SHISHI, China,
June 22,
2021 /PRNewswire/ -- KBS Fashion Group Limited ("KBS"
or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual
menswear company in China and the operator of Luxventure, a
social media platform, today announced that the Company has entered
into an Employment Agreement with Sun
Lei, our Chief Executive Officer. Under the Employment
Agreement, Sun Lei shall receive a
cash compensation of USD1.00 and,
based upon our annual revenues as reported in our 2021 annual
report, stock compensation as follows: (i)10,000 shares of ordinary
stock for revenue of USD10,000,000;
(ii) 100,000 shares of ordinary stock for revenue of USD20,000,000; (iii) 250,000 shares of ordinary
stock for revenue of USD30,000,000;
(iv) 500,0000 shares of ordinary stock for revenue of USD40,000,000; and (v) 1,000,000 shares of
ordinary stock for revenue of USD50,000,000. The Employment Agreement has
a term of 1 year and has been approved by the board of directors of
the company and by the written consent of majority of the
shareholders of the company.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 KBS
branded corporate store and over a number of multi-brand
stores. KBS Fashion Group is the operator of Luxventure, a
social media platform. 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.
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SOURCE KBS Fashion Group Limited