UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 
Date of Report (Date of earliest event reported):

December 18, 2017

 

Future FinTech Group Inc.

(Exact name of registrant as specified in its charter)

 

Florida   000-34502   98-0222013
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

23F, China Development Bank Tower,

No. 2, Gaoxin 1st Road, Xi'an, China 710075

 (Address of principal executive offices, including zip code)

 

(86-29) 8837-7216

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

        

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01          Entry into a Material Definitive Agreement.

 

On December 18, 2017, GlobalKey Supply Chain Ltd. (“GlobalKey”), a limited liability company incorporated in China and a wholly owned subsidiary of Future FinTech Group Inc. (the “Company”), and Reits (Beijing) Technology Co. Ltd., a limited liability company incorporated in China (“Reits”), entered into a Technology Development Service Contract (the “Agreement”).

 

Under the Agreement, Reits shall provide services to GlobalKey relating to the design, development, testing, deployment and maintenance of a blockchain-based Globally Shared Shopping Mall and other software systems (the “System”). Following the completion and delivery of the System by Reits, (i) GlobalKey shall provide the hardware and network requirements for the trial deployment of the System, (ii) Reits shall provide training of GlobalKey’s staff in the use and operation of the System, and (iii) for a period of one year from the System delivery date and for no additional charge, Reits shall provide ongoing System maintenance and technical support (the “Free Maintenance Period”). Following the completion of the Free Maintenance Period, GlobalKey may elect to engage Reits for ongoing maintenance and technical support. Under the Agreement, GlobalKey shall pay Reits aggregate consideration of RMB 13,000,000 ($1,954,887), of which RMB 9,100,000 ($1,368,421) may be paid in shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a per share price equal to the average of the Common Stock’s closing prices over the 5 trading days prior to the date of the Agreement, or $1.554 per share (the “Share Payment”). The exchange rate between US$ and RMB for the payment is 1: 6.65. The Share Payment shall be made within 15 business days of the date of the Agreement, and the remaining Agreement consideration shall be paid by GlobalKey in accordance with the schedule described in the Agreement. The 880,580 shares of Common Stock to be issued by the Company pursuant to the Share Payment under the Agreement shall be sold and issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended.

 

The Agreement also contains customary representations and warranties regarding the intellectual property developed pursuant to the Agreement and covenants regarding the parties’ cooperation.

 

The description contained herein of the terms of the Agreement does not purport to be complete and is qualified in its entirety by the Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 3.02          Unregistered Sales of Equity Securities.

 

Please refer to the disclosure set forth in Item 1.01 of this Current Report on Form 8-K, which is incorporated by reference into this Item 3.02.

 

Item 8.01 Other Events

 

On December 22, 2017, the Company issued a press release announcing the Technology Development Service Contract described in Item 1.01 above, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Exhibit 99.1 to this Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 

Item 9.01          Financial Statements Exhibits.

(d)       Exhibits

 

The following exhibit is furnished herewith and this list is intended to constitute the exhibit index:

 

10.1   Technology Development Service Contract by and between GlobalKey Supply Chain Ltd., and Reits (Beijing) Technology Co. Ltd., dated December 18, 2017.
99.1  

Press Release Dated December 22, 2017

  

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Future FinTech Group Inc.
   
Date: December 22, 2017 By: /s/ Hongke Xue
  Name: Hongke Xue
  Title: Chief Executive Officer

   

2

 

Exhibit 10.1

 

Contract number: RZ20171218-1

  

 

 

 

 

Technology Development Service Contract

  

 

 

 

 

 

Project Name: Globally Shared Shopping Mall System

 

Development Implement Project Based on Block-chain

 

Party A: GlobalKey Supply Chain Limited

 

Party B: Reits (Beijing) Technology Co. Ltd

 

Signing date: December 18, 2017

   

 

 

 

GlobalKey Supply Chain Limited

Business address: Room B3-2601-1 Jinye Times NO.32 Jinye
Road Gaoxin District, Xi’an Shaanxi

Legal representative: Zhou Xiaolan

Project contact: Li Ying

Phone:

Email address:

 

