Jmu Limited (NASDAQ:JMU)

SHANGHAI, Feb. 13, 2020 /PRNewswire/ -- JMU Limited (the "Company") (Nasdaq: MFH) today announced that the Company's ticker symbol on the Nasdaq Capital Market has changed to "MFH" from "JMU." Trading under the new ticker symbol began on Wednesday, February 12, 2020.

No actions are needed from the Company's current shareholders relative to the ticker symbol change.

SHANGHAI, Jan. 3, 2020 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that the Company's application to transfer the Company's listing of its American Depositary Shares (the "ADSs") from the Nasdaq Global Market to the Nasdaq Capital Market has been approved by the Listing Qualification Department of The Nasdaq Stock Market ("Nasdaq").

Accordingly, the Company's ADSs will begin trading on the Nasdaq Capital Market effective at the opening of business on Monday, January 6, 2020. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements. The transfer of the Company's listing from the Nasdaq Global Market to the Nasdaq Capital Market is expected to have no impact on trading in the Company's ADSs, and the Company's ADS's will continue to trade under the symbol "JMU."

Third Quarter 2019 Financial Results

• Revenues were $580 thousand for the third quarter of fiscal year 2019.
• Non-GAAP net income attributable to the Company, which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax benefits, was $0.4 million in the third quarter of 2019 and non-GAAP net loss attributable to the Company was $1.5 million in the same period of last year. 
  

Ms. Hua Zhou, Chairperson of the Board of Directors and Chief Executive Officer, commented, "As part of our on-going efforts to seek a new direction for the future development of our business, we have gradually geared our focus towards blockchain technology. Since the acquisition of our cryptocurrency solutions business in August, we are committed to expanding our blockchain business by both conducting internal research and development and acquiring companies with growth potential in the industry."

"Our efforts are progressing rapidly as we get ready to launch our very first blockchain product, Mercurity, a provider of infrastructure and legal expertise for asset digitization. Going forward, we will continue to focus on the strategic deployment of our blockchain business and seek to benefit from the growing blockchain market over the long term," Ms. Zhou concluded.

SHANGHAI, Aug. 16, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that it has received a notification letter from Nasdaq dated August 14, 2019 indicating that based on the staff's review of the Company's Market Value of Publicly Held Shares ("MVPHS") from July 2, 2019 to August 13, 2019, the Company no longer meets the continued listing requirement set forth in the Nasdaq Listing Rule 5450(b)(1)(C) of maintaining a minimum MVPHS of US$5,000,000 for the Nasdaq Global Market.

The Company has 180 calendar days to regain compliance with the MVPHS requirement. If at any time prior to February 10, 2020, the expiration of the 180-day period, the Company meets the MVPHS requirement for a minimum of 10 consecutive business days, the Company will regain compliance unless the staff exercises its discretion to extend this 10-day period.

SHANGHAI, Aug. 13, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that the Company has entered into definitive agreements regarding a private placement of US$4 million and an acquisition of cryptocurrency solutions business.

Pursuant to a share purchase agreement, the Company will issue and sell 609,162,824 ordinary shares to a New York holding company wholly owned by Mr. Haohan Xu, the largest shareholder and a director of the Company, for a cash consideration of US$4 million.

The Company has also entered into a share purchase agreement with Beijing Jiatong Huineng Technology Co., Ltd. ("Beijing Jiatong Huineng"), its affiliated offshore holding company (together with Beijing Jiatong Huineng, "Jiatong Huineng Group") and Mr. Shijie Hu, an independent third party owning Jiatong Huineng Group. Pursuant to the agreement, the Company will issue 609,162,824 ordinary shares to Mr. Shijie Hu in exchange for the entire ownership in Jiatong Huineng Group.

The transactions contemplated under the definitive agreements are subject to customary closing conditions. After the closing of these transactions, Mr. Haohan Xu will hold approximately 48.7% of the Company while Mr. Shijie Hu will hold approximately 18.3% of the Company. On a pro forma basis to give effect to these transactions and the previously announced divestment by the Company of its food supply chain business in July 2019, the Company's stockholders' equity as of June 30, 2019 would be approximately US$16.0 million. Please see the unaudited pro forma consolidated balance sheet as of June 30, 2019 at the end of this press release.

"These transactions are part of the Company's continuing efforts to increase working capital and explore new business opportunities," commented Ms. Hua Zhou, the chairperson of the board of directors and the chief executive officer of the Company. "Jiatong Huineng Group develops a SaaS asset transaction platform based on blockchain and smart contract technologies and provides cryptocurrency solution services to customers. We believe that this acquisition will strengthen our R&D capabilities that help us implement a comprehensive upgrade of our service platform in terms of product functionality, platform security and stability and program compatibility."

SHANGHAI, Aug. 13, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that the Company has entered into definitive agreements regarding a private placement of US$4 million and an acquisition of cryptocurrency solutions business.

Pursuant to a share purchase agreement, the Company will issue and sell 609,162,824 ordinary shares to a New York holding company wholly owned by Mr. Haohan Xu, the largest shareholder and a director of the Company, for a cash consideration of US$4 million.

The Company has also entered into a share purchase agreement with Beijing Jiatong Huineng Technology Co., Ltd. ("Beijing Jiatong Huineng"), its affiliated offshore holding company (together with Beijing Jiatong Huineng, "Jiatong Huineng Group") and Mr. Shijie Hu, an independent third party owning Jiatong Huineng Group. Pursuant to the agreement, the Company will issue 609,162,824 ordinary shares to Mr. Shijie Hu in exchange for the entire ownership in Jiatong Huineng Group.

The transactions contemplated under the definitive agreements are subject to customary closing conditions. After the closing of these transactions, Mr. Haohan Xu will hold approximately 48.7% of the Company while Mr. Shijie Hu will hold approximately 18.3% of the Company. On a pro forma basis to give effect to these transactions and the previously announced divestment by the Company of its food supply chain business in July 2019, the Company's stockholders' equity as of June 30, 2019 would be approximately US$16.0 million. Please see the unaudited pro forma consolidated balance sheet as of June 30, 2019 at the end of this press release.

"These transactions are part of the Company's continuing efforts to increase working capital and explore new business opportunities," commented Ms. Hua Zhou, the chairperson of the board of directors and the chief executive officer of the Company. "Jiatong Huineng Group develops a SaaS asset transaction platform based on blockchain and smart contract technologies and provides cryptocurrency solution services to customers. We believe that this acquisition will strengthen our R&D capabilities that help us implement a comprehensive upgrade of our service platform in terms of product functionality, platform security and stability and program compatibility."

