SEII Enters into License Agreement with PTI Corporation for South Korean Market Expansion of ECRENT
HONG KONG, Aug. 16, 2018 /PRNewswire/ —
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 PTI Corporation (“PTI”), that sublicenses SEIL’s exclusive license with Ecrent Capital Holdings Limited (“ECRENT”) to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in South Korea. In return, PTI shall pay to SEIL $230,000 (“Consideration”). The License Agreement will be effective on September 1, 2018 through December 31, 2019. In addition, if the aggregate revenue during the period exceeds the Consideration, SEIL shall receive 30% of the difference between the aggregate revenue and the Consideration.
“This agreement represents a great step for us to foster the market presence of ECRENT in South Korea, since we obtained the ECRENT exclusive operating license for the Asia regions in June,” said Parkson Yip, Vice President of SEII. “By partnering with PTI to explore sharing economy business opportunities in South Korea, we gain a local presence that is very familiar with the retail market. We expect this will shorten the period of time required to enter the market and believe PTI’s commitment, advice and guidance will enable us to quickly tackle any obstacles. Should this endeavor prove to be a fast and effective method of entering new markets, we will seek to identify and partner with additional local companies to develop our sharing economy solutions in other regions in the future.”
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 PTI Corporation
PTI Group, the parent company of PTI Corporation, was established in 1996, and is now a renowned sourcing firm in South Korea. PTI Corporation is experienced in identifying the market trends in South Korea and helping clients from all over the world to source high-quality products and services at competitive costs. For more information visit www.ptigroup.kr/default/01/menu02.php?topmenu=1
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 the Form 10-Q for the quarter ended June 30, 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.
SOURCE Sharing Economy International, Inc.