Party B: Reits (Beijing) Technology Co. Ltd

Business address: NO. 21 Building 6, North Fourth Ring East Road
Beiyuan East Road, Chaoyang District, Beijing, NO. 0535 Sun Palace
Incubator

Legal representative: Yan Zhi

Project contact: Zhang Wanshang

Phone:

Email address:

 

Party A and Party B shall sign this agreement based on the principles of voluntariness, equality, justice, integrity and good faith and in accordance with “Contract Law of the People’s Republic of China” and “Copyright Law of the People’s Republic of China” and other relevant laws and regulations. Both parties have fully negotiated with each other and reached this agreement that Party B provides system design, development, testing, deployment, maintenance and other services of Globally Shared Shopping Mall System Based on Block-chain (hereinafter referred to as “System”) to Party A as follows:

 

1. Scope and goal:

 

The implementation and delivery of this system is based on the Party B’s existing standard software products Globally Shared Shopping Mall System Based on Block-chain. The scope of implementation is the contents of “Technology Service Contract Quotation” (hereinafter referred to as “Quotation Sheet”) in Annex 1 of this contract. The development goal is the “Project Requirement Design Scheme” (hereinafter referred to as “Design Scheme”) confirmed by email during the stage of research of the demands.

 

2. Scheme Design

 

After the contract is signed and Party B receives the first payment, Party B shall assigns product research staffs to carry out the remote research and analysis on the system requirements of Party A within the scope agreed in the “Quotation Sheet”. Party B product designers shall write “Design Scheme” based on research and analysis results, and submit to Party A for confirmation.

 

Party A can propose amendments to the contents of “Design Scheme”. Party B shall analysis the feasibility of the opinions, further communicate with Party A and implement the changes.

 

3. Schedule

 

Party B’s project manager shall provide Party A with schedule for system development, testing, deployment and delivery according to the “Design Scheme” and write the “Project Implementation Schedule” (hereinafter referred to as “Schedule”). Parties may negotiate and adjust the “Schedule” accordingly. Finally, Party A shall formally confirm the “Design Scheme” and “Schedule” with Party B by email.

 

During the process of implementation, if Party A needs to make changes to the confirmed “Design Scheme”; a third-party company or a third-party organization (including but not limited to the payment company, all kinds of data and technical interface companies, application software markets, APP Store verification institutions, WeChat company, Alipay company, government and approval agencies, various certification bodies required for operation) causes the changes to the “Schedule”; or Party A cannot provide server hardware, software, domain or network environment as planned and causes the changes of the “Scheme”; or other non-Party B reasons cause the changes, both parties can negotiate and make changes and adjustments to the formerly confirmed “Schedule” by email. No supplementary agreement or contract is needed.

 

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  4. System Development

 

After Party A formally confirms the “Design Scheme” and “Schedule”, Party B shall arrange technicians to reform and develop the system in accordance with the “Design Scheme” and Party B shall complete the development within the planned completion date of “Schedule”. During the development, if the development progress needs to be postponed due to Party A, Party B shall not assume the responsibility of delay. Both party shall discuss the extension and adjust the schedule by mutual agreement. The development should be completed in strict accordance with the latest schedule.

 

  5. Deployment and Delivery

 

After the system is developed, Party A shall provide server hardware and network conditions for system trial deployment. Party B’s delivery method shall be “remote installation and deployment”, and Party B shall deploy the developed system to the server provided by Party A for use. Party A shall check and confirm the system functions one by one in accordance with “Design Scheme.” Party B shall cooperate with Party A to make adjustments to those parts that fail to meet the “Design Scheme”. Party B has the right not to deal with Party A’s functional requirements that are not included in “Design Scheme”. The completion of the adjustment work for the consistency between system functions and “Design Scheme” and the system meeting all the design requirements for operation are deemed as the completion of the delivery. Party B shall send “System Delivery Confirmation” to Party A through email, and the system will enter into free maintenance period.

 

  6. System training

 

After the delivery of the system, Party B shall arrange professional project managers to conduct training of system use and operation guidance for Party A’s designated personnel.

 

Training Contents: system basic knowledge training for all Party A staffs, business operation training for Party A’s designated positions, management and maintenance training of system backstage for Party A’s designated system administrators.

