HAIKOU,
China, Oct. 19, 2022 /PRNewswire/ -- JX
Luxventure Limited (Nasdaq: JXJT) (the "Company"), a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering tourism, duty-free cross-border
merchandise, eCommerce and B2B SAAS solutions, announced that
today, on October 19, 2022, the
Company entered into and executed a stock purchase agreement (the
"Agreement") with Shenzhen Zhongjiyingfeng Investment Co., Ltd.
("Purchaser") and, pursuant to the terms of the Agreement,
consummated the sale of its 100% ownership in Hongri International
Holding Limited ("Hongri"), a wholly-owned subsidiary of the
Company through which the Company operated its menswear business
segment, to the Purchaser for a total amount of US$10,000,000 (the "Transaction"). Following the
consummation of the Transaction, the Company will continue to own
and operate its tourism, duty-free cross-border merchandise,
eCommerce and B2B SAAS solutions business.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company
said: "This transaction drives a good deal which will benefit
our stakeholders, customers and employees. Despite some of the
challenges our current leadership team inherited, our underlying
continuing business remains strong. We are confident this sale is
the best path to provide the Company with the necessary resources
to continue to fund and scale the business as it enters into its
next phase of growth. Going forward, we will focus on investing in
the growth of our tourism, cross-border merchandise, eCommerce and
B2B SAAS solutions business. We remain committed to delivering
accelerating growth and value creation for our shareholders. "
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company
delivering comprehensive products solutions to global
high-net-worth families serviced by our business customers with
business segments covering tourism, duty-free cross-border
merchandise, eCommerce and B2B SAAS solutions. To learn more
about the Company, please visit its corporate website at
en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure 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 due to a variety of factors,
including those discussed in the Company's periodic reports 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 JX Luxventure Limited
