HAIKOU,
China, June 22, 2022 /PRNewswire/ -- JX
Luxventure Limited (Nasdaq: LLL) (the "Company"), a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering menswear, cross-border merchandise and
tourism, announced today that on June 20,
2022, the Company's Board of Directors (the "Board") has
authorized a share repurchase program of up to US$5,000,000 of the Company's common stock from
time to time during a 12-month period by Sun "Ice" Lei, Chief
Executive Officer of Company (the "Share Repurchase
Program"). The Board has determined that the Share Repurchase
Program is in the best interest of the Company's shareholders based
on their analysis that the current market capitalization of the
Company is significantly lower than its intrinsic value and that
this Share Repurchase Program will install shareholder confidence
in the Company. The funds for the repurchases under the Share
Repurchase Program will be personally provided by Sun "Ice"
Lei. The Board will be periodically reviewing the Share
Repurchase Program and may authorize adjustment of its terms and
size.
The specific timing and amount of the proposed repurchases by
Sun "Ice" Lei may be made from time to time on the open market at
prevailing market prices, in privately negotiated transactions, in
block trades or through other legally permissible means, and will
be determined by the market and other conditions, securities law
limitations and other applicable rules and regulations. Sun "Ice" Lei will not sell the shares in
the public market for at least two years.
The Company and Sun "Ice" Lei intend to make all repurchases in
compliance with applicable regulatory guidelines and to administer
the plan in accordance with applicable laws, including Rule
10b-8 of the Securities Exchange Act
of 1934, as amended.
On June 17, 2022, Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. ("JX
Hainan"), a subsidiary of the Company, entered into and
executed a Framework Agreement on Strategic Cooperation (the
"Agreement") with Hainan Douxing Cultural Media Co., Ltd.
("Hainan Douxing"), one of the major live stream content providers
with over 30 A list live streamers and reaches over 30,000,000
followers in China. Pursuant
to the Agreement, Hainan Douxing will sell JX Hainan cross-border
merchandise, including cosmetics and skincare products, in the
amount up to USD30,000,000 on the
live-stream E-commerce shows hosted by Hainan Douxing.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company
commented: "We believe that the current trading price of our
stock is not a true reflection of our business value. We have
confidence in our business and believe the stock price will soon
reflect and match our business growth. This Share Repurchase
Program confirms this belief and will unlock our shareholder
value.
The agreement with Hainan Douxing is the fourth major
cross-border merchandise-related contract signed by the Company's
subsidiaries since late March of 2022. We expect that four
major contracts signed this year will increase the revenue of our
cross-border merchandise business segment significantly in 2022."
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure
Limited is a company delivering comprehensive products
solutions to global-high-net worth families serviced by our
business customers with business segments covering menswear,
cross-border merchandise and tourism. To learn more about the
Company, please visit its corporate website at
en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure Limited, and
its subsidiary companies. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. 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 (http://www.sec.gov). All
forward-looking statements attributable to the Company or 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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SOURCE JX Luxventure Limited