 

Training method: one time on-site training at client’s company.

 

Training Time: Within two weeks after delivery of the system. Party A shall confirm with Party B in advance if Party A needs to postpone the training. Otherwise it will be deemed that Party A waives the training.

 

  7. Operation guide

 

During the free maintenance period, Party B shall provide unlimited remote assistance for system operation instructions phone, email, instant messenger.

  

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  8. System Free Maintenance

 

Within one year from the delivery date, Party B shall provide free remote maintenance and technical support services for the system covered in this contract. The contents include system operation and maintenance, system troubleshooting, data backup and recovery. The service method is as follows:

  

Service Method Instruction Response time and expense
Remote service Through phone, email, remote assistance, instant messenger etc. Consulting on national statutory working days will get immediate response and free service.
On-site service In case of problems that cannot be solved through remote service, both party may negotiate to arrange the Party B’s technical personnel to carry out on-site service.

Both party shall negotiate and determine the specific time of on-site service.

 

The service time for customers in Beijing is withinin2-4 hours. For customers in other provinces and cities, service time depends on the railway commuting time.

 

The on-site service in Beijing is free. Travel expenses, accommodation and travel subsidies generated by on-site service for other provinces and cities shall be paid by Party A. Travel and accommodation fees shall be reimbursed in accordance with the invoice provided by Party B. Travel subsidy standard is 200 yuan per person per day.

 

  9. Maintenance and contract renewal

 

The free maintenance service expires after one year of system delivery, and Party B will no longer provide system maintenance service. Party A can decide whether to continue Party B’s system maintenance service. If Party A decides to continue Party B’s maintenance service, Party A shall sign “System Maintenance Service Contract” with Party B before the expiration date and pay relevant fees. Party B has the obligation to notify Party A one month before the expiration date and confirm whether Party A will purchase subsequent maintenance service. Party B shall have the right to terminate the service if Party A fails to sign the above contract or pay the related fees.

 

The charged maintenance services include: system Bug modification, system troubleshooting, data backup and recovery, system routine monitoring, server routine maintenance, system question answering, system operation guidance, remote training for system use. The maintenance expenses generally shall not exceed 15% of the total amount of this Contract. If the service required by Party A exceeds the above range, both parties shall negotiate according to the actual situation and sign the contract according to the maintenance expenses mutually agreed upon.

 

  10. New Items Development

 

After the system is delivered, if Party A needs to change or add functions to the system, it needs to sign a “Customized Development Contract” with Party B. The customized development fee is calculated according to the manpower cost needed to invest by Party B. Party B’s “standard unit quota” for manpower costs is: on the statutory working days, RMB 20,000 yuan per person per month for 8-hour working hours, or RMB 1,000 yuan per person per day.

 

If Party B is required to devote manpower for customized development beyond the 8 working hours on non-statutory working days, according to the national law, the labor cost will be doubled according to the “standard unit quota”.

 

  11. Contract Payment

 

1 1.1. The total contract price is RMB: thirteen million yuan (¥ 13,000,000 yuan). Both parties agree on the following: (1) 70% ($ 9,100,000) of the total contract payment can be paid in the shares of common stock of Future FinTech Group Inc. (Nasdaq: FTFT), the parent company listed on NASDAQ of Party A. The per share price should be the average of the closing prices of 5 trading days prior to the signing date of the Contract. The exchange rate of the US dollar against the RMB involving the shares is 1:6.65. Both parties shall be clear that the shares are not registered by the SEC and are issued under an exemption from the securities laws of the United States. Party B may sell and transfer the shares under the exemptions of the Rule 144. (2) 30% of the contract sum, which is RMB3.9 million yuan shall be paid in cash and the details are listed in the payment method.

 

11.2. Payment method

 

(1) Within 15 business days after the Contract is signed, Party A shall pay Party B 70% of the total contract price in accordance with the provisions of 11.1: issue the common shares of FTFT equivalent to RMB ¥ 9,100,000 to Party B or Party B’s designated party.

 

(2) Within 30 days after the Contract is signed, Party A shall pay another 10% of the contract price (RMB1.3 million yuan) to Party B.

