SHISHI, China, Sept. 20, 2018 /PRNewswire/ -- KBS Fashion Group
Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading
fully-integrated casual menswear company in China, announced that it has entered into a
non-binding letter of intent to acquire 51% of Hangzhou Siteng
Network Technology Company Ltd. ("Siteng"), an e-commerce services
company based in China. KBS has
agreed to acquire 51% of Siteng in cash; the consideration will be
based on Siteng's value which will be determined by an independent
appraisal firm acceptable to KBSF, Siteng, and Siteng's
shareholders. The parties seek to complete the transaction no
later than June 30, 2019.
Headquartered in Hangzhou,
Siteng is engaged in providing operational services to more than
100 companies in China including
Amazon and Aliexpress. There are currently over 100 employees with
the majority being well-trained cross-border e-commerce
professionals. Siteng is led by seasoned executive members with
many years of experience in e-commerce including working for
Alibaba in the past.
Mr. Keyan Yan, Chief Executive
Officer of the Company commented, "we are very excited to be
working with Siteng and integrate its expertise in e-commerce
operations. The acquisition, if consummated, will be another
significant milestone in KBS's efforts to grow in the tough fashion
industry environment. We believe that our established branding and
market together with Siteng's resources will facilitate the success
of this partnership."
The transaction remains subject to completion of due diligence
reviews, customary definitive documentation, and approval by the
respective KBS and Siteng boards of directors. As a result,
there is no assurance that the transaction will be eventually
consummated.
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 June 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:
Lixia Tu
Chief Financial Officer
T: +86-158-5972-2469
E: lingsantu@hotmail.com
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SOURCE KBS Fashion Group Limited