SHANGHAI, Aug. 1, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced its unaudited financial results for the six months ended June 30, 2019, or the first half of the Company's fiscal year 2019.

First Half of Fiscal Year 2019 Highlights

• Revenues were $762 thousand, representing a decrease of 96.1% from $19.5 millionin the prior year period. The decrease was mainly due to the Company's decision to switch from its loss-making B2B platform business to other business opportunities that may have greater growth potential.
• Gross profit was $39 thousand, a decrease of 91.7% from $471 thousand in the prior year period.
• B2B online platform recorded gross billing of RMB 87.5 million (US$ 12.7 million), measured in terms of gross merchandise value ("GMV"), decreasing 98.1% from gross billing of RMB 4.6 billion (US$ 721.2 million) in the prior year period.
• Active customer accounts were 732 as of June 30, 2019, decreasing 92% from 10,304 as of December 31, 2018.
• Third-party sellers on the Company's online marketplace decreased to 196 as of June 30, 2019, compared to 3,779 as of December 31, 2018.

Ms. Hua Zhou, Chairperson of the Board of Directors and Chief Executive Officer commented, "Due to the increasing competition in the market, we have gradually exited from our costly and loss-making B2B business while actively seeking a new direction for the development of our business. Our efforts have been proven to be effective as we significantly reduced our cost and net loss for the first half of 2019 despite the decreased revenue. Going forward, we will continue looking for new business partners and opportunities to further narrow our losses."

First Half of Fiscal Year 2019 Financial Performance

Revenues were $762 thousand in the first half of 2019, representing a decrease of 96.1% from $19.5 million in the prior year period. The decrease of revenue was mainly due the Company's decision to switch from its loss-making B2B platform business to other business opportunities that may have greater growth potential.

Cost of revenues were $723 thousand in the first half of 2019, representing a decrease of 96.2% from $19.0 million in the prior year period.

Gross profit for the first half of 2019 was $39 thousand, representing a 91.7% decrease from $471 thousand in the same period last year. Gross margin increased to 5.1% in the first half of 2019 from 2.4% in the same period of last year.

Selling and marketing expenses for the first half of 2019 decreased 90.2% to $387 thousand from $4.0 million in the prior year period. As a percentage of total revenues, selling and marketing expenses were 50.8% in the first half of 2019 and 20.3% in same period of last year. The decrease of selling and marketing expenses was primarily due to decreases in marketing expenses, travelling expenses, employee compensation, and amortization of intangible assets.

General and administrative expenses for the first half of 2019 were $713 thousand, representing a decrease of 63.1% from $1.9 million in the prior year period. As a percentage of total revenues, general and administrative expenses were 93.6% for the first half of 2019 and 9.9% in the same period of last year. The decrease of general and administrative expenses was primarily due to the decrease in compensation expenses as a result of reduced headcount and the decrease in third-party expenses related to JMU'sIPO.

Loss from operations in the first half of 2019 was $1.1 million, representing a decrease of 98.7% from $79.2 million in the same period of last year.

SHANGHAI, July 22, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU) today announced that it has divested its food supply chain business by selling all the issued and outstanding shares of New Admiral Limited, a wholly-owned subsidiary of the Company to Marvel Billion Development Limited in exchange for $1,000,000 in cash.  In addition, the buyer and the divested entities agreed to waive all the rights and claims with respect to the liabilities owed by the Company to the divested entities. Upon the completion of this transaction, the purchaser has assumed all the outstanding liabilities of the divested entities.

Marvel Billion Development Limited is associated with the Company's chairperson of the board of directors and chief executive officer Ms. Xiaoxia Zhu. The transaction has been approved by the Company's audit committee and board of directors.

After the divestment, JMU will focus on developing blockchain-based asset transaction platform products, seizing potential business opportunities that come along with the emerging blockchain technology. With this change in strategies, the Company expects to create more business opportunities, optimize results of operations and improve financial condition going forward.

SHANGHAI, July 16, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU), a B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced it received a letter (the "Notification Letter") from Nasdaq notifying the Company that it does not meet the continued listing requirements for (i) the stockholders' equity as reported in the Company's annual report on Form 20-F for the period ended December 31, 2018 is below the minimum amount of $10,000,000 as required for continued listing under the equity standard, (ii) the market value of listed securities of the Company is below $50 million as required for continued listing under the market value standard, and (iii) the market value of publicly held shares is below $15 million as required for continued listing under both the market value and the total assets/total revenue standards.

The Notification Letter states that the staff of Nasdaq has determined to apply more stringent criteria and shorten the time period for the Company to submit its plan to regain compliance (the "Compliance Plan"). In that regard, the Company must submit its Compliance Plan no later than July 22, 2019. The Company is working diligently to prepare the Compliance Plan and expects to submit it to Nasdaq within this timetable. If the Compliance Plan is accepted, the Company can be granted an extension of up to 180 calendar days from the date of the Notification Letter to evidence compliance.

SHANGHAI, July 1, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU), a B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its audited financial results for the fiscal year ended December 31, 2018.

Fiscal Year 2018 Highlights

• Revenues in 2018 were $36.5 million, representing a decrease of 58.9% from $88.7 million in 2017. The decrease was mainly due to the Company re-examining its B2B platform business and re-developing and transforming its future positioning and strategy in 2018. During the year, the Company suspended businesses that were strategically misaligned, products with lower gross profit, and a portion of business and services that involved third-party sellers and buyers.  
• Gross profit was $876 thousand in 2018, an increase of $327 thousand from 2017.
• B2B online platform recorded gross billing of RMB7.7 billion (US$1.1 billion) in 2018, measured in terms of gross merchandise value ("GMV"), decreasing 51.9% from gross billing of RMB16.0 billion (US$ 2.5 billion) in 2017. The decrease was mainly due to the Company re-examining its B2B platform business and re-developing and transforming its future positioning and strategy in 2018.
• Active customer accounts were 10,304 as of December 31, 2018, decreasing 68.8% from 33,025 as of December 31, 2017.
• Third-party sellers on the Company's online marketplace decreased to 3,779 as of December 31, 2018, compared to over 15,800 as of December 31, 2017.

Ms. Xiaoxia Zhu, Chairperson and Chief Executive Officer commented, "Through re-examining and adjusting our strategy and business, we hope to bring better growth opportunities for JMU and create better market service value for our customers."

Fiscal Year 2018 Financial Performance

Revenues were $36.5 million for 2018, representing a decrease of 58.9% from $88.7 million in 2017. The decrease of revenue in 2018 was mainly due the Company re-examining its B2B platform business and re-developing and transforming its future positioning and strategy in 2018. During the year, the Company suspended businesses that were strategically misaligned, products with lower gross profit, and a portion of business and services that involved third-party sellers and buyers.

