China Ceramics' Software Subsidiary Secures Contract for Leg
JINJIANG, China, Aug. 20, 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 licensing contract with Sichuan Jin Dou Yun Law Firm, a law firm that represents banks and financial systems in helping them to recover overdue client accounts. The total fee to be paid to the Company under this contract is RMB 5.0 million (approximately $0.7 million), of which 30% or RMB 1.5 million (approximately $217,000) is to be paid within three months of contract's execution and the remaining balance - prior to the end of the one-year contract term. The software system will enable bank customer financial information to be sent to the law firm for computerized batch processing, automatically identify breaches of electronic contracts and facilitate digital routing to the court system of overdue collections cases for quicker administration and adjudication than what is currently in place.
"We are pleased that our new software development subsidiary has developed a specialized product for the legal marketplace that meets a need to contend with high volume bank case work and help the legal system work more efficiently," said Ms. Meishuang Huang, Chief Executive Officer of China Ceramics. "We believe that we can scale our new software development business to address the fintech sector's opportunities. Today's announcement represents our second software contract for our new subsidiary, and we are intent upon growing this part of our business."
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.