NEW YORK, April 21, 2021 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future
FinTech", "FTFT" or "the Company"), a leading blockchain-based
e-commerce business and a fintech service provider, announced today
that on April 13, 2021, the Company
signed a preliminary term sheet (the "Term Sheet") to acquire 100%
of the equity of Khyber Money Exchange Ltd. ("Khyber Exchange")
from its shareholder (the "Seller"). The Term Sheet represents
terms for a proposed transaction subject to definitive
documentation and is non-binding except for its 'Exclusive Period'
and 'Confidentiality'; and 'Governing Law' sections.
Khyber Exchange is a money transfer company with a platform for
transferring money worldwide through one of its agent locations or
via its online portal, mobile platform or over the phone. Khyber
Exchange is headquartered in the UK and has offices in Germany and Italy.
According to the Term Sheet, the Company will acquire 100% of
the equity of Khyber Exchange at a purchase price of €685,000
(approximately US$ 820,170). The
acquisition will be subject to due diligence by the Company and the
Term Sheet stipulates that the Company has a 30-day period in which
it has an exclusive right to negotiate for and purchase the equity
of Khyber Exchange.
Shanchun Huang, Chief Executive
of Future FinTech, commented, "We are pleased about this potential
acquisition as it further extends our footprint into the fintech
sector. We believe that this is a high margin business that will
enable us to capitalize upon an increasing level of international
money flows and that it could ultimately be synergistic with the
Chinese payment settlement services company, Hi-Card Business
Service Co., Ltd., in which we are planning to acquire a 60%
interest pending due diligence and final negotiation between the
parties as disclosed in our press release on March 23, 2021. Our objective is to become
diversified fintech enterprise that leverages current opportunities
and integrate them into a comprehensive business platform, and to
create a company that can meet current financial needs as well as
anticipate and develop fintech solutions for the future."
Rahim Sham, Chief Executive
Officer of Khyber Exchange stated: "As a worldwide money transfer
company, Khyber Exchange can transfer money over 130 countries
through its agents or its online portal, mobile platform or over
the phone. Money transfers can be picked up in its offices or via
the beneficiary's bank account which is credited with the
transmitted funds within 24 to 48 hours. Khyber Exchange guarantees
its customers that its transactions are executed at the best
possible exchange rate, are safe and reliable and are instantly
processed. The potential acquisition by FTFT will help Khyber
Exchange expand its business and operation in Asia, especially in the fast-growing Chinese
market."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce company and a
service provider for financial technology incorporated
in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects and financial
services for the supply chain industry. The Company is also engaged
in the development of blockchain based e-Commerce technology as
well as financial technology. For more information, please visit
http://ftft.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
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through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
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"could," "intend," "target" and other similar words and expressions
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All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2020 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.