HONG KONG, March 8, 2018 /PRNewswire/ -- Sharing Economy International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Technology & Innovations Ltd. ("EC Technology"), has entered into an exclusivity agreement with the shareholders of Weying Mtel Limited ("Weying Mtel"), regarding a potential acquisition by EC Technology of not less than 51% of Weying Mtel.
Weying Mtel is a joint venture of Mobile Telecom Limited and Weiying Technology ("Weiying"), a company whose largest shareholder is Tencent. Weiying operates a ticketing service on Tencent's WeChat platform and aims to accelerate the collaboration of Hong Kong's movie businesses and Weiying's leading position in Mainland China's ticketing service market to develop ticketing services which it will deploy in global markets outside of China.
"This is a unique opportunity for the development of SEII's media and advertising business," said Parkson Yip, COO of SEII. "According to Persistence Market Research, the global mobile ticketing market will reach nearly US$3.2 billion by 2024. Our opportunity with Weying Mtel not only provides the company with entry to this market opportunity, it also opens other opportunities for the development of our media and advertising business with more income opportunities as well as market education channels. The majority of the market is still unfamiliar with the sharing economy and media plays an important role in our market education strategy. Our media and advertising business unit is planning video and movie projects to educate the market about the sharing economy and the related technologies that we are using, such as blockchain and artificial intelligence. We want to apply user-friendly media channels to communicate the benefits of the sharing economy and related technologies, and how our societies can change for the better in a true sharing community. We value this opportunity to partner with Weying Mtel, which has extensive experiences in video and movie production and distribution. SEII will extend our technology partnership with Shanghai Ganqu Network Technologies, whose extensive experience in applying blockchain technologies into ticketing systems will move these initiatives forward quickly. Our initial targets are global movie theater markets with the potential to expand into other event ticketing. Weying Mtel is already cultivating partnernships with movie theater in the Asia regions."
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 Weying Mtel Limited
Weying Mtel Limited aim to accelerate the collaboration of Hong Kong and Mainland China movie businesses, to increase Hong Kong's box office earning, to help the film market grow rapidly. Boosting the development of Hong Kong mobile ticketing business and building a new communication platform, and extend into Asia and global markets.
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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