Sharing Economy International Enters into Share Exchange Agreement to Acquire 100% of OOB HK Limited to further enhance its digital marketing capabilities
Apr 15, 2020, 08:00 ET
HONG KONG, April 15, 2020 /PRNewswire/ -- Sharing Economy International, Inc. ('SEII or "the Company") (OTCQB: SEII) today announced that it has entered into a share exchange agreement with the shareholders of OOB HK Limited ("OOBHK"), to acquire 100% ownership of OOBHK. SEII will acquire 100% of OOBHK with the issuance of 239,387,189 shares of SEII series A convertible preferred stock at a price of $0.33 per share.
Launched in the year 2012, OOB HK holds a control shares of OOB Sichuan which is listed on NEEQ and has a market capital value of over 1 billion RMB, is a marketing agency focused on serving brand customers in China with an integrated solution, both online and offline. Its clientele includes multinational brands such as Pizza Hut, Dumex, Remy Martin, Jaguar, Kao, and also large local brands like Ping An, Anta and Dicos. Its business spans across traditional media buy, social media marketing, and result-oriented mobile marketing. OOB Sichuan records 48 million RMB in revenue for the year of 2018.
"Our mission is to provide a cost-effective approach towards marketing which allows brands to maximize return on investments," said Dominic Yee, CEO of OOBHK. "And we continue to be at the forefront in terms of identifying new opportunities in this challenging and dynamic environment."
"We are excited about the acquisition of OOBHK and the synergies that it presents," said Parkson Yip, Vice President of SEII. "OOB's strength and experience in China, with the largest internet population in the world, will help EC Rent further expand its reach in this market. SEII and OOBHK will continue to look for acquisition targets in the resource sharing space and are already evaluating some projects in the pipeline."
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
Launched in 2012, OOBHK has been serving brand customers in China with an integrated approach. Its customer base include Multinational Brands as well local homegrown brands. As change in consumer behavior calls for change in marketing strategies and budget allocation, OOBHK embarked on a digitization strategy which moves towards mobile marketing and use of influencers in helping brands reach their target audience.
For more information visit www.oobmedia.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, 2016 and in our Form 10-Q for the quarter ended September 30, 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.
SOURCE Sharing Economy International, Inc.
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