JX Luxventure Signs USD30,000,000 (3X 2020 Revenue) Sales Agreement

Rhea-AI Summary

On April 4, 2022, JX Luxventure Limited (LLL) announced a strategic cooperation agreement with Ragdoll International Trading Co., Ltd. to supply up to USD 30 million worth of cross-border pet foods. This deal marks the second major pet food contract for Luxventure this month, contributing to a total of USD 90 million in contracts. The growth into the pet food sector is significant, as China's pet food market is valued at approximately USD 1.2 billion. This strategic move positions the company to capitalize on new revenue streams.

Positive

• Signed a USD 30 million pet food agreement, expanding its product line.
• Total of USD 90 million in pet food contracts signed this month, indicating strong market demand.
• Entering China's pet food market valued at USD 1.2 billion presents growth opportunities.

Negative

• None.

HAIKOU, China, April 4, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a service provider delivering comprehensive solutions to global elite families with business segments covering menswear, cross-border merchandise, airfare and tourism, announced today that, on March 31, 2022,  Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. ("JX Hainan"), a subsidiary of the Company, entered into and executed a Framework Agreement on Strategic Cooperation (the "Agreement") with Ragdoll International Trading Co., Ltd. ("Ragdoll"), an E-commerce platform operator.  Pursuant to the Agreement, Ragdoll will purchase from JX Hainan cross-border pet foods in the amount of up to USD30,000,000 to be distributed on the platforms operated by Ragdoll.  

Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "This is the second major pet food contract signed by Luxventure this month.  Pet food is a new product category for the Company, and China's pet food market is valued at approximately USD1,200,000,000.  The two pet food contracts signed this month with the total value of USD90,000,000 affirmed the management's decision to enter this product category."

About JX Luxventure Limited

Headquartered in Haikou, China, JX Luxventure Limited is a service provider delivering comprehensive solutions to global elite families. Its business segments cover menswear, cross-border merchandise, airfare, and tourism. To learn more about the Company, please visit its corporate website at en.jxluxventure.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of JX Luxventure Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including those discussed in the Company's periodic reports filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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SOURCE JX Luxventure Limited

FAQ

What is the significance of JX Luxventure's recent pet food contract signed on April 4, 2022?

The contract is valued at USD 30 million and marks a significant entry into the pet food market, reflecting JX Luxventure's strategy to diversify its offerings.

How much revenue did JX Luxventure secure from pet food contracts in March 2022?

In March 2022, JX Luxventure signed pet food contracts totaling USD 90 million, indicating strong interest in this new product line.

What is the total value of the pet food market in China according to JX Luxventure?

JX Luxventure estimates that China's pet food market is valued at approximately USD 1.2 billion.

What company did JX Luxventure enter into a strategic cooperation agreement with?

JX Luxventure entered into a strategic agreement with Ragdoll International Trading Co., Ltd.

What industry does JX Luxventure primarily operate in?

JX Luxventure primarily operates in the service sector, providing solutions including menswear, cross-border merchandise, airfare, tourism, and now pet food.