 

(3) Within 10 business days after the system is delivered, Party A shall pay another 10% of the contract price (RMB1.3 million yuan) to Party B.

 

(4) Within 10 business days after 90 days of the system delivery, Party A shall pay the remaining 10% of the contract price (RMB1.3 million yuan) to Party B.

 

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11.3. Account information of Party B

 

Company name: Reits (Beijing) Technology Co. Ltd

 

Bank name: China Merchants Bank Co., Ltd. Beijing East Third Ring Branch

 

Account number:

 

11.4. Party A ’s invoice information

 

Invoice title (Company name): GlobalKey Supply Chain Limited

 

Taxpayer’s registration number:

 

If Party A need value-added tax invoices, the following information are needed:

 

Registered address:

 

Phone Number:

 

Bank Name: China Construction Bank Corporation Xi’an High-tech Industrial Development Zone branch

 

Account number:

 

12. Intellectual property

 

During the project development and implementation, Party A has the right to use the entire software system set up by the project, and owns the intellectual property right (including but not limited to the software copyright) of the customized development part. Party B owns the intellectual property right of the standard system part.

 

After the completion of the project and Party A pays the fees, Party B shall provide Party A with the complete source code set for this project for free and transfer the intellectual property rights of the standard system part set up by the project to Party A for free.

 

After the transfer of the source code and the transfer of intellectual property right, Party A owns all the intellectual property rights of the software system set up by this project.

 

13. Confidentiality

 

13.1. Both parties have the obligation to jointly protect the commercial and technical confidential information of both parties. Neither party can leak any commercial or technical confidential information of the other party to a third party without the written consent of the other party.

 

13.1. Party B and its staffs shall assume the duty of confidentiality regarding Party A’s confidential information during the performance of this Contract. Party A’s confidential information refers to: commercial, financial, technical or other information owned by Party A and Party A’s customers, no matter in what form, (including but not limited to data, graphics, films, documents and computer media ), and no matter in what form the above information is provided such as orally, through documentation, presentation or other forms.

 

13.2. As for the confidential information obtained, Party B shall make the following commitments:

 

(1) Treat the confidential information provided by Party A as confidential information;

 

(2) Except for the situations below, no part of the confidential information shall be disclosed in any form to any person without the prior written consent of Party A: (i) provide confidential information only to those employees of Party B who need the confidential information, who are responsible for the confidentiality of information and who are relevant to the fulfillment of the purposes of this Contract. (ii) make disclosures to Party B’s auditors, professional advisers and any other person or entity that has legal rights or duties to acquire or know confidential information related to Party B’s business; (iii) when a court, arbitration agency with jurisdiction has issued a judgment, ruling or ordered that Party B make a disclosure or Party B has a legal obligation to make a disclosure. However, Party B shall make all reasonable efforts to notify Party A prior to the disclosure pursuant to a court order or legal obligation

  

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(3) Before disclosing confidential information, make sure that the persons or entities referred to in (2) (i) and (ii) above understand the confidentiality of confidential information and understand that they have a duty of confidentiality to Party A. Party B shall require them to sign a Confidentiality Commitment Letter. In the meantime, Party B shall make every reasonable effort to ensure that such persons or entities comply with such obligations of confidentiality. If any person or entity mentioned in (2) (i), (ii) above violates the Confidentiality Commitment Letter, Party A reserves the right to prosecute the damages and the corresponding legal liabilities against Party B and the related parties according to the severity of the incident.

 

(4) Party B promises to use the confidential information only for the purpose of this contract or other purposes authorized in writing by Party A. Except that, Party B shall not use or transfer the confidential information within its institution. If Party B or Party B’s staff violates above-mentioned obligations in management and work, Party A reserves the right to prosecute Party B and the responsible party of Party B.

 

(5) Party B shall make every reasonable effort to provide and maintain adequate security measures to protect confidential information and prevent unauthorized access, use or misappropriation of confidential information.

