SHISHI, China, Feb. 19, 2019
/PRNewswire/ --KBS Fashion Group Limited ("KBS" or the "Company")
(NASDAQ: KBSF), a leading fully-integrated casual menswear company
in China, announced today that it has executed a non-binding
Letter of Intent ("LOI") to acquire Tribe Wearables ("Tribe"), a
private smart clothing technology company, located in Komotini,
Greece.
According to the LOI, KBS will first acquire 20% of equity
interests in Tribe based on the valuation of $5,000,000 pre money by issuing certain amount of
shares KBS common stock to the shareholders of Tribe. The board of
directors of Tribe will have at least one member nominated by KBS
once the acquisition is completed. KBS is also entitled to acquire
additional equity interests in Tribe by placing certain order of
Tribe products at the required price and amount under the LOI. In
addition, KBS will have the right of first refusal on participating
in Tribe's future capital raise.
Mr. Keyan Yan, Chief Executive Officer of the Company
commented, "We are very excited to invest in Tribe, one of the most
innovative smart clothing technology companies internationally. We
conceive that this investment will enhance and expand significantly
our clients network and products offering. The smart clothing
market is expected to surpass the 2 trillion US dollars in
size in 2019 and KBS is well positioned to capture a part of this
market in the wider region. We believe KBS will be the preferred
manufacturer and exclusive distributor of Tribe products in
mainland China and Taiwan."
"With the acquisition of Tribe, the management team of KBS
continues the implementation of its plan for entering the dynamic
market of AI, wearable and smart technology for capturing the ever
increasing demand for these products in the wider region and
internationally. We look forward to welcoming Tribe to be a part of
KBS and expect the first stage of acquisition to be completed
within the next six months."Concluded by Mr Keyan Yan.
The transaction remains subject to completion of due diligence
reviews, customary definitive documentation and approval by the
respective KBS and Tribe boards of directors. As a result, there is
no assurance that the transaction will be eventually
consummated.
About Tribe Wearables
Tribe Wearables is a leading Greek based smart clothing
technology company focusing in the development of apparels and
sensors for assessing, coaching athletes and prevention of
injuries. Its products combine the feel of premium sports apparels,
with the functionality of cutting edge sports Science Lab and the
AI-based Coaching with abilities rivaling that of world-class
personal trainers. To learn more about the Company, please
visit its corporate website at www.tribewereables.com.
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 33 KBS branded stores (as
of December 31, 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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SOURCE KBS Fashion Group Limited