Cost of revenues were $35.6 million in the year of 2018, representing a decrease of 59.6% from $88.2 million in 2017.

Gross profit for 2018 was $876 thousand, representing a 59.6% increase from $549 thousand in 2017. Gross margin increased to 2.4% in 2018 from 0.62% in 2017.

Selling and marketing expenses in 2018 decreased 61.8% to $5.8 million from $15.2 million in 2017. As a percentage of total revenue, selling and marketing expense was 15.9% and 17.1% in fiscal years 2018 and 2017, respectively. The decrease was primarily attributable to the impairment of acquired intangible assets decreasing to zero, which resulted in the amortization of intangible assets decreasing by $7.2 million. Marketing, advertising, and travel expenses also decreased.

General and administrative expenses in 2018 were $4.3 million, representing a decrease of 35.8% from $6.7 million in 2017. As a percentage of total revenues, general and administrative expenses were 9.6% and 7.6% in 2018 and 2017, respectively.

Impairment loss in 2018 was $115.2 million, representing a decrease of 21.7% from $147.0 million in 2017. As a percentage of total revenue, impairment loss were 315.9% and 165.7% in 2018 and 2017, respectively.

Loss from operations in 2018 was $124.4 million, representing a decrease of 26.1% from $168.4 million in 2017.

Net loss attributable to the Company in 2018 was $123.2 million, representing a decrease of 23.9% from $161.9 million in 2017. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment loss, share-based compensation and related provision for income tax benefits, was $9 millionin 2018 compared to $12.3 million in 2017. For the years ended December 31, 2018 and 2017, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,801,177 and 1,476,144,194, respectively.

As of December 31, 2018, the Company's cash and cash equivalents was $0.4 million, representing a decrease of 92.7% from $4.9 million as of December 31, 2017. Total shareholders' deficit as of December 31, 2018 was $20.2 million compared to total shareholders' equity of $103.6 million as of December 31, 2017.

SHANGHAI, May 21, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (Nasdaq: JMU), a B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company has acquired Unicorn Investment Limited ("Unicorn"). Pursuant to a share purchase agreement, on May 21, 2019, JMU purchased all the issued and outstanding shares of Unicorn from its shareholder for the consideration of 632,660,858 newly issued ordinary shares of JMU.

Unicorn is a developer of asset transaction platform products based on blockchain technologies. The former shareholder of Unicorn and the seller in the acquisition, Mr. Haohan Xu, is a principal shareholder of the Company. Mr. Xu held 25.7% of all the issued and outstanding shares of the Company immediately prior to the closing of the acquisition, and will hold approximately 48.0% of all the issued and outstanding shares of the Company immediately after the closing of the acquisition.

JMU is acquiring Unicorn to meet the emerging demands of blockchain technology-based transactions.

SHANGHAI, April 9, 2019 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced the appointment of Michael T. Studer CPA P.C. ("Michael T Studer") as the Company's new independent registered public accounting firm.

Michael T Studer replaced Ernst & Young Hua Ming LLP ("Ernst & Young") as the Company's independent auditor to provide audit services for the Company for the year ended December 31, 2018, effective April 4, 2019. The appointment of Michael T Studer has been approved by the Company's audit committee.

The Company's decision to change its auditor was not the result of any disagreement between the Company and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

SHANGHAI, Jan. 7, 2019 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company had received a notice from the NASDAQ Stock Market LLC ("NASDAQ"), dated January 4, 2019, notifying that, the Company is currently not in compliance with the minimum bid price requirement set forth under NASDAQ Listing Rule 5450(a)(1) (the "Rule"). It has resulted from the fact that the bid price of the Company's American depositary shares ("ADSs") closed below US$1 per share for the last 30 consecutive business days from November 19, 2018 through January 3, 2019. The Company has been granted a grace period of 180 calendar days, expiring on July 3, 2019, in which to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company's ADSs is at least $1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for additional time.

The Company intends to monitor the closing bid price of its ADSs between now and July 3, 2019 and intends to consider available options to cure the deficiency and regain compliance with the Rule's minimum bid price requirement within the prescribed grace period. The Company's ADSs will continue to be listed and trade on the NASDAQ Global Market during this period, unaffected by the receipt of the written notice from NASDAQ.

This announcement is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

SHANGHAI, Dec. 12, 2018 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company had received a notice from the NASDAQ Stock Market LLC ("NASDAQ"), dated December 10, 2018, notifying that, the Company is currently not in compliance with the minimum market value of publicly held shares (the "Market Value of Publicly Held Shares") set forth under NASDAQ Listing Rule 5450(b)(1)(c) (the "Rule"). It has resulted from the fact that the market value of the Company's publicly held shares was below US$5,000,000 for the last 30 consecutive business days from October 22, 2018 through December 7, 2018. The Company has been granted a grace period of 180 calendar days, expiring on June 10, 2019, in which to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the market value of the Company's publicly held shares closes at US$5,000,000 or more for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may consider applying to transfer its American depositary shares (the "ADSs") to the NASDAQ Capital Market, or delist its ADSs.

The Company intends to monitor the market value of its publicly held shares between now and June 10, 2019 and intends to consider available options to cure the deficiency and regain compliance with the Rule's minimum market value of publicly held shares requirement within the prescribed grace period. The Company's ADSs will continue to be listed and trade on the NASDAQ Global Market during this period, unaffected by the receipt of the written notice from NASDAQ.

This announcement is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

Third Quarter 2018 Financial Results

• Revenues in the third quarter of 2018 were US$28.7 million, representing an increase of 5.6% from US$27.1 million in the third quarter of 2017.
• Net loss attributable to the Company in the third quarter of 2018 was US$1.7 million, representing a decrease of 61.5% from US$4.5 million in the third quarter of 2017. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, share-based compensation, and related provision for income tax benefits, was US$1.5 million compared to US$2.6 million in the same period of 2017. For the quarters ended September 30, 2018, and September 30, 2017, the Company's weighted average number of ordinary shares used in computing loss per ordinary share were 1,476,866,650 and 1,476,144,194, respectively.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer, commented, "As we are focusing on the development of our ready-to-cook and ready-to-eat products, we are pleased to report another quarter of revenue growth as customer acceptance continues to grow in this area. We optimized our operating structure by cooperating with source suppliers for our ready-to-cook and ready-to-eat products, which decreased the number of intermediaries and reduced related expenses, resulting in a 64.1% decrease in our operating expenses year over year.

