Sharing Economy International Enters into Exclusivity Agreement with Pandoodle Corporation for Potential Acquisition
Feb 08, 2018
– Collaboration to focus on intelligent image and video-based search, targeted brand advertising for sharing economy apps
HONG KONG, Feb. 8, 2018 /PRNewswire/ — Sharing Economy International, Inc. (“SEII” or “the Company”) (NASDAQ: SEII) today announced that its wholly-owned subsidiary, EC Technology & Innovations Limited (“ECTI”), has entered into an exclusivity agreement with the shareholders of Pandoodle Corporation (“Pandoodle”), regarding a potential acquisition by ECTI of not less than 51% of Pandoodle.
Pandoodle provides video and imaging solutions that increase advertising value through artificial intelligence (“A.I.”), video and image analysis and recognition technologies. Pandoodle offers Dolo, a Software-as-a-Service (SaaS) platform that automates the analysis and insertion of branded content, providing advertisers and publishers with personalized branding in real-time. Pandoodle’s custom software solutions, deep analytics, and image and video capabilities allow content owners to incorporate brand placement slots within their videos.
“I was so excited when I first met with Pandoodle and learned about their technologies. Their intelligent video and imaging analysis and recognition technologies provide very targeted solutions, both in intelligent search and matching and the brand advertising market,” said Parkson Yip, COO of SEII. “With intelligent image and video recognition technologies from Pandoodle, users on our sharing economy apps and platforms can search by image or video and we can provide them with the best matches available. With the proliferation of video and image content available today, video and image-based searching provide a convenience for users to locate items based on what they see. In addition, there is a significant potential market opportunity to extend targeted brand advertising onto any image and video content when users are browsing online or on social media. This will allow brand advertisers reach their target customer group very precisely with high frequency, independent from the media platform. Furthermore, our advertising and media business unit can collaborate with Pandoodle to develop new and creative brand exposure advertising solutions. More important is the highly experienced management and leadership team at Pandoodle, which we expect will help accelerate adoption of SEII’s sharing economy solutions and platforms as we move into the US market.”
“I am thrilled for the opportunity to work with SEII, an international sharing economy company, which has the same vision and objectives as we do for the advancement of technology,” said Dirk Brown, Founder and CEO of Pandoodle. “By partnering with the SEII group, we can join a group of entrepreneurs and innovators to further expand and apply our video and imaging A.I. technologies in more applications and markets. Alongside SEII’s own advertising and media development initiatives, we can work together to build a new targeted advertising platform based on video and imagine insertion. On the other hand, we are also very interested in supporting the introduction of SEII sharing economy platforms and solutions to the US market. I believe this will truly be a win-win collaboration for both companies.”
There can be no assurances that the parties may enter into any agreement to do a transaction, and even if an agreement is entered into, there can be no assurances that such transaction will be consummated.
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company’s latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. For more information visit www.seii.com.
About Pandoodle Corporation
With offices in San Francisco, Silicon Valley, Los Angeles, New York, and Columbia, SC, Pandoodle develops and implements technologies that make media more valuable. Pandoodle also develops and implements technologies that power video games, personalizable animation, transmedia solutions, amusement park attractions, and other media products. In aggregate, the Pandoodle team has built more than nine new ventures, holds more than thirty patents, and has won six Emmy awards. For more information visit www.pandoodle.com.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. 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, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended September 30, 2017. All forward-looking statements attributable to the Company or to 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.
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SOURCE Sharing Economy International, Inc.