Hong Kong – June 13, 2018 – Sharing Economy International Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, Sharing Economy Investment Limited (“SEIL”), 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 North Korea. The License Agreement will be valid until December 31, 2023. In return, SEII shall pay ECRENT a maximum amount of US$1,000,000 upon satisfying the condition precedent that the gross profit generated from the corresponding business arrangement in North Korea exceeds the license fee payment, which will be determined at expiration of the license agreement on December 31, 2023.
“The US-North Korea summit appears to have progressed very smoothly, which is extremely good news not only for the populations of these two countries, but for every individual around the globe,” said Tin Chi CHAN, CEO of SEIL. “We strongly believe that the potential opening of the North Korean market provides a unique opportunity for us to develop both online and offline sharing economy business models in the region that would greatly benefit the North Korean people. Given the limited means of the population, the opportunity to share products and services instead of purchasing them outright can lower the costs incurred and enhance the quality of life of North Korean citizens. By establishing ECRENT along with other offline sharing economy solutions at the appropriate time, North Korean users will have the convenience of sharing and renting from each other. We are dedicated to improving the quality of life of the people living there and looking forward the longer-term opportunities in the region.”
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 and in our Form 10-Q for the quarter ended March 31, 2018. 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