| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, announced today that through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd., Luxventure closed a Supplier Agreement ("Agreement") with Hainan Supply and Marketing Daji Digital Technology Industry Co., Ltd. ("HSMDD"), the cross-border E-commerce subsidiary of Hainan Airline Company Limited ("Hainan Airline"). The Agreement was entered into on August 31, 2021 and the transaction closed on the same day.
Pursuant to the Agreement, HSMDD will integrate Luxventure's on-line store on the Youzhan platform into its eco-system, thus allowing members of Hainan Airline access to Luxventure's cross-border merchandise.
Ms. Sun Lei, Chief Executive Officer of the Company commented: "With over 70,000,000 annual travel passengers, Hainan Airline is one of the largest airlines in Asia. Luxventure has been in full operation for a bit more than a year, and this agreement is another affirmation of the success it had achieved in this short time. The cooperation with HSMDD would give Luxventure another distribution channel, in addition to our own platform and off-line stores as well as stores on third-party platform. This would enable Luxventure to continue its spectacular growth."
Liu Zie, Chief Technology Officer of the Company commented: "Our proprietary technology in sale, cloud warehouse and distribution was one of the key factors for Hainan Airline to cooperate with Luxventure. Hainan Airline can use our technology to easily integrate Luxventure into its system, thus allowing its members access to our cross-border products. We look forward to more companies to adopt our technology and in turn, become a partner of Luxventure."
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Posted In: KBSF
