.