VALUE EXCHANGE INTERNATIONAL, INC. (OTCMKTS:VEII) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Agreement
On February 16, 2018,Value Exchange International, Inc. (OTCQB: VEII) (“VEII”), a retail technology and computer systems services provider, announced that Value Exchange Int’l (Shanghai) Limited, a wholly owned subsidiary of VEII, (“VEII Sub”) signed a January 24, 2018 stores equipment support agreement (“Agreement”) with the largest health care and beauty retailer (“Retailer”) in People’s Republic of China (“China”). Under the Agreement, the Retailer has contracted for site and preventive maintenance and support for computer and point of sale systems (“Systems”) as well as new store and store renovation install and migration services for Systems from the VEII Sub. The Agreement is non-exclusive, covers Retailer’s stores in the northern and eastern region of China and runs through December 2019.
Gross revenue and net profit potential, if any, as well as the full extent of services by VEII Sub under the Agreement are uncertain at this time due to lack of sufficient operational experience as a service provider under the Agreement. The Company anticipates reporting initial financial results and projected financial results for the VEII Sub work under the Agreement with the announcement of the quarterly consolidated financial results for VEII’s fiscal quarter ending March 31, 2018. Actual extent of services and financial results of the services may vary from any projected or anticipated scope of services and related financial results.
Item 7.01 Regulation FD Disclosure
VEII issued the press release described in Item 1.01 above. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
to General Instruction B.2 of Form 8-K, the information in this Item 7.01 of Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise be subject to the liabilities of that section, nor is it incorporated by reference into any filing of VEII under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Notice: Actual business and financial results from the services may vary from projections or estimates of future business and financial results and investors should not rely on statements about possible, estimated or projected future business or financial results under new contracts or projects, or on any assumption of increased revenues from new business. While Value Exchange International, Inc. and its subsidiaries believe any business or financial estimates and projections are reliable when made, such estimates and projections are made on the basis of a number of assumptions and these assumptions may prove inaccurate or be undermined by risk factors and circumstances that our company cannot foresee or estimate. Estimates and projections may be less than anticipated due to reduction or termination of services or less than anticipated utilization of services. Further, the contract services may prove to be unprofitable or produce lower than anticipated profits due to unanticipated costs. Some of these risk factors affecting anticipated and actual business and financial results are set forth in our Form 10-K annual report and other filings with the U.S. Securities and Exchange Commission or “SEC.”
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Exhibit Description
99.1Press Release, dated 16 February 2018, issued by Value Exchange International, Inc., regarding New Services Contract
Value Exchange International, Inc. ExhibitEX-99.1 2 f8k021618_ex99z1.htm EXHIBIT 99.1 PRESS RELEASE,…To view the full exhibit click here
About VALUE EXCHANGE INTERNATIONAL, INC. (OTCMKTS:VEII)
Value Exchange International, Inc., formerly Sino Payments, Inc., is a credit card processing and merchant-acquiring services company. The Company provides credit card clearing services to merchants and financial institutions in the People’s Republic of China (PRC). It provides Internet protocol (IP) processing services in Asia to bank card-accepting merchants. The Company markets its services to local merchants with regional retail locations across Asia Pacific. The Company, through its subsidiaries, is engaged in providing information technology services and solutions, which consists of select services and solutions in computer software programming and integration, computer systems, Internet and information technology systems engineering, consulting, and administration and maintenance, including e-commerce and payment processing.
