MMTec, Inc. Issues Corrective Press Release on Consulting Agreement with Hitek Global Inc.

Rhea-AI Summary

MMTEC, Inc. (MTC) announced an update to its August 10, 2020, press release regarding a Consulting Agreement with Hitek Global Inc. The Company will provide M&A, investment, financial, and strategic planning advice to Hitek for a consulting fee of $750,000. Hitek specializes in IT consulting and solutions for various industries in China. The agreement aims to enhance MMTEC's advisory and research capabilities.

Positive

• Consulting Agreement with Hitek Global could strengthen MMTEC's advisory and research capabilities.
• Consulting fee of $750,000 signifies potential for increased revenue.

Negative

• None.

BEIJING, Aug. 17, 2020 /PRNewswire/ -- MMTEC, Inc. (NasdaqCM: MTC), a China-based technology company that provides access to the U.S. financial markets (the "Company") announced today that the press release issued on August 10, 2020 concerning the Company's three-month Consulting Agreement with Hitek Global Inc. ("Hitek") contained an inadvertent error. Under the terms of the Consulting Agreement, the Company will provide M&A, investment, financial and strategic planning advice to Hitek in consideration for a consulting fee of $750,000 to be received by the Company on execution of the Consulting Agreement.

Hitek Global Inc. is an information technology consulting and solutions service provider focused on delivering services to business in various industry sectors in China. The business services to small and medium businesses mainly include Anti-Counterfeiting Tax Control System ("ACTCS") tax devices and services and information technology services; services to large businesses include hardware and software sales.

ABOUT MMTEC, INC.

Headquartered in Beijing, China, develops and deploys a series of platforms, including the ETN Counter Business System, the PTN Private Fund Investment Management System, the Personal Mobile Transaction Client System, the PC Transaction Client System, the Individual and Institutional Integrated Account Management System, and the Quantitative Investment Transaction Platform, which comprise a business chain that enables Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms to engage in securities market transactions and settlements globally. For additional information about the Company please refer to its corporate website at http://www.51mm.com.

FORWARD-LOOKING STATEMENTS

This press release may contain certain "forward-looking statements" relating to the business of MMTEC, Inc. and its subsidiary companies. All statements other than statements of historical fact included herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's the general ability of the Company to achieve its commercial objectives, the business strategy, plans and objectives of the Company and its subsidiaries, and any other statements of non-historical information. These forward-looking statements are 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 as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at 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.

View original content: https://en.prnasia.com/releases/global/mmtec-inc-engages-hitek-global-to-expand-its-advisory-and-research-capabilities-287790.shtml

View original content:http://www.prnewswire.com/news-releases/mmtec-inc-issues-corrective-press-release-on-consulting-agreement-with-hitek-global-inc-301112870.html

SOURCE MMTEC, Inc.

FAQ

What is the consulting agreement between MMTEC and Hitek Global?

MMTEC will provide M&A, investment, financial, and strategic planning advice to Hitek in exchange for a $750,000 consulting fee.

When was the consulting agreement with Hitek Global announced by MMTEC?

The consulting agreement was announced on August 10, 2020.

How much is MMTEC's consulting fee from Hitek Global?

The consulting fee from Hitek Global to MMTEC is $750,000.

What services does Hitek Global offer?

Hitek Global provides IT consulting and solutions, including services related to Anti-Counterfeiting Tax Control System devices.

What is MMTEC's stock symbol?

MMTEC's stock symbol is MTC.