MMTEC, INC. Engages Hitek Global to Expand Its Advisory and Research Capabilities

Rhea-AI Summary

MMTEC, Inc. (NasdaqCM:MTC), a technology company based in China, signed a three-month Consulting Services Agreement with Hitek Global Inc. for a consulting fee of $750,000. This collaboration aims to enhance MTC's investment banking capabilities in China by providing M&A, financial, and strategic planning advice. The company expects this engagement will facilitate in-depth investment research in various industries including healthcare and financial information services, assisting Chinese firms with capital market access.

Positive

• Engaged Hitek Global for consulting services, expanding investment banking capabilities.
• Investment of $750,000 may enhance research in key industries, boosting growth potential.

Negative

• None.

BEIJING, Aug. 10, 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 it signed a three-month Consulting Services Agreement engaging Hitek Global Inc. to provide M&A, investment, financial and strategic planning advice to the Company in consideration for a consulting fee of $750,000. The Company believes this engagement will allow it to expand its investment banking team in China, to conduct in-depth investment research in new industries and fields, including healthcare, financial information services, among others, and to coach and assist Chinese companies with various corporate and capital markets access matters.

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.

For more information please contact:

China Investor Relations:

Jessie Chang
E-Mail: jessie@xgujia.com 
Tel: +86 10 5617 2312

View original content:http://www.prnewswire.com/news-releases/mmtec-inc-engages-hitek-global-to-expand-its-advisory-and-research-capabilities-301108826.html

SOURCE MMTEC, Inc.

FAQ

What is MMTEC's recent consulting agreement about?

MMTEC has signed a three-month agreement with Hitek Global for $750,000 to enhance its advisory and research capabilities.

How much is the consulting fee MMTEC is paying Hitek Global?

MMTEC is paying Hitek Global a consulting fee of $750,000.

What industries will MMTEC focus on after the consulting agreement?

MMTEC will focus on industries including healthcare and financial information services.

When was the consulting agreement with Hitek Global signed?

The consulting agreement was signed on August 10, 2020.

What is the stock symbol for MMTEC?

The stock symbol for MMTEC is MTC.