BEIJING, June 20, 2019 (GLOBE NEWSWIRE) -- Bat Group, Inc. (Nasdaq: GLG) (the "Company"), an emerging used luxurious car rental service provider headquartered in Beijing, China, today announced that the Company, through its wholly owned subsidiary Beijing Tianxing Kunlun Technology Co., Ltd., has entered into a strategic cooperation memorandum of understanding (the “Memorandum”) with Shuangtaizi Rural Credit Cooperative Union (“SRCCU”), a regional commercial bank based in Panjin City, Liaoning, to accelerate the Company’s business expansion to new regions.
SRCCU currently has 16 branches throughout the city of Panjin, Liaoning province. SRCCU is positioned as “serving small and medium-sized enterprises, and local residents,” to support the local economy.
Pursuant to the Memorandum, SRCCU agrees to issue the Company a credit line of up to US$580 million. The Company agrees to use the proceeds from the line to purchase luxury cars, expand its operations and satisfy other working capital needs. This Memorandum is a framework agreement only. SRCCU is not committed to provide any line or credit to the Company pursuant to Memorandum. The terms of the draw under the line of credit will be agreed by the parties based on negotiation.
Mr. Jiaxi Gao, CEO and President of Bat Group, Inc., comments, “We expect to use the funds under this line as well as the financing we previously raised in U.S. to purchase more self-owned vehicles, to expand our luxury car rental network to target cities such as Shanghai, Chengdu, Shenzhen, Sanya and Xiamen in 2019.”
About Bat Group, Inc.
Bat Group, Inc. (Nasdaq: GLG) is an emerging used luxurious car rental service provider in China. The used luxurious car business is conducted under the brand name “BatCar” by the Company’s VIE entity, Tianxing Kunlun Technology Co. Ltd, from its headquarters in Beijing. Utilizing a streamlined, digital, transaction process, the Company endeavors to provide the best possible rental experience for its customers. For more information please visit ir.imbatcar.com
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Commercial Credit, 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. 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.
For more information, please contact:
Ms. Tina Xiao
Ascent Investor Relations LLC
Email: tina.xiao@ascent-ir.com