"The fourth quarter will be a peak season for our business, since the order volume is expected to increase due to year-end celebrations and traditional Chinese holidays. We continue to optimize our products and introduce new products to meet customer demand and are also benefiting from broader brand recognition from our increased number of tasting events. We will also keep improving our operational efficiency to better serve our customers, and expanding our market share in key areas. We are committed to establishing a sustainable growth path that can help us achieve profitability and benefit our shareholders."

SHANGHAI, Aug. 1, 2018 /PRNewswire/ -- JMU Limited (the "Company" or JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that it has changed the ratio of its American depositary shares ("ADSs") to ordinary shares, par value US$0.00001 per share, from one (1) ADS representing eighteen (18) ordinary shares to one (1) ADS representing one hundred and eighty (180) ordinary shares, effective on July 31, 2018.

For JMU's ADS holders, this ratio change has the same effect as a one-for-ten reverse ADS split. Each JMU's ADS holder of record is required to exchange every ten (10) ADSs then held for one (1) new ADS. There is no change to JMU's underlying ordinary shares, and JMU's ADS will continue to trade on NASDAQ under the symbol "JMU."

This ratio change increases the market price per ADS of the Company, helping the Company to regain compliance with NASDAQ minimum bid price listing requirement.

First Quarter 2018 Financial Results

• Revenues in the first quarter of 2018 were $29.5 million, representing an increase of 50.1% from $19.7 million in the first quarter of 2017.
• Net loss attributable to the Company in the first quarter of 2018 was $2.7 million, representing a decrease of 46.3% compared to $5.1 million in the first quarter of 2017. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax benefits, was $2.3 million in the first quarter of 2018 compared to $3.0 million in the same period of 2017. For the quarters ended March 31, 2018 and March 31, 2017, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,257,423 and 1,475,946,602, respectively.

Ms. Xiaoxia Zhu, Chairperson and Chief Executive Officer commented, "We are pleased to deliver revenue and gross profit growth in the first quarter of 2018 compared to the same period of 2017. This demonstrates solid execution of our business, which aims to maintain strength in our existing market while also capturing new market opportunities that can contribute to our development."

"Through our strategic partnerships and development of Ready-to-Cook and Ready-to-Eat products, we are able to expand our portfolio of products and services that fulfill a wide range of customer demands. We look forward to continuing to build our company's market position and maintaining operational efficiency as we scale the business." Ms. Zhu concluded.

SHANGHAI, April 25, 2018 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its audited financial results for the fiscal year of 2017 ended December 31, 2017.

Fiscal Year 2017 Highlights

Revenues in 2017 were $88.7 million, showing an increase of 21.2% from $73.2 million in the year of 2016.
Gross profit was $0.5 million in fiscal 2017, improved from $0.3 million in 2016.
B2B online platform recorded gross billing of RMB16 billion (US$2.5 billion) in 2017, measured in terms of gross merchandise value ("GMV"), increasing 46.8% from gross billing of RMB10.9 billion (US$ 1.6 billion) in 2016.
Active customer accounts were 33,020 as of December 31, 2017, decreasing 1.3% from 33,449 as of December 31, 2016.
Third-party sellers on the Company's online marketplace decreased to 15,800 compared to over 16,300 as of the end of 2016.
Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "During 2017, despite our net loss, we were able to maintain double-digit top-line growth and achieve higher gross profit compared to 2016."

Ms. Zhu continued, "Looking ahead, we will explore more strategic partnerships and innovation opportunities. As we continue to acquire new customers and broaden our source supplier network to introduce more packaged food manufacturers onto our platform, our business focus in 2018 will switch from increasing order volume to minimizing net loss in an effort to achieve profitability

SHANGHAI, March 19, 2018 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B2C online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced the establishment of Asia New Food Material Research and Development Center ("New Food Material") to develop standardized Ready-to-Cook ("RTC") and Ready-to-Eat ("RTE") products to supplement its core online direct sales business. The primary goal of this center is to develop "New Food Material" and to provide services to customers through a standard supply chain based on "RTC" and "RTE". The research of "New Food Material" is based on the integration of "standardized food materials, standardized flavoring, and standardized operations."

Ms. Xiaoxia Zhu, JMU's Co-Chairperson and CEO commented: "We are very pleased to launch this new initiative, which complements the product line in our online direct sales business with products that help our customers cut costs, reduce kitchen space, maintain product stability, protect food safety and improve operating efficiency and effectiveness. Further, by focusing on the standardization of materials, taste, and culinary aesthetics, we are able to help our customers and partners achieve long-term growth, thus improving our user stickiness."

The Asia New Food Material Research and Development Center was established in January 2018 and mainly focuses on the following areas: Chinese food, noodles, desserts, Japanese cuisine, coffee and cakes, and condiments.

"Since its launch," Ms. Zhu continued, "the order volume of our new products has seen double-digit monthly growth and attracted customers from industry alliances and large restaurant groups alike in the major regions of Beijing, Shanghai, Guangzhou, Shenzhen, and Eastern China. We believe that this strong growth momentum will continue for the full year, contributing to our sales and margin performance over the long-term."

"We are optimistic about New Food Material and look forward to providing current and new customers with its products. Through our continued value-added food supply chain innovations, we believe we are well-positioned to lead our industry in realizing an efficiency revolution," concluded Ms. Zhu.

SHANGHAI, March 19, 2018 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company had received a notice from the NASDAQ Stock Market LLC ("NASDAQ"), dated March 14, 2018, notifying that, the Company is currently not in compliance with the minimum bid price requirement set forth under NASDAQ Listing Rule 5450(a)(1) (the "Rule"). It has resulted from the fact that the bid price of the Company's American depositary shares ("ADSs") closed below US$1 per share for the last 30 consecutive business days from January 30, 2018 through March 13, 2018. The Company has been granted a grace period of 180 calendar days, expiring on September 10, 2018, in which to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company's ADSs is at least $1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for additional time.

The Company intends to monitor the closing bid price of its ADSs between now and September 10, 2018 and intends to consider available options to cure the deficiency and regain compliance with the Rule's minimum bid price requirement within the prescribed grace period. The Company's ADSs will continue to be listed and trade on the NASDAQ Global Market during this period, unaffected by the receipt of the written notice from NASDAQ.

