KBS FASHION GROUP LIMITED ANNOUNCES IT HAS SIGNED LETTER OF INTENT FOR THE EVALUATION OF ACQUISITION OF VENUS VEIL LTD.
SHISHI, CHINA / ACCESSWIRE / January 15, 2016 / KBS Fashion Group Limited (the "Company" or "KBS") announces it has signed a non-binding Letter of Intent for evaluating a possible acquisition of Venus Veil Ltd. a leading cross-border E-Commerce and Catalogue Sale company in China, which currently sells Japanese consumer products in China's domestic markets. Consummation of the transaction is subject to entry into a definitive agreement between the parties containing specific closing terms and conditions yet to be negotiated.
Venus Veil Ltd ("Venus") is a privately - held, E-Commerce company focused on the cross border sale of apparel products between Japan and China. Venus is committed to expand its clients base in China and internationally. It provides a leading direct shopping service through high quality catalogue, on-line internet shopping and other media channels in China of Japanese clothes, health and beauty products.
"We are excited by the opportunity to advance our business by the envisaged acquisition of Venus," stated Yan Ke Yan, CEO of KBS. "Venus' E-Commerce platform is not just complementary to our business for selling our products and our clients products online and through catalogues but also will provide us immediate access to the wider Asian markets."
"We believe this proposed transaction will significantly help speed the implementation of KBS's strategy in consolidating its current market share, on-line sales and accessing new markets." Added Mr. Yan Ke Yan.
Additional details of the transaction will be disclosed if and when a definitive agreement is executed by the parties. There is no assurance that the transaction will be eventually consummated.
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website atwww.kbsfashion.com.
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section in our other reports filed with the Securities and Exchange Commission ("SEC"). Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) athttp://www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Lisa Tu, CFO
Themis Kalapotharakos, Corporate Business Development Dircetor
KBS Fashion Group Limited