NEW YORK, Sept. 7, 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 September 1, 2021, the
Company signed a definitive agreement (the "Agreement ") to acquire
100% of the equity of Khyber Money Exchange Ltd. ("Khyber
Exchange") from Rahim Shah (the
"Seller").
Khyber Exchange is a money transfer company with a platform for
transferring money through one of its agent locations or via its
online portal, mobile platform or over the phone. Khyber
Exchange was incorporated in February
2009, is headquartered in the UK and has offices in
Germany and Italy; its website is
https://khyberexchange.com.
According to the Agreement, the Company will acquire 100% of the
equity of Khyber Exchange at a purchase price of €685,000
(approximately US$ 820,170). The
Company engaged in extensive operational, legal and financial due
diligence in order to reach this Agreement. Khyber Exchange is
regulated by the UK Financial Conduct Authority (FCA); the
acquisition needs to be approved by the FCA before its formal
closing.
More complete information of the Agreement is set forth in
the Form 8-K and its exhibits filed with the Securities and
Exchange Commission on September 7,
2021.
Shanchun Huang, Chief Executive
of Future FinTech, commented, "We are pleased about this
acquisition as it further extends our fintech footprint and further
diversifies our geographical reach. We believe that money payment
services are a high margin business that will enable us to
capitalize upon an increasing level of international business
transactions and money flows. We believe that it will be
synergistic with other financial service businesses that we are
developing."
"Khyber Exchange will also be an excellent fit with FTFT UK
Limited, our recently incorporated subsidiary that will serve as an
operating base for us to develop fintech business in
Europe. Our objective is to become
a diversified fintech enterprise that leverages current
opportunities and integrate them into a comprehensive business
platform, and to create a company that can meet customers' current
financial needs as well as positively disrupt the traditional
banking sector to launch innovative products and services,"
concluded CEO Huang.
Rahim Shah, Chief Executive
Officer of Khyber Exchange stated: "As a worldwide money transfer
company, Khyber Exchange can transfer money to 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. Consequently, the company has accumulated a substantial
number of loyal customers over the past ten years. The
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
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
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"could," "intend," "target" and other similar words and expressions
of the future.
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.