Third Quarter 2017 Financial Results

• Revenues in the third quarter of 2017 were $27.1 million, an increase of 36.9% from $19.8 million in the third quarter of 2016.
• Net loss attributable to the Company in the third quarter of 2017 was $4.5 million, as compared with $7.4 million in the third quarter of 2016. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $2.6 million in the third quarter of 2017 compared to $5.1 million in the third quarter of 2016. For the quarter ended September 30, 2017 and 2016, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,144,194 and 1,476,208,670, respectively.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to deliver top-line results and maintain steady growth momentum of our online marketplace in the third quarter of 2017. We are also actively seeking new growth opportunities beyond our online direct sales model to add to our core competency and broaden client engagement and retention. Our goal is to provide clients with more value-added supply chain solutions through advanced technology and research. In the third quarter, a major focus of our R&D efforts was on ready-to-cook, ready-to-eat products and OEM manufacturing improvements. Our previously announced partnerships with Nippon ACCESS and TANSH both play an essential role in fulfilling our goals to build a supply chain eco-system spanning raw material purchases to packaged food delivery. Looking ahead, we will continue to focus on our source supplier expansion to create more organic growth as well as selectively partner with well-known brands to develop our packaged food product line and supply chain solutions."

SHANGHAI, Sept. 28, 2017 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today provided updates on suppliers added onto its online marketplace for the month of August and September.

JMU has added eleven suppliers in both the packaged foods and kitchen appliance categories onto its direct sales platform. Five suppliers providing rice, flour and cooking oil were included in JMU's product offering. For seasonings and fresh fruits and vegetables, JMU selected two suppliers in each category. Additionally, JMU partnered with a beverage and alcohol distributor and a logistics service provider in August.

Ms. Xiaoxia Zhu, JMU's Co-Chairperson and CEO, commented, "We are pleased to update our investors on our ongoing efforts to reach out to and build up relationships with valuable and prestigious source suppliers. We actively evaluate and seek qualified suppliers to join our online marketplace in order to provide our customers with premium foods, ingredients and equipment at the best price. JMU will continue to expand its source suppliers based on the combined advantages of our increasingly strengthened brand, Free Trade Zone benefits and our industry-leading international partners."

Second Quarter 2017 Financial Results

• Revenues in the second quarter of 2017 were $20.6 million, an increase of 35.5% from $15.2 million in the second quarter of 2016.
• Net loss Per ordinary Share Basic and Diluted in the same quarter was unchanged at $0.00.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased with our progress in the second quarter, our third consecutive quarter of double-digit revenue growth and a return to positive gross profit margin. We have been diligent in our efforts to actively expand our supplier portfolio to provide more customer choice as well as explore new profit drivers. We added over 300 hundred product suppliers onto our platform in the second quarter. In addition to adding traditional food raw material and seasoning suppliers, we also broadened our product offering by adding select interior design, kitchen equipment and pest control suppliers to provide our customers a one-stop service to penetrate the local restaurant market.

"We have also been actively seeking opportunities to broaden our exposure to the B2C market. We recently entered into partnership with Nippon ACCESS in Japan to strengthen our international food materials and product offering. Earlier this month, we signed a contract to oversee the store leasing process and became the exclusive supply chain service provider for a ten thousand square meter commercial space in Shanghai. We are dedicated to build meaningful partnerships and to further solidify our advantages in the food service sector. Looking ahead to the second half of 2017, we will continue our focus on organic growth as well as turning profitable."

SHANGHAI, Aug. 7, 2017 /PRNewswire/ -- JMU Limited ("the Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company's consolidated affiliated entity in China, Shanghai Zhongmin Supply Chain Management Co., Ltd., reached a strategic partnership agreement with Hutchison Whampoa Properties (Shanghai) Lujiazui Ltd. and TANSH Global Food Group Co., Limited ("TANSH", formerly Xiao Nan Guo Restaurants Holdings Limited) (HKEx:3666) on the development of Project "Lane1192" (Cooperative Area), a nearly 3,000 square-meter space designed for commercial use in Century Link, on August 1, 2017.

Under the partnership, JMU and TANSH will establish a joint venture to oversee the store leasing process in the Cooperative Area and provide operating guidance and advice to its tenant shops and restaurants. TANSH will utilize its operating experience and advantages to introduce restaurant and food material brands to the Cooperative Area, and JMU will provide the integrated services of a back-end restaurant ERP system and supply chain logistics.

Ms. Xiaoxia Zhu, JMU's Co-Chairperson and CEO commented: "We are very pleased to partner with Century Link and TANSH to build a new foodservice operating model that showcases our capabilities in commercial property management, premium restaurant and food material branding and supply chain standardization. Through the partnership, we will become the leading service provider that can satisfy different consumer demands in one modern venue, a one-stop shop in which consumers can dine in, take out or buy high quality semi-finished food. We believe this new operating model is one of the future directions of the restaurant and food catering industry and are optimistic about its success. We look forward to further expanding this operating model to the wider China market."

Century Link is developed by Hutchison Whampoa Properties (Shanghai) Lujiazui Ltd. and is located in one of the busiest communities in Shanghai. Century Link stands at the crossing of Century Avenue, Zhangyang Road and Dongfang Road in Lujiazui, Pudong New District, where Subway lines 2, 4, 6 and 9 intersect. The mall in Century Link Mall occupies seven floors, featuring a total of 140,000 square meters of commercial space and a 3,000 square-meter atrium.

TANSH is a Chinese company listed in Hong Kong with over 30 years of history as a global catering brand investment development group. The company's brands offer a variety of formats, including Chinese food, Western food, and casual dining, and includes Shanghai Xiao Nan Guan, Nan Xiao Guan, Hui Gong Guan, ORENO, Pokka Café, Wolfgang Puck, The Boat House, Mai Chi Ling, and other invested and managed international brands.

First Quarter 2017 Financial Results

• Revenues in the first quarter of 2017 were $19.7 million, an increase of 13.8% from $17.3 million in the first quarter of 2016.
• Net loss attributable to the Company in the first quarter of 2017 was $5.1 million, an increase of 18.3% as compared to $4.3 million in the first quarter of 2016.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report another quarter of double-digit top line growth and positive margin in first quarter 2017 despite our seasonally slow period due to the Chinese New Year Holiday in January. We believe the growth momentum in revenue and gross profit will continue in the following quarters as we remain committed to discovering and adding new source suppliers to our marketplace to provide our customers premium ingredients and equipment from credible brands. In the first quarter, we partnered with Shanghai Changyu Wine Marketing Co., Ltd., Hangzhou Joyoung Beans Ltd. and Shanghai Zhoudao Ltd. to bring their products to our platform with competitive pricing. For the remainder of 2017, we will stay focused on generating stable profits and healthy growth, enhancing our logistics capabilities to further strengthen our advantages in the sector, and building meaningful partnerships with household name brands to further diversify our platform."

