Hong Kong – May 8, 2018 – Sharing Economy International, Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, Sharing Economy Investment Limited, has entered into a License Agreement with Ecrent Capital Holdings Limited (“ECRENT”), regarding the grant of an exclusive and sublicensable license from ECRENT to SEII to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, the Philippines, Vietnam, Cambodia, Japan, and Korea. In return, SEII shall issue to ECRENT 530,000 shares of common stock. ECRENT will guarantee that the operation of its related websites, mobile applications and business services will contribute revenue of US$15,000,000 and gross profit of US$2,910,000 from the closing date until December 31, 2019.
“I believe this is the perfect way to start working with ECRENT in pursuit of our common goal of proliferating the sharing economy business,” said Parkson Yip, Vice President of SEII. “We are very happy to have structured this “win-win” cooperative agreement, which enables both of us to utilize the counterparties’ competitive advantages to further develop our own business. Being a leading global rental classified ad platform, ECRENT is becoming the central repository for rental and service opportunities in the global market. ECRENT represents a true sharing model, where people can share and rent items from each other via a peer-to-peer network. ECRENT will play a crucial role in our online strategies to create effective matchups between supply and demand within the SEII sharing economy ecosystem. On one hand, we expect ECRENT will become a revenue driver for SEII; on the other hand, ECRENT will be able to leverage on the technology and marketing expertise, as well as the human resources, of SEII to explore its fruitful overseas markets. We strongly believe that the business operations will create enormous value to our shareholders.”
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
About Ecrent Capital Holdings Limited
ECRENT is one of the largest and most extensive online global sharing platforms which encourages people to share through renting to protect our environment. A number of categories of products and services on wedding, properties, venues, transport, household, tools, equipment, leisure, fashion, accessories, professional services, arts, and public services, can be rented through its platform. For more information visit www.ecrent.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, 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.
Vice President of Strategic Business Development
Joseph Chow, Director of Investor Relations