“9:31a ET 10/3/2022 - Benzinga
JX Luxventure Limited Signs Pet Food Agreement with A Leading Distributor In China For $20M Annual Sales Amount
HAIKOU, China, Oct. 3, 2022 /PRNewswire/ -- JX Luxventure Limited (NASDAQ:LLL) (the "Company"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering tourism, duty-free cross-border merchandise, eCommerce and B2B SAAS solutions, and menswear, announced today that on October 3, 2022, Flower Crown (China) Holding Group Co., Ltd. ("JXFC"), a wholly owned subsidiary of the Company, entered into and executed a Strategic Cooperation Framework Agreement (the "Agreement") with Hainan Hang Seng Zhongli Commercial Holding Co., Ltd. ("HS Zhongli"), a leading distributor of pet products in China, for the sale, marketing and distribution of JXFC's pet food products by HS Zhongli. The Agreement provides that the target annual sales amount of JXFC's pet food products is $20,000,000 and if HS Zhongli achieves this targeted annual sales amount, the Agreement will be automatically renewed for an additional year.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "The signing of this Agreement is significant for us as we enter into the 4th quarter of 2022 in a rapidly evolving macro environment. Following the execution of this Agreement, we have signed over US$160,000,000 contracts since March of 2022, which enables us to achieve strong revenue growth as a result of our business transformation. Pet food products continue to be in recession-resistant demand and this validates the management's decision to expand into the cross-border pet-food sector, as it provides robust growth and a healthy profit margin. This is the second year of the three-year turn-around strategy, and we are very pleased with the execution thus far. Our non-menswear business is on course to achieve profitability on an adjusted basis in 2022. Looking forward, we are confident we will deliver a brighter and more profitable 2023 result for our shareholders."
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