HONG KONG, Dec. 8, 2017 /PRNewswire/ -- Asia Equity Exchange Group, Inc. (OTC: AEEX) (or the "Company"), a leading equity investment and financing information services provider in Asia, announced today that it has completed a self-directed private placement (the "Placement") of 4,300,000 shares of common stock of the Company for $3.5 per share pursuant to a Subscription Agreement dated November 21, 2017 (the "Subscription"). The gross proceeds of the Subscription is approximately $15 million. The total number of newly issued shares represent approximately 3.62% of the issued and outstanding number of shares after giving effect to the Subscription.
The Company plans to use the net proceeds of the Placement for brand promotion, marketing development, information technology system and expenses in relation to the Company's plan of up-listing to the Nasdaq Capital Market or such other national securities exchange in 2018.
Mr. Xiangyu Wang, Chief Executive Officer of AEEX commented, "We are very grateful for the successful and strong closing of this private placement. With a sound balance sheet, validation from industry investment, and continued support from AEEX's major shareholders, we can execute our expansion plans with confidence." Mr. Wang continued, " Our team is eager to capitalize on the broadened recognition of AEEX's brand and industry leadership in Asia, and turn each strategic initiative into long-term shareholder value."
A current report on Form 8-K was filed with the Securities and Exchange Commission on November 24, 2017 (the "Form 8-K"). The foregoing is only a brief description of the material terms of the Agreement, and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference the Form 8-K. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Asia Equity Exchange Group, Inc.
Asia Equity Exchange Group, Inc. (AEEX) is a US-listed company since November 2013 under the US Securities & Exchange Commission regulations. The Company's principal business is to provide equity financing information services for small and medium-sized enterprises in Asia, particularly China, so that they are able to obtain funding from international capital markets. The AEEx service platform is operated by its wholly-owned subsidiary, Asian Equity Exchange Group Co., Ltd., for registered members in disclosing their information based on listed company standardized criteria and thus it has become an incubator for quasi-listed companies. Also, it arranges the investment and financial information matching services for the registered member companies and interested investment members. At the same time, AEEX also provides diversified consulting assistance services to its members necessary for their international listing and going public process including the referrals of third-party professional service providers such as legal counsel, PCAOB auditor and securities broker. For further details, please visit http://www.asiaotcmarkets.com.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's business strategies and initiatives as well as the Company's business plans; the Company's future business development, results of operations and financial condition; expected changes in the Company's revenue and certain cost or expense items; trends and competition in the industry in China; general economic and business conditions in China; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Ms. Tina Xiao
Ascent Investor Relations LLC
SOURCE Asia Equity Exchange Group, Inc.