SHISHI, China, Feb. 19, 2019 /PRNewswire/ –KBS Fashion Group Limited (“KBS” or the “Company”) (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, announced today that it has executed a non-binding Letter of Intent (“LOI”) to acquire Tribe Wearables (“Tribe”), a private smart clothing technology company, located in Komotini, Greece. According to the LOI, KBS will first acquire 20% of equity interests in Tribe based on the valuation of $5,000,000 pre money by issuing certain amount of shares KBS common stock to the shareholders of Tribe. The board of directors of Tribe will have at least one member nominated by KBS...
|
