SHISHI, China, Jan. 22, 2019 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that the Company expects its first half of 2019 to have strong numbers in sales and profits.
During the first two weeks of January, the Company signed two garment processing framework contracts with Hangzhou Muxue Garment Co., Ltd., a regional brand clothing company mainly engaging in offline wholesale of women's woolen coats and Hangzhou Jiesong Garment Co., Ltd., which is in the business of selling women's clothing under the brand name of Manzi Yage. These two contracts are valued at RMB 7.8 million and RMB 4 million, respectively. Under the contracts, The company will manufacture a variety of clothing items including approximately 170,000 pieces for Hanzhou Muxue and 90,000 pieces for Hanzhou Jiesong.
Mr. Keyan Yan, Chief Executive Officer of the Company commented, "We are very pleased to announce these newly signed contracts, after we successfully renewed contracts with the existing customers -- Hangzhou Ziyin and Hangzhou Yiyuan. The management expects to have a profitable first half of 2019 and we are optimistic of the company's performance in 2019."
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 38 KBS branded stores (as of September 30, 2018) and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, 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 these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors 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.
For further information, please contact:
Lisa Tu
Chief Financial Officer
T: +86 158-5972-2469
E: lingsantu@hotmail.com
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