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Cleantech Solutions International Launches Global Bike Sharing App Service in Hong Kong

2017-07-12 04:00

HONG KONG, July 12, 2017 /PRNewswire/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT) today announced that it has launched a global bike sharing app service and joined together with local sharing bike operators in Hong Kong. 

Cleantech Solutions' one-stop solution allows consumers to locate and pay for sharing bikes using a single platform, without having to download separate apps and create separate payment accounts for each individual bike-sharing operator. Using the Company's platform, consumers will be able to locate and rent the closest sharing bike on a cross-city and cross-region basis. Featuring a single registration, deposit and payment system, bike locking and tracking technology, the Company expects its platform to provide a seamless and compelling user experience. The infotainment system provides consumers with real-time riding stats, navigation, and rider assistance while providing bicycle owners additional security via GPS tracking along with opportunities for monetization from in-app advertising. The Company has partnered with Hong Kong-based Xiao Sun Bike and Ketch'up Bike, and plans to add more regional bicycle operators to the platform.  The platform will open up opportunities for individuals and small bike rental companies to join, by installing a specific bike locking and location system.

According to a Roland Berger Strategy Consultants study, the global bike sharing market is expected to be worth up to 5.3 billion euros by 2020.  Roland Berger expects digitization and strategic partnerships will shape the market.

"China's bike-sharing market is booming and expected to grow from $1.5 billion in 2017 to $3.5 billion by 2019, contributing a large part in the development of the global bike sharing market, thanks to its low cost, flexibility, and environmentally friendly nature. We envision our platform as a place where smaller operators and even individual owners, can participate in the bike sharing economy. Integrating with, our bike sharing partners and individual bike owners will have access to the sharing economy platform's 30 million unique users per month from around the world. We believe our new bike sharing platform will appeal to bike sharing operators and consumers alike," said Parkson Yip, COO of Cleantech Solutions. 

About Cleantech Solutions International

Cleantech Solutions, 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 sharing economy markets 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 March 31, 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.

Company Contacts:
Cleantech Solutions International, Inc.
Parkson Yip, COO

Compass Investor Relations
Elaine Ketchmere, CFA

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Source: Cleantech Solutions International, Inc.

Related stocks: NASDAQ-SMALL:CLNT

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