HAIKOU, China, Dec. 17, 2021 /PRNewswire/ -- JX Luxventure
Limited (NASDAQ: LLL) (the "Company"), a company engaged in casual
menswear, cross-border merchandise, airfare and tourism
business announced today that the Company has removed its
variable interest entity ("VIE") structure and has become the sole
shareholder of its Flower Crown Holding's operating entities in
China ("Flower Crown China
Entities").
Effective December 13, 2021, the
Company reorganized its corporate subsidiary structure in
connection with the Flower Crown China Entities. As a result
of the restructuring, the Company no longer operates the Flower
Crown China Entities through a VIE structure and is now the sole
shareholder of Flower Crown China Entities. For details,
please refer to Form 6K filed in connection with the
reorganization.
The reorganization was approved by the unanimous consent of the
Company's Board of Directors and the affirmative vote of the
holders of approximately 60.4% of the total issued and outstanding
capital stock of the Company, in accordance with the applicable
provisions of the Business Corporations Act of the Marshall Islands and the listing rules of the
Nasdaq Capital Market.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company
commented: "We set the increase of company revenue and
strength of corporate governance as top priorities for 2021.
For the first 6 months of 2021, our Company's revenue exceeded the
entire full year revenue for 2020 by 20% and this reorganization
has simplified our corporate structure by establishing direct
ownership of all our operating companies. I look forward to
building on this momentum and having a strong finish for 2021.
Today, we are honored to be a foreign company listed on the NASDAQ
stock market, and hope that in the future, NASDAQ stock market will
be proud to have JX Luxventure as part of its listing
companies."
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited,
through its subsidiaries, is engaged in the business of menswear,
cross-border merchandise, airfare and tourism. 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 KBS Fashion Group 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 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 (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