Ideanomics to sell its Grapevine and related influencer plat
NEW YORK, June 15, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce it has entered into an agreement, which is subject to approval by the Ideanomics Board of Directors, whereby the Company will sell Grapevine Logic ("Grapevine"), Fintalk, and CommentsRadar, to Techconn Holding Group Co., Ltd. ( "Techconn Group").
Ideanomics would receive a 15% interest in the deal that would see the merging of the Grapevine Influencer Platform, and suite of technologies, with the Techconn Group's strong influencer operations, sees estimated their sales of RMB 20 Billion through 2021 and Techconn has committed to a RMB 300 million valuation for the merged entity.
Techconn's influencer operations currently oversees more than 340,000 influencers from their operations in the cities of Hangzhou, and Changsha, China. Along with Grapevine's 190,000 influencers, exChina, the Techconn Group's' influencer operations would become one of the world's leading and truly global influencer platforms, boasting over 540,000 Key Opinion Leaders (KOL). These large and mid-sized KOLs will benefit even further, with access to the technologies that have been developed inside Fintalk, and through the Artificial Intelligence and sentiment analysis development inside CommentsRadar.
"China benefits from a striving ecosystem of influencers much more involved with brand promotions, and the influencers that are quickly sought after and can easily monetize their following," said Dr. Bruno Wu, Chairman of Ideanomics. "The strong appetite of followers for brand recommendations are advantageous for KOLs and for brands: both benefit from strong demand for quality branded content. With our combined technologies to drive sales, the planned IPO of Techconn could happen within the next 24 months."
The combined sale of these assets is expected to close during the third quarter of 2020, subject to approval by the Company's Board of Directors and other customary closing conditions, and regulatory approvals.
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
About Techconn Holding Group
Techconn Holding Group Co., Ltd., ("Techconn Group") was established in Shenzhen, China, in 2012. It is a large multinational company specializing in the intelligent manufacturing and technology service. We invest in advanced technology fields such as AI and IOT, to build a high-quality innovation technology engine which can promote the intelligent upgrading and accommodation development of traditional manufacturing industry.
We provide competitive high-quality products and supporting solutions in the areas of design, R&D, intelligent manufacturing, intelligent supply chain, AI and industrial IOT cloud service. We provide business incubation, fund venture capital and other services to continuously create value for customers.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". 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, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You 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 risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at 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 risk 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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