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HONG KONG, April 22, 2016 /PRNewswire/ -- REX Global Entertainment Holdings Limited (the "Company" or "REX Global" (Stock Code: 164), together with its subsidiaries, the "Group") is pleased to announce that, the resolution of approving the acquisition of 30% issued share capital in Yota Devices from a private equity fund Telconet Capital Limited Partnership("Telconet"), was passed by the shareholders of the Company at today's SGM. Subject to completion, the Group will acquire 30% issued share capital in Yota Devices and will be granted an exclusive intellectual property license to market and sell "YOTAPHONE" in the Greater China region for 7 years.
Mr. Yeung Chun Wai, Anthony, Executive Director of REX Global, stated, "As a listed investment holding company on the Hong Kong Stock Exchange, the Group will from time to time seek new investment opportunities to diversify its business portfolio. Our new focuses will be on mobile technologies and investments in various projects. The investment in Yota Devices marks the first step of the Group to tap into the smartphone industry."
To better reflect the new corporate development direction of the Company, its name will be changed to "China Baoli Technologies Holdings Limited".
Yota Devices is principally engaged in the design, research and development, production and marketing and sales of high-tech consumer LTE electronics such as phablets and routers. Its main products are smartphones under the brand "YOTAPHONE". The latest model is "YotaPhone 2", a new and unique dual-screen smartphone. Yota Devices is headquartered in Russia, with offices and operations in Europe, Asia and the Middle East. It has a R&D team of over 50 professionals including Nokia veterans.
Sergey Chemezov, General Director of State Corp Rostec ("Rostec"), one of Yota Devices's shareholders, said, "Our mission is to develop, manufacture and export high-tech industrial products. The collaboration of Yota Devices with a major Chinese player will be an important catalyst for the development of cooperation between Russia and China in the field of high technologies. Rostec has been supporting Yota Devices from the startup stage and will surely continue supporting it."
Ekaterina Lapshina, Director of Marsfield (management of Telconet assets), stated, "Partnership with REX Global enhances company's ability to continue global expansion and facilitates entrance to new markets. We chose REX Global, as an investor who not only offered the most attractive conditions, but also believes in Yota Devices's strategy and prospects for further development."
Mr. Yeung added, "We are very excited to invest and cooperate with Yota Devices, to explore new opportunities in China. With a goal to expand beyond our existing core business, Yota Devices is definitely a powerful vehicle for the Group to set a foothold in the hi-tech market."
About REX Global Entertainment Holdings Limited
REX Global Entertainment Holdings Limited is an investment holding company listed on the Hong Kong Stock Exchange. The Company focuses on entertainment related businesses and it also actively looks for new investments and business opportunities to enhance shareholders' value in the long run.
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