HONG KONG, Aug. 20, 2018 /PRNewswire/ -- Sharing Economy
International, Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced that its wholly-owned subsidiary, Sharing Economy
Investment Limited ("SEIL"), has entered into a sale and purchase
agreement with the shareholder of Gagfare Limited ("Gagfare"), to
acquire 60% ownership of Gagfare. SEIL will acquire 60% of
Gagfare for consideration of US$3.6
million, which shall be satisfied by the allotment and
issuance of 1,176,087 preferred shares of the Company at a price of
$3.061 per share.
Launched in the third quarter of 2017, Gagfare is an online
platform enabling travelers to search flights directly with over
500 airlines globally, allowing them to get the best-value airfare
for their desired flight, and secure a confirmed booking
instantly. Its unique book-now-pay-later solution allows
travelers to pay only US$2 to secure
up to nine seats, well in advance, in one booking. Travelers
are not required to pay the remaining fare until the ticketing
deadline specified by the individual airlines.
"We created Gagfare because we know what customers want," said
David Leung, travel industry
veteran, founder and CEO of Gagfare. "Our mission is to let
customers to 'get a good fare', hence the name. According to a
report published by Allied Market Research (AMR), the online travel
market is estimated to garner over US$1
trillion globally by 2022. The Asia Pacific region is
expected to witness the highest growth, and online travel agencies
(OTA) will witness strong growth over the next five
years. With the rich resources and global teams from SEII, we
expect to provide the traveling public with more options by
offering book-now-pay-later services for as low as US$2.
"We are happy to welcome Gagfare to the SEII network," said
Parkson Yip, Vice President of
SEII. "Gagfare puts the power back into travelers' hands by
providing a very competitive direct airfare booking solution which
consumers use to search for their flights directly through the
airlines' own systems. This gives travelers access to promotional
deals they may never encounter anywhere else online and ensures
they get the best airfare offer, on any given travel day, on any
given flight, on any of the world's leading 500 airlines. We
are very confident the US$2
book-now-pay-later airfare services can help millions of travelers
save money and gain greater financial flexibility through advance
confirmation booking of flights. SEII and Gagfare will work
together to provide more sharing and saving opportunities for
travelers in the future."
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated
companies, designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business initiatives
are focused on targeting the
technology and global sharing economy markets, by developing
online platforms and rental business partnerships that will drive
the global development of sharing through economical rental
business models. Moreover, the Company will actively pursue
blockchain technology in its existing and to-be-acquired business,
enabling the general public to realize the beauty of resource
sharing. For more information visit www.seii.com
About Gagfare
Launched in the third quarter of 2017, Gagfare links travelers
with over 500 airlines around the world, giving them access to
great fares, including special promotional fares. All it takes is
one small fee of US$2 to secure a
booking for up to nine passengers travelling together, at a good
value-for-money airfare on the desired flights. There are no hidden
fees, and travelers only have to pay the full airfare when it is
time to travel. Travelers can manage their bookings directly
through the chosen airline's official website. The smartphone app
is available for free download from the iTunes App Store and Google Play Store. For more
information visit www.gagfare.com
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
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, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2017 and in our Form 10-Q for the quarter ended June 30, 2018. All forward-looking statements
attributable to the Company or to 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 Sharing Economy International, Inc.