-Signs Exclusivity Agreement With South Korean TV Drama
and Film Production Company Jidam, Leases Workspaces From Hong
Kong-based Shaw Studios
HONG KONG, June 29, 2018 /PRNewswire/ -- Sharing Economy
International Inc. ("SEII" or "the Company") (NASDAQ: SEII) today
announced its plans to establish a new film and media production
business. In connection with this new business initiative, SEII's
wholly-owned subsidiary, EC Creative Limited ("EC Creative"),
signed an exclusivity agreement with Jidam Co., Ltd. ("Jidam"),
regarding the potential acquisition by EC Creative of not less than
51% of the issued share capital of Jidam and further business
cooperation agreements between EC Creative and Jidam.
In addition to the agreement with Jidam, SEII's wholly-owned
subsidiary, Sharing Film International Limited ("Sharing Film"),
will lease workspaces totaling about 24,000 square feet in Shaw
Studios, which is currently owned by Shaw Movie City Hong Kong
Limited ("Shaw Movie City"). The initial lease term will be for one
year, commencing November
1st 2018. SEII will issue new shares to Shaw
Movie City to pay the up-front amounts due for rent, management fee
and deposit on the spaces. SEII plans to utilize these spaces
to explore and develop its film and media production and
post-production business and to develop a sharing environment for
the film and media production industry.
Jidam was established in South
Korea in 2005. Its main business consists of the production
of TV content (drama, education, entertainment) and movies. Their
TV series are highly welcomed by general audiences. At least six of
its drama series ranked first during their broadcast period.
Shaw Studios features one of the largest, fully air-conditioned
and sound and vibration-insulated soundstages in Asia, a full-service color lab and digital
imaging facility, over 20 sound and edit suites, a 400-seat dubbing
screening theatre, executive and production office space, and
visual effects and animation capabilities. In all, it has over
a million square feet of digitally-wired and secure facilities
dedicated solely to film production and post-production. Shaw
Studios is the late Hong Kong film
tycoon Sir Run Run Shaw's commitment to filmmakers in Hong Kong and the entire world.
"Our cooperation with the successful South Korean TV drama and
film production company Jidam is the first step in establishing our
new film and media business unit, which we will be run out of our
newly leased space in Shaw Studios' state-of-the-art facilities in
Hong Kong," said Parkson Yip, Vice President of SEII. "We are
very determined to express and share our mission of the sharing
economy and related advanced technology developments with global
communities. Because the sharing economy is still a very new
idea to most people in our communities, our plan is to create more
multimedia marketing channels to educate audiences of different
cultures and backgrounds. Part of our media strategy is to
integrate our concepts of the sharing economy and advanced
technologies into commercial dramatic films and movie productions
which can more easily convey these concepts and messages to a
general audience. We look forward to leveraging Jidam's expertise
to produce eye-catching film content and believe our relationship
with Shaw Studios provides a strong mechanism to deliver our
messages in a simple and straight-forward way. Consistent with our
commitment to the sharing economy, we also intend to share our
facilities in Shaw Studios with other film and media partners, as
well as educational institutions."
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 Jidam Co., Ltd.
Jidam Co., Ltd. was established in South Korea in 2005. Its main business
consists of the production of TV content (drama, education,
entertainment) and movies. Their TV series are highly welcomed by
general audiences. At least six of its drama series ranked first
during their broadcast period. For more information visit
www.jidam.co.kr
About The Shaw Movie City, Hong
Kong
The new millennium has brought a new era to the legendary
Chinese film empire Shaw Brothers. They have formed the Shaw Movie
City, and, within it, the world's most advanced film production and
digital post-production facility located in Tseung Kwan O, Hong
Kong. The US$180 million Shaw
Studios features one of the largest, fully air-conditioned and
sound and vibration-insulated soundstages in Asia, a full-service color lab and digital
imaging facility, over 20 sound and editing suites, a 400-seat
dubbing and screening theatre, executive and production office
space, banquet hall facilities, and visual effects and animation
capabilities. In all, over a million square feet of
digitally-wired and secure facilities dedicated solely to film
production and post-production. Shaw Studios is Sir Run Run
Shaw's commitment to filmmakers in Hong
Kong and the entire world.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiaries 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 March 31, 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.