  

14. Liability for Breach

 

14.1. After delivery of the system, Party A shall be entitled to request Party B to rectify the system if the function fails to meet the requirements of “Design Scheme” confirmed by both parties during the research of the demand. If Party B fails to complete the rectification or the rectification still cannot achieve the function described in “Design Scheme”, Party A shall have the right to terminate the contract and Party B shall refund all the money that Party A has paid.

 

14.2. If the development of the third-party interface involved in the “Quotation Sheet” can’t normally work due to Party A or a third-party’s reason, Party B shall charge the normal price for this.

 

14.3. Party B shall not be responsible for the delay of the “Schedule” caused by the failure of cooperation or conditions of development between Party A and any third party.

 

14.4. If Party A proposes to modify, change or add things to the “Design Scheme” that has been confirmed and entered into the development period, Party B has the right to require Party A to add additional expenses and time in accordance with the development workload. If Party A does not increase the costs and development time Party B has the right to refuse to make the changes.

 

14.5. If Party A fails to pay the corresponding fee to Party B, or refuses to pay the corresponding fee or delays the payment of the corresponding fee according to the time and amount as agreed in the Contract, it shall be regarded as Party A’s default and Party B shall have the right to terminate the contract unilaterally. Party A shall continue to pay the relevant fees. Party B shall restart the development or continue to provide the services after the payment of the fees. If the payment is delayed for more than one month, Party B has the right not to restart the development and service.

 

14.6. If either party requires the termination of the Contract without the other party’s breach of contract, it must obtain the written consent of the other party. Without the consent of both parties, the unilateral termination of the contract shall be handled as follows: (1) if Party A wants an unilateral termination, Party A shall pay Party B 20% of the contract price as the penalty and the remaining part of the contract price and Party B shall not return any paid fees to Party A ; (Ii) if Party B wants an unilateral termination, Party B shall refund all payments to Party A and pay Party A 20% of the contract price as the penalty.

 

15. Exceptions

 

Party B shall not bear any responsibilities for the losses of Party A caused by the following cases: hardware failure of Party A’s server, system loophole or bug of server operating system, server hardware damage or being stolen, network server failure due to its environment, mistaken deletion or modification by Party A, third party software installed on the system server by Party A without Party B’s approval, etc.

  

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16. Force majeure

 

16.1. During the term of this Contract, if any party fails to perform all or part of its obligations because of social turmoil, earthquake, fire, flood, storm, explosion, war, mandatory government acts or other unforeseeable, unavoidable and insurmountable factors, obligations of Party A and Party B shall be suspended, and both party shall make every effort to avoid further losses.

 

16.2. The party affected by the force majeure shall acquire documentary evidence (such as copies of government notice) within 15 days of the force majeure and provide with another party for confirmation. Both parties agree that the entire or part obligations can be exempted based on the provided documentary evidence.

 

16.3. If one party delays performance, then the contract cannot be fulfilled in whole or in part due to force majeure, the party who delays the performance cannot be exempt from all or part of the related liabilities.

 

17. Dispute resolution

 

All the disputes related to the implementation of the Contract shall be resolved through friendly negotiation. If disputes cannot be settled through negotiation, either Party can initiate legal proceedings with the Local People’s Court at the place where Party B is located. During the legal proceedings, except for the disputed part of the litigation, the rest parts of the Contract shall continue to be performed.

 

18. Effectiveness

 

18.1. This Contract shall be signed and sealed by legal representatives or authorized signatories of both parties, and shall come into force upon the signature of both parties

 

18.2. The contract is made in quadruplicate and both parties hold two copies each with the same legal effect.

 

18.3. The appendix to this contract is an integral part of the contract and has the same legal effect as the main body of the Contract.

 

18.4. After the signing of the Contract, if there is any outstanding issues, parties can consult and sign supplemental agreement of the contract. The supplemental agreement and the contract shall have the same legal effect.

 

(The remainder of this page intentionally left blank)

 

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Party A (Seal): Party B (Seal):
   
   
   
Representative: Representative:
   
Date: Date:
   
Signing date: December 18, 2017  

 

7

 

Exhibit 99.1  

 

For more information, please contact:

 

COMPANY

INVESTOR RELATIONS

Cindy Liu, Investor Relations Manager

Future FinTech Group Inc.

