TD Holdings Inc. Enters into Letter of Intent to Acquire Digital Cloud Warehouse Software Copyrights in Commodity Storage
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To Support its Commodity Trading Platform with Blockchain Technology
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SHENZHEN, China, Feb. 17, 2020 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that its subsidiary Tongdow (Hainan) Digital Technology Co., Ltd. ("Tongdow Hainan") has entered into a letter of intent with Yunfeihu IoT Co. Ltd. ("Yunfeihu") and Tongdow E-commerce Group Co., Ltd. ("Tongdow E-commerce") on February 5, 2021 to acquire eight software copyrights for commodities storage in digital cloud warehouse.
Pursuant to the letter of intent by and among Tongdow Hainan, Yunfeihu and Tongdow E-commerce, Tongdow Hainan will acquire the following eight software copyrights from Tongdow E-commerce and Yunfeihu: Smart Hardware Management Platform System 3.0, Smart Storage System Management Software, Lecheng Smart HD Video Conference System V1.0, Smart Storage APP system, Flat Panel Vehicle APP System, Smart Storage Hans-Held Device APP System, Statistical Management of Account Transfer Fees of Warehouse Orders System V3.0, and Supply Chain Finance OA System V1.0. The parties have agreed that the consideration for the transfer of the software copyrights will be based on a valuation report from an independent third-party agreed upon by all parties. Tongdow E-commerce and Yunfeihu have agreed to be bound by an exclusivity period of 6 months with Tongdow Hainan for the transfer of the eight software copyrights pursuant to the LOI.
The Company aims to empower its existing digital cloud warehouse system with these blockchain technologies to provide support for more diversified settlement channels of commodity trades such as payments by bitcoin or other encrypted currencies. Meanwhile, such blockchain as well as internet of things (IoTs) technologies shall be applied to improve the efficiency of the Company's warehouse order tracking system in order to standardize order management to prevent fabrications and cause orders to be more easily traceable.
The innovations would ensure a detailed recording of the trading, account transfer and other information such as place of origins as well as quality control of the goods in consideration, which effectively digitalizes the entire supply chain process and creates a safe environment for inventory management and financing activities that require precise information on the production, sales and other goods-related data based on the cloud warehouse system.
Ms. Renmei Ouyang, CEO of the Company commented, "The planned acquisitions represent us stepping forward to become a commodity trading platform that is technologically supported by blockchain and IoTs. These two important technologies help verify ownership of goods and turn physical assets into highly efficient and secure digital assets."
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive agreement and satisfaction of the conditions negotiated therein and of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction, including the consideration to be issued therein, are non-binding.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. 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 these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors 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 at 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.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company.
For more information, please contact:
Investor Relations:Dong Cao EverGreen Consulting Inc.Email: IR@changqingconsulting.com Phone: +86 13502048965
SOURCE TD Holdings, Inc.
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