JINJIANG, China, August 18, 2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the "Company"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced that its newly-formed wholly-owned subsidiary which focuses on software development, Antelope Holdings (Chengdu), Co., Ltd., has entered into a one-year licensing contract with Chengdu Jinke Yulu Technology Co. Ltd., a software distributor which provides digital technology systems to banks, large financial institutions and courts. The total fee to be paid to the Company under this contract is RMB 10 million (approximately $1.4 million), of which RMB 2.6 million (approximately $375,000) is to paid three months after the contract's execution and the remaining balance prior to the end of the one-year contract term. The software that the Company's subsidiary developed is a blockchain digital storage and depository system designed to ensure the legal compliance of financial transactions.
"We are very pleased that our new software development subsidiary has introduced a software product into the marketplace that can help secure transactions in the high-growth fintech marketplace," said Ms. Meishuang Huang, Chief Executive Officer of China Ceramics. "This subsidiary was formed to broaden our business operations and diversify our revenue stream, and we are encouraged to see our software team develop this software for the benefit of the financial services industry. We plan to expand our software capabilities to access the fintech sector as an important area of focus to sustain our corporate growth."
The Company believes that this software will be very effective in streamlining legal processes associated with fintech transactions for financial institutions. The Company anticipates that the new software will be marketed in the markets of Anhui, Sichuan, Guizhou and Hunan before it is rolled out nationwide. The Company views the fintech blockchain market as an opportunity to penetrate a high-margin growth sector which, while competitive, is also highly fractured, which in turn could result in new opportunities.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics' products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty" brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. Through its wholly-owned subsidiary, Antelope Holdings (Chengdu), Co., Ltd., the Company provides fintech solutions which includes the development of blockchain software. For more information, please visit http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to the Company's ability to, among other things, successfully design, deploy and pursue this expansion strategy, the Company's ability to complete any agreements with new customers in the markets in question and add to its overall growth. Actual events or results may differ materially from the Company's expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company's forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
SOURCE China Ceramics Co., Ltd.