Beijing, China, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Moxian, Inc. (“Moxian” or the “Company”) (MOXC), an offline-to-online (O2O) social media services and Internet media marketing services provider, today announced the signing of a Letter of Intent with Btab Group Inc., a Delaware corporation (“Btab”), pursuant to which the two corporations will further negotiate, and if the terms are agreed, enter into a Merger Agreement (“Merger”) for a business combination.
The terms of the Merger have not been finalized but it is contemplated that the Company will issue both common and preferred shares in exchange for the common shares of Btab. The Merger will also be subject to certain conditions, including a satisfactory completion of due diligence and an audit of past financial statements.
Btab Group Inc was established as a holding company in 2018 with a central location in Sydney, Australia and has offices in Australia, China, the United Kingdom and the United States of America. Btab is an e-commerce services provider and a product supplier to small businesses with total unaudited assets in excess of $100 million as of June 30, 2020. It currently operates through subsidiaries in Australia but has plans to expand into South-east Asia and other emerging markets.
Btab aims to provide affordable online technology to small businesses to allow them to compete with the technology that big companies are using. Services offered include building a marketing platform across the Btab network, providing managed e-commerce services, securing useful domain names and creating social marketplaces. The motto of the company is to serve the underserved market. It is believed that every small business deserves an equal opportunity to empower its supply chain and succeed in the modern retail market.
E-commerce is expected to become the largest retail channel in the world by 2021, outpacing sales through traditional retail outlets. The sector’s growth outlook is especially positive in emerging markets, driven by growth in the millennial sector with rising smartphone and internet penetration, access to online payment options, technological advancements such as big data and cloud-based e-commerce platforms.
Australia is one of the digital leaders in the world, driven by increasing digital awareness and e-commerce has grown rapidly with nearly 90% of the total population already online but there is still room for higher dollar volume sales. The revenue in the Australian e-commerce market is projected to reach US$25 billion in 2020 and then grow at a CAGR rate of nearly 6% to reach $32 billion by 2024.
E-commerce sales Southeast Asia is projected to reach over $54 billion in 2020 and show an CAGR of over 12% over the next four years. This double-digital growth should be sustainable well into the next decade, fuelled by increasing numbers of internet users, greater familiarity with online shopping, and improved consumer spending power.
Commenting on the merger, Mr. William Yap, Chairman of the Company, said “We are pleased to have this opportunity to partner another group with a similar vision and growth strategy. We believe our combined experience will prove invaluable in achieving rapid growth for our shareholders who have been patient with the Company as it seeks new partners to provide the necessary support.”
About Moxian, Inc.
Founded in 2013, Moxian is located in Shenzhen, China, with subsidiaries in Beijing, Malaysia and Hong Kong, it is an O2O integrated platform operator, and a service provider of social media and Internet media marketing.
Safe Harbor Statement
This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s management, directors or employees. Oral forward-looking statements. Any statements that are not historical facts, including statements about the company’s philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of China’s credit industry, especially the expected growth of China’s online lending platform; market-oriented and credit products and The demand and acceptance of services; and the ability of credit to attract and retain borrowers and lenders in the market; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information.
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