NEW
YORK, Aug. 19,
2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ:
FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the
Company"), a blockchain application technology developer and a
fintech service provider, announced today that on August 16, 2022, FTFT UK Limited ("FTFT UK"), a
company organized under the laws of United Kingdom and a wholly owned subsidiary
of the Company received approval from the Financial Conduct
Authority ("FCA"), a financial regulatory body in the United Kingdom, to acquire Khyber Money
Exchange Ltd. ("Khyber Exchange"). The Company expects to close the
acquisition within the three-month timeframe from August 16, 2022 for which the FCA's approval of
the change of control remains effective; however, the FCA may
extend this period upon request.
As previously disclosed, on September 1,
2021, FTFT UK signed a definitive agreement (the "Agreement
") to acquire 100% of the equity of Khyber Exchange from
Rahim Shah (the "Seller"). According
to the Agreement, the Company will acquire 100% of the equity of
Khyber Exchange at a purchase price of €685,000. The Company engaged in extensive
operational, legal and financial due diligence in order to reach
this Agreement.
Khyber Exchange is a money transfer company with a platform for
transferring money around the world via one of its agent locations
or its online portal, mobile platform, or over the phone. Khyber
Exchange was incorporated in February
2009, is headquartered in the UK and has offices in
Germany and Italy; its website is
https://khyberexchange.com.
Shanchun Huang, Chief Executive
Officer of Future FinTech, commented, "We are pleased to have
received approval from the FCA to acquire Khyber Exchange since it
further extends our fintech footprint and diversifies our
geographical reach. We believe that money payment services are a
high margin business that will enable us to capitalize upon an
increasing level of international business transactions and money
flows. We believe that it will be synergistic with other financial
service businesses that we are developing."
"We believe that this acquisition will
play an important role in the strategic transformation of the
company and lay a foundation for the internationalization of our
business and income. Our objective is to become a
diversified fintech enterprise that leverages current opportunities
and integrate them into a comprehensive business platform. We are
intent upon creating a company that can optimally meet customers'
financial needs by positively disrupting the traditional banking
sector via an array of innovative products and services," concluded
CEO Huang.
About Future FinTech Group
Inc.
Future FinTech Group Inc. is a blockchain application technology
developer and fintech service provider incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), supply chain financing services, asset management,
and cryptocurrency market data services. The Company is also
engaged in the development of blockchain based e-Commerce
technology and cryptocurrency mining, cryptocurrency investment
management as well as financial service technology businesses. 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, 2021 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.