BEIJING, Sept. 14, 2018 /PRNewswire/ -- Link Motion Inc., (NYSE: LKM) ("Link Motion" or "the Company"), a leading smart car and smart ride company, today announced new agreements with Zhongzhi Hi-Tech Overseas Investment Ltd. ("Zhongzhi") and certain changes to its management team.
The Company has entered into a non-binding MOU to further engage in business cooperation with Zhongzhi, and in connection, the Company has entered into agreements to pledge its Senior Note issued by Tong Fang and shares of NQ International Inc. to Zhongzhi as additional securities for the Convertible Note held by Zhongzhi. The Company is engaging in further discussion with Zhongzhi regarding the extension of the maturity date of the Convertible Note.
The Company further announces the change to its management team. Mr. Zemin Xu, Chief Executive Officer of the company, has resigned and Mr. Jia Lian has been appointed as an Acting Chief Executive Officer of the Company. Mr. Lian will restructure the management team and lead the Company's operations.
Mr. Justin Chen, President and General Counsel and Mr. Roland Wu, Chief Financial Officer of the Company, have resigned from their management positions. Mr. Zemin Xu and Mr. Justin Chen have also resigned as board members.
Ms. Joanne Zhu, a director designated by Zhongzhi has also been replaced by Mr. Vincent Wu, who is newly nominated by Zhongzhi to replace Ms. Zhu as Zhongzhi's representative on the Company's board.
About Link Motion Inc.
Link Motion Inc. ("Link Motion" or the "Company",NYSE: LKM) is a leading smart car and smart ride company. Link Motion's portfolio of offerings includes enabling technology solutions and secure connected carputers for the ecosystem of car businesses, consumer ride sharing services, as well as legacy mobile security, productivity and other related applications. For more information on Link Motion, please visit www.lkmotion.com or the company's U.S. investor relations site here.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. 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 actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
SOURCE Link Motion Inc.