Hong Kong – March 14, 2018 – Sharing Economy International, Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Assets Management Limited (“EC Assets”), has entered into a Memorandum of Understanding with Icon Properties, regarding a potential acquisition of the Qliq Damansara Hotel, which is located in Kuala Lumpur, Malaysia.
The Qliq Damansara Hotel is a hip, contemporary hotel situated in the Golden Triangle of Petaling Jaya, the heart of a bustling commercial area with some of the trendiest lifestyle and shopping areas, arts and culture, sports and business districts. The hotel comprises 219 guest rooms in 24 levels. For more information visit http://www.qliqhotels.com.
“The Qliq Damansara Hotel is an ideal candidate to convert into a co-working and co-living community,” said Parkson Yip, COO of SEII. “The plan is to convert unutilized spaces into more efficiently-used co-working spaces and some lower-cost co-living spaces. This can provide greater flexibility to our business club members and guests. Our concept of the co-working and co-living community is to provide a 24/7 operating complex which provides a full suite of services that fit the global business environment that we live in today. With the help of advanced technologies in communications and collaboration, more and more people are working cross-regionally with peers who are physically located in other time zones. A 24/7 co-working and co-living community can provide individuals with the convenience of fulfilling their living needs on-site, at any time, while focusing on their work. Since they are working and living in the same complex, they can go directly to their leisure activities after work without the hassle of commuting. We will continue to seek similar candidates for co-working and co-living complexes through acquisition or partnerships in other locations.”
There can be no assurances that the parties may enter into any agreement to do a transaction, and even if an agreement is entered into, there can be no assurances that such transaction will be consummated.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company’s latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. For more information visit www.seii.com
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. 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, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended September 30, 2017. All forward-looking statements attributable to the Company or to 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.
Sharing Economy International Inc.
Parkson Yip, COO
Joseph Chow, Director of Investor Relations