China Commercial Credit, Inc. (NASDAQ:CCCR) Files An 8-K Termination of a Material Definitive AgreementItem 1.02 Termination of a Material Definitive Agreement.
On December 29, 2017, China Commercial Credit, Inc. (the” Company”) received a notice (“Termination Notice”) from Sorghum Investment Holdings Ltd. (“Sorghum”) notifying the Company that the Share Exchange Agreement (“Agreement”) dated August 9, 2017 by and among the Company, Sorghum and shareholders of Sorghum is being terminated based on Sorghum’s allegation that the Company’s filing of the Current Report on Form 8-K on December 27, 2017 constituted a breach of the Agreement.
The Company reserves the right to seek all damages and remedies available including but not limited to seeking the Termination Fee under Section 9.4 of the Agreement, as well as all costs and expenses (including attorney fees) resulting from any breach of the Agreement.
Forward-Looking Statements:
Certain statements in this Current Report on Form 8-K contain forward-looking statements regarding, among other things, the Company’s plans, strategies and prospects, both business and financial. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that we will achieve or realize these plans, intentions or expectations. Many of the forward-looking statements contained in this presentation may be identified by the use of forward-looking words such as “believe”, “expect”, “anticipate”, “should”, “planned”, “will”, “may”, “intend”, “estimated”, “aim”, “on track”, “target”, “opportunity”, “tentative”, “positioning”, “designed”, “create”, “predict”, “project”, “seek”, “would”, “could”, “continue”, “ongoing”, “upside”, “increases” and “potential”, among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this presentation are set forth in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:
| ● | the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; |
| ● | the ability to obtain and/or maintain the listing of Sorghum’s common stock on NASDAQ following the transactions contemplated by the Agreement ; |
| ● | changes adversely affecting the business in which the Company is engaged; |
| ● | general economic conditions; |
| ● | the Company’s business strategy and plans; and |
| ● | and the other factors summarized under the section entitled “Risk Factors” in its SEC filings. |
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report. Except to the extent required by applicable laws and regulations, the Company has no obligation to update these forward-looking statements to reflect events or circumstances after the date of this proxy statement or to reflect the occurrence of unanticipated events.
About China Commercial Credit, Inc. (NASDAQ:CCCR)
China Commercial Credit, Inc. is engaged in offering financial services in China. The Company’s operations consist of providing direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses (SMEs), farmers and individuals in the city of Wujiang, Jiangsu Province. Its loan and loan guarantee business is conducted through Wujiang Luxiang Rural Microcredit Co., Ltd. Its financial leasing business is conducted through Pride Financial Leasing (Suzhou) Co. Ltd (PFL). It has over three business lines including, lending, guarantee and financial leasing. For its lending and guarantee services, it provides direct loans and guarantee services, to borrowers located within City of Wujiang, Jiangsu Province of China. In its direct loan business, it provides short-term loans to the borrowers and generates interest income. In its guarantee business, it acts as a guarantor to borrowers applying for short-term direct loans with other lenders and generates fee income.
