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Press Release

Wecast Network Announces Grant Thornton LLP as New Independent Auditor

NEW YORK, May 3, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced today a change to the Company's independent registered public accounting firm

Auditor Change:
Grant Thornton LLP ("Grant Thornton") will succeed KPMG Huazhen LLP ("KPMG") as the Company's independent public accounting firm and Grant Thornton will review the Company's financial statements for the quarter ending March 31, 2017, subsequent quarters in 2017 and the year ending audit for the 12 months ended December 31, 2017 and beyond.  The dismissal of KPMG, was approved by the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of the Company.

In connection with the audits of the Company's financial statements for each of the two fiscal years ended December 31, 2016 and 2015, and in the subsequent interim period from January 1, 2017 through April 27, 2017, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in in connection with their opinion to the subject matter of the disagreement.

Bing Yang, CEO and Simon Wang, CFO, in a joint statement said, "Wecast's Board and Audit Committee regularly review the provision of external audit services, and have always found KPMG's work to be of the utmost quality. On behalf of the Board, we would like to thank them for their service to Wecast, their high professional standards and all they have done to provide assurance to the Board and shareholders during their time as Wecast's auditors.  In-line with current corporate governance best practice, this was the right time to conduct a comprehensive and thorough competitive auditor selection process which began in early Q1 2017.  The AC and Board colleagues are pleased to appoint Grant Thornton as our new auditor.  Grant Thornton is a perfect fit with Wecast as it has the expertise, scale and business efficiencies to meet Wecast's audit requirements as we continue to grow our business globally. We look forward to their support as we maintain our independent oversight of the financial affairs of Wecast Network, Inc."

About Grant Thornton LLP:
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world's leading organizations of independent audit, tax and advisory firms. These firms help dynamic organizations unlock their potential for growth by providing meaningful, forward-looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues faced by privately owned, publicly listed and public sector clients and help them to find solutions. More than 42,000 Grant Thornton people in more than 130 countries are focused on making a difference to clients, colleagues and the communities in which we live and work.

Grant Thorton's China practice was established in 1981 and it is one of China's first accounting firms. As the only member firm of Grant Thornton International Ltd in the country, it has over 220 partners and more than 5,000 professionals with over 1,000 CPAs.  They work in 23 strategically aligned of offices throughout mainland China and the Hong Kong SAR.

About Wecast Network, Inc.
Wecast Network is aiming to be the leading provider of total B2B business solutions for today's constantly evolving business landscape.  With a focus on "BASE" or Blockchain, Artificial Intelligence, Supply Chain & Exchanges, Wecast is organized into three cloud-based categories and business units:  Smart Intellectual Property Cloud, Smart Sales Cloud (Products), and the Transactional Cloud.  With the three clouds functioning both independently and interdependently, Wecast is creating a vertical, transactional and flexible platform for today's global enterprises.. 

The Company's mission and vision is to be the world's leading cloud-based, total B2B enterprise solution & platform provider that empowers businesses to grow with Big Data technology.

Safe Harbor Statement
his press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 (http://www.sec.gov). All forward-looking statements attributable to the Company or 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.

CONTACT:
Jason Finkelstein                                 
Wecast Network, Inc.                                    
212-206-1216          

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wecast-network-announces-grant-thornton-llp-as-new-independent-auditor-300450491.html

SOURCE  Wecast Network, Inc.

 

Source: PR Newswire (May 3, 2017 - 9:04 AM EDT)

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