HONG KONG / ACCESSWIRE / August 10, 2017 / ZZLL Information Technology Inc. ("ZZLL" or the "Company,") (ZZLL), would like to provide the following update to its shareholders, with respect to a recent share price decline and trading activity.
It has come to the attention of ZZLL's management that a New Zealand financial service provider, Asia Finance Corporation Limited ("AFC" also known as London Capital NZ Ltd.) was placed into liquidation on May 23, 2017 by order of the High Court of New Zealand, Wellington Registry pursuant to Section 241(2)(c) of the Companies Act 1993. ZZLL recently received notification of this liquidation in a letter dated July 24, 2017.
Certain owners of ZZLL shares ("the Owners") previously deposited shares with AFC, who had opened trading accounts with a Canadian dealer in order to execute trades on behalf of AFC clients. These accounts were frozen by the British Columbia Securities Commission ("BCSC") due to AFC breaching Section 34(a) under the Securities Act, RSBC 1996, c.418 (persons who must be registered). AFC voluntarily filed to surrender its New Zealand registration in July 2015. A settlement was reached between the BCSC and AFC on July 17, 2016.
It was understood by ZZLL share Owners that their shares would be returned to them, and legal action was under taken to claim their shares. Indeed, in letters sent to the BCSC by AFC's counsel (Crengle Shreves & Ratner) on February 4, 2016 AFC clearly identified the Owners and supported their claims to the rightful return of their share holdings. The Owners counsel also sent letters to the BCSC on February 4, 2016 stating their claim and asking to have their securities transferred to them, and are now also stating their claim with the liquidators (Ecovis KGA Ltd). Nonetheless, it now appears the Owners share positions are being liquidated.
Sean Webster, CEO of ZZLL, stated, ''We are very disappointed with this liquidation of our shareholders stock, due to the behavior of certain individuals at AFC. It appears they have devastated many investors and companies around the globe with their illegal activities.'' He added, ''We will take all necessary actions to protect our shareholders and the Company, and look forward to updating the market with our Company's positive business activities in the near future.''
About ZZLL Information Technology Inc.:
ZZLL Information Technology Inc. (ZZLL) and its wholly owned subsidiary, Syndicore Asia Limited, will be a provider of syndicated media and E-Commerce platforms in the Asia Pacific region. Syndicore's Wholly Foreign-Owned Enterprise, Hunan Syndicore Asia Limited, will endeavor to develop its E-Commerce, video content, and video streaming capabilities in China. In addition, Z-Line International E-Commerce Company Ltd. (a majority owned subsidiary of ZZLL) is a Hong Kong based E-Commerce company that will provide consumer-to-consumer, business-to-consumer and business-to-business-sales services via web portals.
All statements other than statements of historical fact that are included in this press release and that mention activities, events or developments that we believe may occur in the future are forward-looking statements. The use of words such as "anticipate," "continue," "estimate," "expect," "may," "project," "should," "believe," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include those regarding whether the Owners share positions are being liquidated, and whether ZZLL's will update the market with the Company's positive business activities in the near future.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that might cause actual results to differ from these projections include, but are not limited to, those discussed in ZZLL's most recent Annual Report on Form 10-K, 10-Q and other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in many places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of ZZLL Information Technology, Inc. (the ''Company''), its directors or its officers with respect to, among other things: (I) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
SOURCE: ZZLL Information Technology Inc.