Tel:   China + 86 - 29-8187-8277

Email: skypeople_annie@163.com

Web: http://www.ftft.top 

David Rudnick, Account Manager

Precept Investor Relations LLC

Tel: US +1 646-694-8538

Email: david.rudnick@preceptir.com

 

Future FinTech Enters into Contract for the Development of a
Customized Blockchain System 

 

XI'AN, China, December 22, 2017 /PRNewswire-Asia-FirstCall/ -- Future FinTech Group Inc. (NASDAQ: FTFT - News ) ("Future FinTech" or "the Company"), a financial technology company and integrated producer of fruit-related products, today announced that on December 18, 2017, one of its wholly owned subsidiaries, GlobalKey Supply Chain Limited. (“GlobalKey Supply Chain”), entered into a Technology Development Service Contract (the “Contract”) with Reits (Beijing) Technology Co. Ltd. (“Reits Technology”) where Reits Technology will design and develop a customized Globally Shared Shopping Mall blockchain software system for the Company.

 

Under the current plan, the system will consist of a multi-store business to consumer (B2C) shared e-commerce platform, a bulk commodity trading system, a system connecting e-commerce and token payments, and other software systems that GlobalKey Supply Chain is considering and discussing with Reits under the design plan. The Company might issue tokens in accordance with the requirement of the project’s progress to support its implementation and operation.

 

“The development of a blockchain system will strengthen our core capabilities and further our strategic transformation into a lighter asset business, as well as create additional fintech opportunities for us in a variety of industries,” said Mr. Hongke Xue, Chief Executive Officer of Future FinTech. “We believe that blockchain systems and processes represent a powerful technology that has a wide range of commercial applications, and that this current project will firmly establish us at the forefront of this evolution. Furthermore, we plan to make full use our extensive management and operations experience to explore the application of blockchain technology to industry, and to apply blockchain technology to the business of the real economy. We are enthusiastic that Future FinTech will become a leading innovator for the application of blockchain technology to the real economy.”

 

When operational, the Company believes GlobalKey Supply Chain will be able to utilize the newly developed blockchain system to undertake marketing for its core fruit juice business, food business and agricultural products business as well as to explore both marketing and supply chain management for other products. Also, as previously announced, GlobalKey Supply Chain signed a license agreement with Shaanxi Entai-Biotechnology Co. Ltd. to serve as the sole global general distributor and operational platform for ‘IB-LIVE’, a new generation of nutritious and healthy products for improving male sexual health. The Company believes the development of blockchain technology will be a key factor to its being able to execute marketing, sales and distribution and to integrate e-commerce and online direct selling programs.

 

In addition, once the system is operational, the Company believes it will seamlessly connect blockchain technology with the shared economy which will enable us to establish a shared shopping mall with a potentially vast global impact as it will connect factories, suppliers and consumers, and realize tangible benefits for product marketers, shoppers and owners of tokens. The Company believes that this meaningful exploration into the practical application of blockchain technology could be positively transformative in the way B2C business is conducted.

 

 

 

 

The Company will provide feedback to Reits Technology as the systems are being developed. Also, after delivery of the system, the Company’s personnel will receive training from REITS Technology professional project managers for its use and operation. The Company will own the intellectual property rights associated with the customized development work. The total cost of the Contract is RMB 13.0 million (approximately $2.0 million), of which the Company can pay 70% of the contract cost to Reits Technology in common shares of the Company’s publicly-traded common stock. 

 

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, 2016 and otherwise in our SEC reports and filings, including the proxy statement for 2017 annual meeting. 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.

 

About Future FinTech Group Inc.

 

Future FinTech Group Inc. (“Future FinTech” or the “Company”), is an agricultural products company that utilizes financial technology solutions to operate and grow its businesses. The Company is engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in China and certain overseas markets. The Company’s fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Its fruit juice products, “Hedetang” and “SkyPeople,” are healthy and nutritious beverages and sold primarily in China. The Company leverages e-commerce and new technology platforms and is building a regional agricultural products commodities market with the goal to become a leader in agricultural finance technology. For more information, please visit http://www.ftft.top/ .

 

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