NEW YORK, April 19, 2021 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future
FinTech", "FTFT" or "the Company"), a leading blockchain e-commerce
company and a service provider for financial technology, today
announced that on April 16, 2021, the
Company closed its acquisition of a 60% equity interest in Sichuan Ticode Supply Chain Management
Co., Ltd. ("Ticode") from Sichuan Longma Electronic Technology Co.,
Ltd. ("Longma"). As previously announced in the Company's press
release on March 1, 2021, the Company
and its wholly-owned subsidiary, Future Supply Chain Co., Ltd.,
entered into a definitive share exchange agreement (the
"Agreement") with Longma and Ticode to acquire a 60% equity
interest in Ticode from Longma.
The 60% equity interest in Ticode was valued at approximately
$66.45 million and was paid in
7,789,882 shares of FTFT common stock priced at $8.53 per share. The Agreement also
stipulates that an additional 5% of equity interest in Ticode shall
be transferred to the Company at no cost should Ticode not achieve
Earnings Before Interest and Taxes ("EBIT") of at least
RMB 50.0 million (approximately
$7.69 million) for the fiscal year
ended December 31, 2021, and an
additional 5% equity interest in Ticode shall be transferred to the
Company at no cost should Ticode not achieve EBIT of at least
RMB 57.5 million (approximately
$8.85 million) for the fiscal year
ended December 31, 2022.
Mr. Shanchun Huang, Chief Executive Officer of Future
FinTech, stated, "We are pleased to consummate the acquisition of
60% of Ticode since it substantially enhances our competitiveness
and brings strong financial performance and future growth potential
to the Company. The acquisition represents a milestone in our
business transformation strategy as we further expand in the
fintech sector. Through the linking of finance and the real
economy, we plan to build a sustainable platform for banks,
manufacturing enterprises and suppliers as well as create a
comprehensive financial services platform to further expand the
value chain of our financial technology services."
Mr. Jiancao Wang, Chairman of Ticode said, "Future
Fintech is in the process of building an international financial
technology service network armed with advanced blockchain
technology and Ticode is one of the leading supply chain companies
in China. Becoming a part of
FTFT will expand our international business channels, gain entry to
a wide range of customers and help us to access the overseas
capital markets. With the help of FTFT's expertise in blockchain
technology, we believe that we will have a competitive advantage in
the supply finance industry. The acquisition is a win-win for
both companies."
The Company has also filed a Form 8-K for the completion of
acquisition of Ticode with SEC on April 19, 2021 and will file
complete financial statements of Ticode for the years ended
December 31, 2019 and 2020 as soon as
possible but no later than 71 days after the Form 8-K must be
filed.
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 and financial
services for the supply chain industry. The Company is also engaged
in the development of blockchain based e-Commerce technology as
well as financial technology. For more information, please visit
http://www.ftft.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,
2020 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.
SOURCE: Future FinTech Group Inc.
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SOURCE Future FinTech Group Inc.