KBS Fashion Group Limited announces a new long term contract
SHISHI, China, March 15, 2018 /PRNewswire/ -- KBS Fashion Group Limited (NASDAQ: KBSF) ("KBS" or the "Company"), a vertically-integrated casual menswear company in China, today announced that its China-based subsidiary, Anhui Kai Xin Co., Ltd ("Kai Xin") entered into a long term strategic cooperation agreement with Hangzhou Zhi Yin Apparel Clothes Co., Ltd., a major producer of children's apparel in China ("Zhi Yin"), under which, Kai Xin will act as a long term supplier of down jackets to Zhi Yin. It is estimated that pursuant to the agreement, KBS will generate an additional RMB 25 million (approximately US$ 4 million) of revenue in fiscal year 2018.
Located in Hangzhou China, Zhi Yin is a leader in the design and online sale of baby and children's apparel, with a focus on down jackets. Owning the Marc & Janine brand, Zhi Yin is one of the three largest down jacket online sellers in China.
Mr. Yan, Chairman and new CEO of KBS, commented, "The cooperation with Zhi Yin, one of China's largest apparel companies is consistent with our company's business strategy of offering high quality products and services to our customers. We have a highly experienced team at our factories in Anhui that produces high quality clothing."
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 50 KBS branded stores (as of June 30, 2017) and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group 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 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 (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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