HONG KONG, March 8, 2018 /PRNewswire/ -- Sharing Economy International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Advertising Limited ("EC Advertising"), has entered into an exclusivity agreement with the shareholders of Winse Media, regarding a potential acquisition by EC Advertising of not less than 51% of Winse Media.
Incorporated in Mainland China, Winse Media specializes in online media advertising. Its headquarters is in Guangzhou and it has technical and operational centers situated in Beijing and Chengdu, respectively. Winse Media has established a cooperative relationship with China's big three mobile service providers: China Mobile, China Unicom and China Telecom. This provides Winse Media with access to over 600 million mobile users, providing opportunities for data mining the consumption and recreational habits of the users and targeting advertisements that will have the greatest influence on them. In 2016, Winse Media generated annual revenue and gross operating profits were RMB27.3 million and RMB2.2 million respectively.
"We are excited about a potential collaboration with Winse Media as we work to expand SEII's media and advertising business," said Parkson Yip, COO of SEII. "We believe their access to a broad user base of potential clients in Mainland China will enable our business units such as BuddiGo, 3D Discovery and AnyWorkspace to promote and expand their businesses in China. More importantly, its healthy financial performance can create more operating cash flows for the Company, which can be used in normal operations and as capital resources in future acquisition activities."
There can be no assurances that the parties may enter into any agreement to do a transaction, and even if an agreement is entered into, there can be no assurances that such transaction will be consummated.
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 Winse Media
Winse Media is an advertising company incorporated in Mainland China. It focuses mainly on online media advertising business. Because of its close relationship with the China's big three mobile service providers, namely China Mobile, China Unicom and China Telecom, it can effectively disseminate the messages of its clients to over 600 million mobile service users in China.
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.
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SOURCE Sharing Economy International, Inc.