Fourth Quarter 2016  Financial Results

• Revenues in the fourth quarter of 2016 were $20.9 million, an increase of 182.3% from $7.4 million in the fourth quarter of 2015, sequentially increased 5.3% from 19.8 million in the third quarter of 2016.
• Net loss attributable to the Company in the fourth quarter of 2016 was $8.5 million, a decrease of 90.8% as compared to $92.3 million in the fourth quarter of 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $6.5 million compared to $4.7 million in the fourth quarter of 2015.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report our fourth quarter and full year 2016 financial results, which marks the first full year since we successfully transitioned into an online B2B foodservice marketplace. The successful development of our business model -- connecting industry customers directly with suppliers and eliminating multiple layers of distributor markups - is translating into significant growth in our business. In 2016, we achieved a milestone of RMB 10 billion GMV (US$1.6 billion) thanks to the 39% GMV growth in the fourth quarter of 2016."

"We remain focused on our mission to establish JMU as China's largest internet foodservice platform. In 2016, we strategically partnered with 29 premium source suppliers, including multiple leading brands like COFCO and Haier, as well as international source suppliers like NISSEI and Chia Tai. In collaboration with these source suppliers, our platform now exceeds over fifty thousand SKU's which includes over eight hundred direct sale product SKU's."

"On the R&D front, through our coordination with Alibaba, we have successfully connected our mobile platform with Koubei, one of the largest local-foodservices platforms, to streamline digital transactions. We also broadened access to our platform and strengthened overall user engagement through improvements to our WeChat platform as well as ERP system development."

• Revenues in the third quarter of 2016 were $19.8 million, an increase of 30.7% from $15.2 million in the second quarter of 2016.
• Net Loss per ordinary shares basic and diluted was (0.0050)

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, �We are pleased to report third quarter earnings results with double-digit growth in sales and robust GMV growth. Our third quarter revenue was driven by the increase in order volume from our growing online direct sales business and an increase in our corporate client base as well as seasonal factors. During the third quarter, 90% of our total sales came from top black card membership holders, which are largely comprised of renowned catering companies.�

�To better serve our clients with premium product choices, we raised the supplier entry requirement of our online platform in the third quarter. Despite fewer suppliers, we continue to add major companies in the food and hospitality industry to our supplier list, including Pacifaith International Trade (Shanghai) Co. Ltd., Shanghai Liangyou Haishi Oils & Fats Industry Co. Ltd., Shanghai Yimin NO.1 Foods (Group) Co. Ltd., NISSEI Shanghai Co. Ltd. and Shanghai Bangjie Hotel Supplies Company Co. Ltd., among others.�

�As we experience rapid growth in our user base, we continue our focus on improving the user experience. Currently, we are developing a technical solution to connect our online platform with the ERP systems of restaurant chain customers to streamline purchasing transactions, which we believe will further drive our gross billing once the new system launches. In addition, we are recruiting senior operational and R&D talent to our team to improve operating efficiency and R&D capabilities. Our corporate governance has also been strengthened with the appointment of Dr. Gang Yu to our Board as an Independent Director. We believe his management expertise and proven leadership will assist JM Wowo with its long-term growth plans. Finally, in an effort to communicate more closely with investors, we launched our redesigned investor relations website recently to better reflect our most current business services.�

JINHUA, China, Sept. 06, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced that Kandi Electric Vehicles Group Co., Ltd. (the “JV Company,” a 50/50 joint venture between Kandi and Geely Automobile Holdings Ltd.) has signed a purchase and sale agreement with Qingdao TELD New Energy Co. Ltd. (“Qingdao TELD”) to sell its “Global Hawk” series all-electric vehicles (“EVs”) in Qingdao City, Shandong Province. The JV Company has received an initial payment of RMB56 million (approximately US$8.4 million) from Qingdao TELD.

Qingdao City is the sub-provincial city of Shandong Province and one of China’s national social and economic developing municipalities. Since the China State Council approved the plan to develop a “Blue Economic Zone” on the Shandong Peninsula - the nation’s first regional development strategy centered on the marine economy - Qingdao City has become a leading city of the Blue Economic Zone. On April 25, 2016, CBNWeekly (a magazine published by China Business Network Co., Ltd.) published an article indicating that Qingdao City made its list of new first-tier cities in China (according to a comprehensive city ranking survey). Qingdao City has a resident population of approximately 9 million and is one of China’s first pilot cities for the expanded use of renewable energy automobiles.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Shandong Province is a pioneer market in the electric vehicle industry and has rapidly increasing consumer awareness of electric vehicles. Our expansion in the Shandong market will provide fantastic new opportunities to grow Kandi’s brand and capture greater market share. We expect to exceed our sales goal of 3,000 electric vehicles in Qingdao City by the end of 2016.”

BEIJING, Aug. 31, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that the Company is planning a supply chain finance company (“the finance company”) and has already recruited a team of talent to develop the business and begin trial operations.

The supply chain finance company will serve suppliers and purchasers on JM Wowo’s online marketplace by providing them orders factoring for accounts receivables and credit granting service on the platform. To better serve JM Wowo’s clients, the finance company will provide financing and leasing services to international source suppliers who make large commodity transactions on JM Wowo's online marketplace or supply large equipment to JM Wowo customers. For these corporate clients, the finance company will also connect them with banks for commercial paper, as well as provide some customized financial services for supply chain solutions.

The initiation and development of the supply chain finance business will not only equip JM Wowo’s online marketplace with better transaction service and user experience, but also contribute significantly to JM Wowo’s revenues and profit from this new business sector. Supply chain finance has a favorable market outlook in China and JM Wowo provides the following referable market information:

1. Account Receivables. According to China National Bureau of Statistics, net account receivables from China’s above-designated-size industrial enterprises increased to RMB10.52 trillion in 2014 from less than RMB0.3 trillion in 2005. Net account receivables increased 3.55 times over ten years with an annual compound growth rate of 15%. As an essential form of supply chain finance, the increasing scale of account receivables provides a solid ground for the development of supply chain finance.

2. Financing and Leasing. According to Wind Info and China Merchants Securities, the balance of financial leasing exceeded RMB3 trillion in 2014. Among that, the balance of financial leasing contracts has the largest scale, which accounted for 41% of the total leasing contract. The rapid development of financial leasing is favorable to companies who need specialized equipment on a large scale and is also meaningful to the growth of supply chain finance.

3. Commercial Paper. According to Wind Info, PBOC and China Merchants Securities, from 2009 to 2015, China’s issuance of commercial paper has increased steadily. In 2014, the amount of commercial paper issued exceeded RMB20 trillion. In the first half of 2015, the amount of commercial paper issued reached to RMB11 trillion. As commercial paper is an important form of supply chain business, China’s supply chain finance development is associated closely with China’s commercial paper issuance.

Lastly, driven by the development of accounts receivables, commercial paper and financing and leasing, China’s supply chain finance is showing rapid growth trend. According to industry reports from China Advance Industrial Research Institute, by 2020, the market scale of China's supply chain finance will increase to RMB14.98 trillion.

