-Signs Exclusivity Agreement With South Korean TV Drama and Film Production Company Jidam, Leases Workspaces From Hong Kong-based Shaw Studios
HONG KONG- 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.
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“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.”
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.