Sharing Economy International Reports Third Quarter 2018 Results
SHARING ECONOMY INTL INC (SEII)
US:NASDAQ Investor Relations:
prnewswire.com/news-releases/sharing-economy-internationals-chairman-issues-open-letter-to-shareholders-300596864.html
Company Research
Source: PR Newswire
WUXI, Jiangsu Province, China, Nov. 13, 2018 /PRNewswire/ -- Sharing Economy International Inc. ("SEII" or "the Company") (SEII), a clean technology and sharing economy company that designs, manufactures and distributes of proprietary high and low temperature dyeing and finishing machinery to the textile industry, and is engaged in the development of sharing economy platforms and rental related businesses, today announced its financial results for quarter ended September 30, 2018."In the third quarter of 2018, our textile customers in China continued to face challenging conditions such as tight credit, rising raw materials costs and forced closures by the Chinese government which depressed sales and margins during the quarter. This environment also led to our decision to record a $1.9 million impairment on the ozone-ultrasonic patent technology we acquired in August 2016, as we do not believe our customers will be in a position to buy next-generation dying machines based on this techn
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