JMU Limited Divested Food Supply Chain Business
JMU LTD ADS (JMU)
US:NASDAQ Investor Relations:
ir.ccjmu.com
Company Research
Source: PR Newswire
SHANGHAI, July 22, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that it has divested its food supply chain business by selling all the issued and outstanding shares of New Admiral Limited, a wholly-owned subsidiary of the Company to Marvel Billion Development Limited in exchange for $1,000,000 in cash. In addition, the buyer and the divested entities agreed to waive all the rights and claims with respect to the liabilities owed by the Company to the divested entities. Upon the completion of this transaction, the purchaser has assumed all the outstanding liabilities of the divested entities. Marvel Billion Development Limited is associated with the Company's chairperson of the board of directors and chief executive officer Ms. Xiaoxia Zhu. The transaction has been approved by the Company's audit committee and board of directors. After the divestment, JMU will focus on developing blockchain-based asset transaction platform products, seizing po
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