HANGZHOU, China, Oct. 10, 2018 /PRNewswire/ -- Dragon Victory
International Limited (Nasdaq: LYL) ("LYL" or the "Company"), a
company offering reward-based crowdfunding opportunities and
quality incubation services to entrepreneurs in China, announced today the establishment of a
joint venture, Shenzhen Guanpeng Information Technology Co., Ltd.
("Guanpeng") by and between Hangzhou Dacheng Investment Management
Co. Ltd., the Company's wholly owned foreign subsidiary, and
Shenzhen Jintai Tourism Development Co., Ltd. ("Jintai"), a company
contracted to the Shenzhen airport
terminal project in Dacheng. Guangpeng aims to enhance tourism
experiences for travelers.
Pursuant to the joint venture agreement (the "Agreement"), the
Company and Jintai agreed to co-invest to incorporate and establish
Guanpeng, where the Company and Jintai would own 51% and 49% of the
equity interest in Guanpeng, respectively. Guanpeng is expected to
provide a series of services and operate a number of service
programs to explore the smart tourism market, primarily including
flight terminal cloud services, tourism operations data solutions
as well as industry data research and analysis. As part of the
Agreement, drawing on resources from both the Company and Jintai,
Guangpeng is expected to be authorized by the operating body of
Shenzhen Bao'an International Airport, the only airport in
Shenzhen, as the exclusive service
provider for certain services in the connecting travel terminal
located in Dapeng District.
The joint venture Guanpeng expects to operate three service
programs as follows:
- Flight Terminal Cloud Services: Online ticket booking,
online check-in, dynamic flight inquiry, baggage check-in, airport
VIP service, airport bus online booking, airport bus timetable
inquiry, online chartered car booking, travel insurance purchase
support, etc.
- Tourism Operations Data Solutions: Online attraction
ticket reservations, tourism online reservations, online hotel
booking, online payment, online catering booking, group purchase
ordering, specialty shopping malls, online purchase, transportation
service, consumer financial service, insurance matching service,
travel based Internet of Things technology, etc.
- Industry Data Research and Analysis: Data collection and
analysis, digital marketing, industry data research, basic
research, etc.
Mr. Jianjun Sun, Chairman and
Chief Executive Officer of Dragon Victory International Limited,
commented, "We are excited to announce this joint venture with
Jintai. As incomes have risen, the tourism market in China has expanded, and we are proud to work
with Jintai to provide services in the Shenzen airport's connecting
travel terminal, located in Dapeng District, that draw on advances
in information technology and smart technology. The joint venture
is expected to leverage Dragon Victory's expertise in early stage
ventures and Jintai's strong industry expertise to showcase the
value of smart technology in the travel industry."
About Dragon Victory International Limited
Incorporated in 2015 and headquartered in Hangzhou, Dragon Victory International Limited
("LYL" or the "Company") offers reward-based crowdfunding
opportunities in China to
entrepreneurs and funding sources through a fast-growing
reward-based crowdfunding platform at www.5etou.cn. 5etou is
designed to enable small- and medium-sized companies, start-ups and
idea generators to raise funding from participants through the
Internet. The Company also provides quality business incubation
services and financial services to entrepreneurs and business
entities with funding needs who utilize our crowdfunding platform.
More information is available at www.dvintinc.com.
Forward-Looking Statements
This press release contains information about the Company's
view of its future expectations, plans and prospects that
constitute forward-looking statements. Actual results may
differ materially from historical results or those indicated by
these forward-looking statements as a result of a variety of
factors including, but not limited to, risks and uncertainties
associated with its ability to raise additional funding, its
ability to maintain and grow its business, variability of operating
results, its ability to maintain and enhance its brand, its
development and introduction of new products and services, the
successful integration of acquired companies, technologies and
assets into its portfolio of products and services, marketing and
other business development initiatives, competition in the
industry, general government regulation, economic conditions,
dependence on key personnel, the ability to attract, hire and
retain personnel who possess the technical skills and experience
necessary to meet the requirements of its clients, and its ability
to protect its intellectual property. The Company encourages
you to review other factors that may affect its future results in
the Company's registration statement and in its other filings with
the Securities and Exchange Commission.
For more information, please contact:
In China:
Bo Lyu, the Board Secretary
Dragon Victory International Limited
Email: lb@dvintinc.com
Phone: +86-15157527297
In the United
States:
Tina Xiao, President
Ascent Investor Relations LLC
Email: tina.xiao@ascent-ir.com
Phone: +1-917-609-0333
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SOURCE Dragon Victory International Limited