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LONDON, UK / ACCESSWIRE / August 9, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Cleantech Solutions International, Inc. (NASDAQ: CLNT) ("Cleantech"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=CLNT. The Company announced on August 07, 2017, that its wholly-owned subsidiary, EC Power (Global), has entered into an agreement with ECoin Global Limited, for the purchase of ECoin redemption codes with an aggregate value of $50 million for total consideration of $20 million. The Company plans to resell the redemption codes in the form of ECrent gift cards at global locals through reseller channels. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Cleantech's subsidiary also signed an agreement with InComm, a global pre-payment network, and solution provider, for selling the redemption codes with face values of HK$100, HK$300, and HK$500 at major convenience store networks in Hong Kong and Macau beginning in August 2017, followed by other international locations.
Terms of the Agreement
In exchange for redemption codes with an aggregate value of $50 million, EC Power (Global) will pay a total consideration of $20 million in four annual installments to ECoin, for an amount equal to 50% of the net sale proceeds of the redemption codes sold during each calendar year.
The value of any unsold redemption codes at the expiration of the agreement will be paid to ECoin using shares of the Company's stock and not more than 19% of issued and outstanding ordinary shares of Cleantech.
ECoin Being Fully Utilized by ECrent
Commenting on the acquisition, Parkson Yip, Chief Operating Officer of Cleantech, stated:
"ECoin is now being fully utilized by ECrent, the world's largest online sharing platform, offering a safe and convenient prepaid payment option for consumers who want to participate in the worldwide sharing economy. We are excited to partner with InComm to begin offering ECrent gift cards in major convenience stores in Hong Kong and Macau and plan to utilize ECoin in the other regions as well as other sharing businesses and platforms we are currently developing, including our global sharing bike network."
Cleantech's Plan to Acquire ECrent
As per the news release, on July 18, 2017, Cleantech announced formation of a special committee comprised of three independent directors, to evaluate and engage in discussions with ECrent Capital Holdings Limited regarding potential business cooperation between the two companies and a potential acquisition by the Company of ECrent, for the purpose of sharing economy across 30 countries and regions.
About Cleantech Solutions International, Inc.
Cleantech, through its subsidiaries, manufactures high precision metal components and assemblies. The Company supplies fabricated products and machining services to a range of customers. The Company's products include airflow dyeing machines, after-treatment drying and compacting machines, and garment washing machines.The Company is based in Wuxi, the People's Republic of China.
Last Close Stock Review
At the closing bell, on Tuesday, August 08, 2017, Cleantech Solutions Intl.'s stock dropped 4.18%, ending the trading session at $3.69. A total volume of 75.87 thousand shares have exchanged hands. The Company's stock price surged 21.36% in the past six months. Moreover, the stock soared 39.74% since the start of the year. The stock currently has a market cap of $5.39 million.
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