Future FinTech Completes Sale Transaction of HeDeTang HK
XI'AN, China, March 5, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT; the "Company"), a company engages in blockchain based e-commerce, today announced that the Company has completed the sale of HeDeTang Holdings (HK) Ltd. ("HeDeTang HK") to New Continent International Co., Ltd., a company incorporated in the British Virgin Islands (the "Sale Transaction") on February 27, 2020.
As previously disclosed, on December 17, 2019, the Company received a notification letter from the NASDAQ Listing Qualification Staff ("Staff") stating that the Staff had determined to grant the Company an extension of time to regain compliance with the NASDAQ Listing Rule (the "Rule"), and the terms of the extension were that the Company must have obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.
On February 28, 2020, the Company notified the Staff that it had obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is incorporated in Florida and engages in blockchain based e-commerce business. The Company engages in the operation of a blockchain based online shared shopping mall platform and also operates an incubator for application projects using blockchain technology. FTFT and its subsidiaries are developing blockchain technology for a variety of B2B and B2C real-life applications including the distribution, marketing and sale of consumer products. The Company is also developing financial technology business to stay ahead of the changing industry. For more information, please visit http://www.ftft.top/.
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2018 and our other reports and filings with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Dragon Gate Investment Partners LLC
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