|SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K on 10/23/2017|
Seven Stars Cloud Announces Technology Licensing Agreement for its Red Coin Chain Securitization Platform
New York, NY, October 23, 2017 – Seven Stars Cloud Group, Inc. (NASDAQ: SSC) (“SSC” or the “Company”), today announced a non-exclusive agreement to license the technology platform from its Red Coin Chain JV (https://www.prnewswire.com/news-releases/seven-stars-cloud-announces-new-jv-red-coin-chain-ltd-300505339.html).
Guangxi Dragon Coin Network Technology Co., Ltd, (“the Licensee”), a subsidiary of Courage Investment Group Ltd (1145.HK), will be granted a non-exclusive license from SSC and the Red Coin Chain JV (“Red Coin”), to use Red Coin’s technology platform specifically and exclusively for real estate based securitization.
In exchange and in consideration for, the non-exclusive rights to the technology, SSC will receive 17.9% of the existing total equity of Courage Investment Group Limited, which is the Licensee’s HK listed parent company. 17.9% of Courage Investment Group’s shares are valued at approximately HK$ 151 million, based on a recent closing price trading price of HK$ 1.76. That pegs the shares at a value of approximately $18.5 million as of the date of this announcement.
About Seven Stars Cloud Group, Inc. (http://corporate.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to be a leading Intelligent Industrial Internet (3I) platform, creating an artificial intelligent & fintech-powered, supply chain solution for commercial enterprises. There are 2 Engines that drive our business platform: 1. VPaaS + TPaaS - Supply Chain Management for key industry sectors and leaders including but not limited to Big Commodities, Cross-Border Trade, Consumer Electronics & Energy; 2. Digital Finance Solutions - Supply Chain Finance underwritten by our Global Cornerstone Funds and ABS, Tokenization and Exchange Platforms, which include FINRA and SEC-regulated: Index Exchanges, Initial Coin Offering / Tokenization, ETFs and Derivatives. Both Engines and their various arms will run on 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power a closed trade ecosystem for buyers and sellers designed to eliminate transactional middlemen and create a more direct and margin-expanding path for principals.