WUXI, Jiangsu Province, China, April 18, 2019 /PRNewswire/ — Sharing Economy International Inc. (“SEII” or “the Company”) (OTC Markets: SEII), smooth technology and sharing economy employer that designs, manufactures, and distributes of proprietary high and coffee temperature dyeing and finishing machinery to the fabric industry, and is engaged within the development of sharing economy structures and condo associated agencies, today introduced its monetary consequences for yr ended December 31, 2018.
“In 2018, our legacy dyeing and completing business faced numerous demanding situations, including tough economic conditions, rising raw materials charges, and compelled closures by the Chinese government, adversely impacting our monetary consequences for the 12 months. We also recorded $eight.6 million in impairment losses related to patent use rights and the disposition to produce the device in conjunction with an $8.Nine million loss on our solar farm equity approach investment following the Chinese government’s halt on new sun farm installations and reduced subsidies for sun farms already underneath production,” stated Mr. Jianhua Wu, Chairman and CEO of SEII.
“Given the demanding situations dealing with our current production operations, we continue to search for new boom possibilities for the Company. In 2018, we installed new sharing financial system organizations in peer-to-peer errand services, coworking, and 3-D virtual excursions. We are making appropriate developments in growing our online rental-sharing commercial enterprise in Asia.”
Mr. Parkson Yip, Vice President of SEII, commented, “While the improvement of our sharing economy groups depends on additional capital to fund their growth, we made high-quality strides over the last year. In 2018, we launched BuddiGo, our sharing platform that offers on-call shipping items, including programs, vegetation, cakes, and meals, by way of ‘pals’ who can spare idle time to run errands in the Hong Kong market. During the year, we had over 1 two hundred individuals formally registered as sell-side friends, and they finished over 500 shipping orders. Meanwhile,
3D Discovery generated over $zero.Two million in sales in 2018 and keeps its paintings on Autocap. This cellular app allows customers to create an interactive virtual tour of physical space using a cellular telephone digital camera. Finally, through our agreement with ECrent, we retain our prelaunch sports for our peer-to-peer rental sharing financial system in Asia. We remain positive about the destiny of this commercial enterprise and are hopeful it’ll make a meaningful contribution to our top line in 2019.”