MICT Launches Insurance Platform in China Ahead of Anticipated Scheduled Timeline
December 21 2020 - 7:30AM
MICT, Inc. (Nasdaq: MICT) (“MICT” or the “Company”) today announces
its wholly-owned subsidiary GFH Intermediate Holdings Ltd. (GFHI)
has launched the Company’s proprietary insurance platform that is
expected to be actively offering insurance products by week’s end,
ahead of the Company’s anticipated timeline for launch. As a
result, the Company believes that it will commence revenue
generation from some of its insurance contracts during December
2020.
This announcement comes on the heels of the recently announced
partnership with one of the country’s largest payment service
providers as well as the signing of a number of insurance agency
contracts being completed. China’s nascent market for insurance
products is estimated to be the second largest in the world and has
been forecasted to overtake the U.S. market by the mid-2030s.
Online insurance premiums in China are forecasted to grow 41%
annually between 2019 and 2024, with an estimated market size to
reach $2.36 trillion by 2032.1
“We have anticipated this launch for some time and believe that
we are providing the Chinese market with superior products and
services and believe this will be an important part of our revenue
stream moving forward,” commented MICT’s CEO Darren Mercer. “By
launching the platform at this time, we will be able to commence
revenue generation in December 2020. We also look forward to
building significant momentum in the new year and will update
shareholders on our progress.”
In addition, the Company wishes to clarify the purpose of the
resale registration statement filing made on Friday, December 18,
2020. The filing was not for a new issuance of shares but was made
to register a portion of the Company's currently outstanding
restricted shares from certain of its holders.
About MICTMICT, Inc. (NasdaqCM: MICT) operates
through its subsidiaries, GFH Intermediate Holdings Ltd. (“GFHI”)
and Micronet Ltd. (“Micronet”). GFHI’s versatile proprietary
trading technology platform is designed to serve a large number of
high growth sectors in the global fintech space. Primary areas of
focus include online brokerage for equities trading and wealth
management services and sales of insurance products in several
high-growth foreign markets, including Asia, where GFHI owns a
substantial database of users. Micronet operates in the growing
telematics and commercial Mobile Resource Management market, mainly
in the United States and Europe. Micronet designs, develops,
manufactures, and sells mobile computing solutions that provide
fleet operators and field workforces with computing solutions in
challenging work environments.
Forward-Looking StatementsLitigation Reform Act
of 1995 and other U.S. Federal securities laws. These
forward-looking statements include, but are not limited to,
statements related to revenue targets, the growth of the Chinese
Insurance market and other statements that are not historical
facts. Such forward-looking statements and their implications
involve known and unknown risks, uncertainties and other factors
that may cause actual results or performance to differ materially
from those projected. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and
elsewhere in the Company's annual report on Form 10-K for the year
ended December 31, 2019 and in subsequent filings with the
Securities and Exchange Commission. Except as otherwise required by
law, the Company is under no obligation to (and expressly disclaims
any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise.
Contacts:info@mict-inc.com(201) 225-0190
1 Swiss Re Institute and Mordor Intelligence
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