NEW YORK, June 5, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company"), announced today that the Company is changing its corporate name to Seven Stars Cloud Group, Inc. ("Seven Stars Cloud"), which will become effective in early Q3 (specific date to be announced).
The Company will continue to trade on the Nasdaq Stock Exchange but under the new symbol "SSC" (specific date to be announced) with no change in the Company's share structure.
The name change will be phased in across all aspects of the business in the relatively near future. The Wecast Network, Inc. corporate name will continue to be used in press releases and corporate filings until the SEC officially deems the new name, Seven Stars Cloud Group, Inc., effective.
CEO Bing Yang stated, "While a corporate name change has already recently occurred, the recent dynamic shift in corporate strategy that the company has undergone since that time, requires a name that will more accurately reflect the Company's new strategy and business. The Company selected a name that could better encompass and further establish its identity in the industry and to more accurately represent its portfolio of cloud-based solutions and services aimed at Chinese and global businesses and enterprises. Even more, the new name both references and will benefit from the established goodwill and brand recognition from our Chairman Bruno Wu's Sun Seven Stars Media Group conglomerate, one of the biggest private media and investment companies in Asia."
"As the Company utilizes our 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power our V PaaS (Virtual Platform as a Service), WCST is creating a closed trade ecosystem for buyers and sellers designed to eliminate supply chain and transactional middlemen and create a more direct and margin-expanding trading path for principals. WCST is applying BASE + V PaaS to focus on 3 Core Cloud Areas: I. Brand, Content & Intellectual Property Cloud; II. Physical Product Sales Cloud; III. Transactional Finance Cloud. Our rebranding to Seven Stars Cloud represents the cloud-based ecosystem we are building and I look forward to continue overseeing the evolution of this Company as the pieces continue to merge together."
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 (http://www.sec.gov). All forward-looking statements attributable to the Company or 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.
Wecast Network, Inc.
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SOURCE Wecast Network, Inc.