BEIJING, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (NASDAQ:JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that at an extraordinary general meeting (the “EGM”) of Xiao Nan Guo Restaurants Holdings Limited held on 24 August 2016, the acquisition of 9.82% stake in Wowo Limited for a total consideration of HK$368,396,837 (approximately US$47.5 million) was duly passed by way of poll, in which 85.57% voted for the ordinary resolution. This transaction priced the Company’s ordinary shares at HK$2.6 per share (approximately US$6.0 per American depositary share of the Company).

Xiao Nan Guo Restaurants Holdings Limited ("Xiao Nan Guo"), established in 1987, holds and operates a chain of businesses including restaurants that offer premium Chinese cuisine, western cuisine, desserts and beverages. Xiao Nan Guo was successfully listed on the Stock Exchange of Hong Kong on July 4, 2012.

With Chinese cuisine as the core business, Xiao Nan Guo adopts the strategy of restaurant chain development and has built a nationwide restaurant chain network in China. Its 29-year experience of providing premium experience to customers has made Xiao Nan Guo a leading brand of Chinese cuisine in the catering industry.

Xiao Nan Guo adopts the strategy of introducing outstanding brands for the development of its western cuisine business. By cooperating with leading international brands and exploring the Chinese market together, Xiao Nan Guo achieved significant growth in recent years.

In 2016, the top four restaurant brands of Xiao Nan Guo, namely Shanghai Min, The Dining Room, Wolfgang Puck and The BOATHOUSE opened stores in Shanghai Disney Park. The four restaurants offer a total area of over 6500 sqm, occupying 25% of catering businesses in Disneytown with a No.1 ranking among all leasees.

Under the new market environment, Xiao Nan Guo further focuses on restaurant chain industry and vertical penetration in the end-user links, by integrating offline stores and online platform resources. Xiao Nan Guo aims to build integrated service platforms in the catering industry and realize transition into a brand investment management group in the foodservice industry.

BEIJING, Aug. 25, 2016 (GLOBE NEWSWIRE) -- JM Wowo is to establish a supply chain finance company to provide financing service for its JMU B2B online market platform.

The new supply chain finance company will partner with banks and funds to provide buyers and sellers platform credit, secured loans and other financing services. In the meantime, the new supply chain finance company will help improve JMU’s online market platform transaction services and user experiences. The Company believes the supply chain finance company will contribute additional profit for JMU.

BEIJING, Aug. 25, 2016 (GLOBE NEWSWIRE) -- On August 24, 2016, China Banking Regulatory Commission, Ministry of Industry and Information Technology of China, Ministry of Public Security, National internet Information Office issued a series of Measures to further strengthen the management of P2P financing and P2P internet lending platforms.

Regarding this issue, JM Wowo announced that the Company’s business scale does not include P2P financing and P2P internet lending service. JM Wowo’s focus is on B2B global procurement service in hotel restaurant and hotel industries. The Company’s online e-commerce platform provides integrated services and supply chain financing service to suppliers and customers in the foodservice industry.

JM Wowo always abides by the principle of protecting its online platform’s interests. The Company will maintain an optimum, healthy and orderly transaction environment and comply with Chinese government e-commerce regulation and Nasdaq’s regulation of public companies. JM Wowo will proactively provide service in fine quality to China’s restaurants and hotels.

Second Quarter 2016 Financial Results

• Revenues in the second quarter of 2016 were $56.1 million, an increase of 26.8% from $44.3 million in the first quarter of 2016.
• Net loss per ordinary shares basic and diluted was (0.0035).

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, “We are pleased to achieve continuous topline growth in the second quarter of 2016. Our revenue growth was attributable to the increase in order volume from our growing online direct sales business.  We continue to expand the number of qualified international suppliers onto our online platform to better serve our customers. In the second quarter of 2016, we entered into partnership agreements with several outstanding food companies including Dalian Beston Global Food Company, Sino-Australia Top Beef (Tianjin) Co., Ltd. and Hebei Qianxihe Meat lndustry Co., Ltd. This highlights our successful efforts to seek partnerships with leading direct suppliers to strengthen China’s online platform catering supply chain system. As we aim to build one of China's largest internet foodservice platforms, we will continue to actively seek additional partnerships with both domestic and international suppliers and provide our customers with more high-quality products and services.”

“Also during the second quarter, we changed our ticker to ‘JMU’ to better reflect the direction of our company as a leading B2B online e-commerce platform operating in China’s foodservice industry and also relocated our headquarters to a larger facility located in Bay Valley, Shanghai to better prepare us for future growth and expansion.  Finally, in July, our consolidated affiliated entity, Zhongmin Supply Chain Management Co., Ltd., received the ‘Regional Headquarters Certificate’ from the Shanghai government, recognizing it as one of the key trading companies headquartered in Shanghai. We are very happy to achieve this recognition and will capitalize on our favorable reputation and strength of our foodservice B2B platform expertise to further expand our development activity,” concluded Ms. Zhu.

BEIJING, July 07, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced the appointment of Ernst & Young Hua Ming LLP (“Ernst & Young”) as the Company’s new independent registered public accounting firm.

Ernst & Young replaced Deloitte Touche Tohmatsu Certified Public Accountants LLP (“Deloitte”) as the Company’s independent auditor, effective July 7, 2016.  The appointment of Ernst & Young has been approved by the Company’s audit committee.

The Company’s decision to change its auditor was not the result of any disagreement between the Company and Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure

First Quarter 2016 Financial Results

• Revenues in the first quarter of 2016 were $44.3 million, an increase of 498.2% from $7.4 million in the fourth quarter of 2015.
• Non-GAAP net loss attributable to JM Wowo (note 1) was $2.7 million in the first quarter of 2016, compared to $4.7 million in the fourth quarter of 2015.

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, “We are pleased to achieve nearly 500% growth in revenue with a dramatically reduced net loss in the first quarter of 2016 compared to last quarter. Our revenue growth was attributable to the significant increase in our online direct sales. We launched our current B2B business for the foodservices industry at the end of 2014, and as of March 31, 2016, our active customer accounts reached 28,500 and the number of third-party sellers on our platform reached 10,821. As the number of participants on JMU increased, our platform achieved substantial growth with GMV reaching $1,647.5 million during the first quarter of 2016.”

“We plan to continue to expand our online platform operations by directly and strategically collaborating with suppliers in the catering industry. In May, we established strategic partnerships with a number of direct suppliers via new strategic cooperation agreements while also renewing old agreements. These suppliers include some of the most high-profile brands in China, such as Yihai Kerry, Chia Tai Food, Kinghey, Lee KumKee, Tenwoo Food, Wens Group, Wuyi MSG, Sino-Australia Top Beef, Kerchin Cattle, MingWei Food, and Nine-Alliance Group. It is our belief that collaborating with market-leading brands further guarantees the food safety of our supply chain, and increases our capacity to provide high-quality food materials to a growing group of customers.”

