BEIJING, July 5, 2018 /PRNewswire/ -- China Commercial
Credit, Inc. (NasdaqCM: CCCR) (the "Company"), a company currently
engaged in used luxurious car leasing, is pleased to announce that
it has entered into a non-binding Letter of Intent with the parent
of Beijing Lexiang Technology Co., Ltd, a leader in the auto
finance service in China.
According to the Letter of Intent, CCCR will acquire 100% of the
outstanding shares of Lemon Green Inc. which through its
subsidiaries controls Beijing Lexiang Technology Co., Ltd,
("Guolun") in exchange for such a number of shares of common stock
of CCCR based on total enterprise value of Lemon Green.
Mr. Long Yi, the Chief Financial
Officer and Director of CCCR stated: "CCCR is focused on finance
and mobility. The acquisition is a key step by CCCR to explore the
financial area. We expect the takeover to generate steady cash flow
and create more shareholder value."
Mr. Jiaxi Gao, the Chief
Executive Officer and Chairman of the Board of Lexiang commented:
"The cooperation with CCCR will be a breakthrough for
Guolun, also a milestone for
Guolun. I'm very excited about our future."
Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of definitive share exchange agreement, the approval of
the Company's Board of Directors and shareholders, receipt of a
fairness opinion by the Company's Board of Directors, approval by
NASDAQ of the post-transaction entity's new listing application,
and the satisfaction of other customary closing conditions the
negotiation of a definitive agreement providing for the
transaction, satisfaction of the conditions negotiated therein
including approval of the transaction by CCCR's stockholders and
NASDAQ. There can be no assurance that a definitive agreement will
be entered into or that the proposed transaction will be
consummated. Further, readers are
cautioned that those portions of the Letter of Intent that describe
the proposed transaction, including the consideration to be issued
therein, are non-binding.
About China Commercial Credit
China Commercial Credit (http://www.chinacommercialcredit.com),
currently is engaged in used luxurious car leasing business.
About Lexiang
Beijing Lexiang Technology Co., Ltd, established in March 2016 and headquartered in Beijing, is backed by a group of Chinese
famous venture capitalists including Legend Star, K2VC, Plum
Ventures. In November 2017, Lexiang
was upgraded into Guolun, which is focused on automotive, financial
information and Internet. By running "Che
Dai Dai", an Internet-based financial information service
platform, the company serves about 140 million drivers in
China. Guolun owns about 20
outlets across China. As of the
end of June, it has more than 18,000 registered users. Over the
past one year, Guolun posted a transaction amount of more than
RMB1.5 billion. By making use of its
large database, Guolun has been stepping up efforts to stand out
from China's more and more crowded
auto finance market.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and CCCR's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the occurrence of any event, change or other
circumstances that could give rise to the terms of the Term Sheet
not hereafter being memorialized in a definitive agreement; the
outcome of any legal proceedings that have been, or will be,
instituted against CCCR or other parties to the Term Sheet
following announcement of the Term Sheet and transactions
contemplated therein; the ability of CCCR to meet NASDAQ listing
standards following the transaction and in connection with the
consummation thereof; the inability to complete the transactions
contemplated by the Term Sheet due to the failure to obtain
approval of the stockholders of CCCR or other closing conditions
to; risks that the proposed transaction disrupts current plans and
operations and the potential difficulties in employee retention as
a result of the announcement of the Term Sheet and consummation of
the transaction described therein; costs related to the proposed
acquisition; changes in applicable laws or regulations; the ability
of the combined company to meet its financial and strategic goals,
due to, among other things, competition, the ability of the
combined company to grow and manage growth profitability, maintain
relationships with customers and retain its key employees; the
possibility that the combined company may be adversely affected by
other economic, business, and/or competitive factors; and other
risks and uncertainties described herein, as well as those risks
and uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC") by CCCR.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Annual Report on Form
10-K for the fiscal year ended December 31,
2017. CCCR's SEC filings are available publicly on the SEC's
website at www.sec.gov. CCCR disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CCCR or Wheat Capital Group., nor shall there be any sale of any
such securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Additional Information about the Transaction and Where to
Find It
In connection with the proposed transaction, CCCR will file a
preliminary proxy statement with the SEC and will mail a definitive
proxy statement and other relevant documents to its stockholders.
Investors and security holders of CCCR are advised to read, when
available, the preliminary proxy statement, and amendments thereto,
and the definitive proxy statement in connection with CCCR's
solicitation of proxies for its stockholders' meeting to be held to
approve the transaction because the proxy statement will contain
important information about the transaction and the parties to the
transaction. The definitive proxy statement will be mailed to
stockholders of CCCR as of a record date to be established for
voting on the transaction. Stockholders will also be able to obtain
copies of the proxy statement, without charge, once available, at
the SEC's website at www.sec.gov or by directing a request to:
415-2351 Zhen Building, Yong An Street,Taishitun Town, Miyun
District, Beijing Province People's Republic of China e-mail:
13584802352@139.com
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of China Commercial Credit,
Inc. and its subsidiary companies, the business of Wheat Capital
Group and the proposed transaction. All statements, other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are 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 at 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.
For more information, please contact:
Mr. Long Yi, Chief Financial
Officer and Director
China Commercial Credit, Inc.
Tel: +86 13584802352
Email: 13584802352@139.com
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SOURCE China Commercial Credit Inc.