“In an effort to further ensure the food safety of our supply chain, we are pleased to connect our JMU online platform to the Shanghai FDA tracking system.”

“Late in the first quarter of 2016, we were honored to be selected by the China Federation of Logistics and Purchasing and the National Logistics Technology Standardization Committee as a pilot company to apply the latest Food Industry Cold Chain Logistics Service Standards. We believe this is a testament to our reputation and the strength of our supply chain expertise.”

“Finally, earlier this month, Xiao Nan Guo, one of China's largest mid-to-high-end full-service Chinese restaurant chains, made an investment in our Company. This strategic investment, along with further collaboration between our Company and Xiao Nan Guo, is a sign of recognition and confidence in the market potential of JMU’s B2B online platform. By utilizing our experience and expertise in both the online and traditional industries, we have confidence that our online marketplace will attract more merchants and create long-term value for our customers and shareholders.”

BEIJING, June 08, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company”) (WOWO), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced that, effective June 9, 2016, the Company will commence trading on the NASDAQ Global Market under the new trading symbol “JMU” (NASDAQ:JMU), representing the brand of the Company’s trading platform, JMU Mall (www.ccjoin.com), and reflecting the Company's commitment to serving suppliers and customers in the foodservice industry in China. The previous trading symbol was “WOWO”.

Ms. Xiaoxia Zhu, Chairman and Chief Executive Officer of the Company, commented, “This change in our ticker symbol better reflects the direction of our company as a leading B2B online e-commerce platform operating in China’s foodservice industry. Our new trading symbol is intended to strengthen our brand and increase our profile within the investment community.”

BEIJING, June 03, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company” or “JM WOWO”) (Nasdaq:WOWO), China’s leading B2B online e-commerce platform that provides integrated supply chain management services in the catering industry, today announced that as of May 2016, the Company had signed or renewed strategic cooperation agreements with numerous direct suppliers in the catering industry, including leading brands such as Yihai Kerry, Chia Tai Food, Kinghey, Lee Kum Kee, Tenwoo Food, Wens Group, Wuyi MSG, Sino-Australia Top Beef, Kerchin Cattle, MingWei Food, and Nine-Alliance Group.

JM WOWO is committed to building China's leading catering & hotel industry B2B platform for global sourcing. The platform was established with the cooperation of 42 premier dining brands and enterprises in China with a focus on the industry’s core resources, and is committed to promoting an integrated global supply chain through the implementation of information technology. JM WOWO and these direct suppliers joined forces together to carry out a multi-category cooperation, through which JM WOWO’s platform can provide an avenue for direct trading, remove intermediate links, create a shorter food supply chain system, eliminate poor practices, and enhance transparency of trading in the catering industry, thereby reducing purchase costs, guaranteeing product quality, and enhancing traceability for catering enterprises.

JM WOWO believes ensuring food safety is its corporate and social responsibility, and seeks to achieve this by linking direct suppliers and food & beverage enterprises, allowing purchases to be made through the platform with integrity, reliable sources of procurement, strict control of ingredients, and traceability. With the new Food Safety Law of the People's Republic of China implemented by the government since October 1st, 2015, food safety requirements have been elevated to new heights, with the supply chain being the most important link, as consumers and catering enterprises alike express their concerns about food safety and traceability. To meet these demands, JM WOWO employs a strict commodity admittance mechanism in its platform and uses big data integration to build an independent food safety system. Moreover, JM WOWO further provides additional protection and enhanced food safety and traceability through its strategic cooperation with Beston Global Food Company.

BEIJING, May 13, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company” or “JM WOWO”) (NASDAQ:WOWO), China’s leading B2B online e-commerce platform that provides integrated supply chain management services in the catering industry, today announced that on May 9, the Company entered into a strategic cooperation agreement with Yihai Kerry Investment Co, Ltd (“Yihai Kerry”), an investment holding company engaged in sales and marketing of consumer packaged products, processed products, condiments, beverages and grains through its subsidiary.

The partnership expands JM WOWO’s product selection, bringing Yihai Kerry’s Jinglongyu branded cooking oil, flour and rice products and its Jiejin branded kitchen cleaning products to the Company’s online marketplace. The partnership with Yihai Kerry will help attract additional merchant purchasers by expanding product volume and selection provided on the Company’s online platform. This cooperation also extends JM WOWO’s efforts to help merchants reduce purchasing costs and food safety risks.

Feng Pan, Chief Strategy Officer of JM WOWO, commented, “Yihai Kerry is a notable provider of cereals, oils and foodstuffs in China, while JM WOWO is a leading B2B platform in the catering industry. Both companies share the same strategic vision that the future of the catering industry will be highly integrated, with each division having its own clear-cut and well-defined roles and responsibilities. We believe that our partnership with Yihai Kerry to integrate the traditional catering industry with e-commerce, will be mutually beneficial for both parties and the industry as a whole.”

Mr. Pan continued, “Our partnership with Yihai Kerry will ensure food safety for merchants from farm to table through JM WOWO’s visualized and traceable system by directly connecting food suppliers and buyers. This partnership will expand free market choices for merchants, improve JM WOWO’s supply chain development and help optimize the food traceability system in the catering industry.”

Bin Ye, Director of Catering Development at Yihai Kerry, commented, “Yihai Kerry has experienced significant developments in the rice and flour sector in recent years. In the Internet era, restaurants have begun turning to online platforms for food purchasing. To deliver more efficient and lower-cost services, Yihai Kerry values the importance of expanding its e-commerce channels. In recent years, we have established multiple online distribution channels. The partnership with JM WOWO will add another important distribution channel to Yihai Kerry’s online sales network.”

Siming Shen, President of Shanghai Restaurants Cuisine Association, commented, “JM WOWO and Yihai Kerry’s cooperation will be beneficial in Shanghai’s efforts to achieve a higher level of food safety.”

Second Quarter 2015 Financial Results

• Total net revenues in the second quarter of 2015 were $6.0 million, $4,644 of which was contributed by JMU, as compared to $6.7 million in the same quarter of 2014. The decrease in total net revenues was primarily due to the decrease in net revenues from commissions as compared to the same quarter of 2014.
• Non-GAAP net loss attributable to the Company increased to $14.8 million from $10.4 million in the same quarter of 2014. Net loss per weighted average ADS (American depositary shares, each of which represents 18 ordinary shares of the Company) attributable to the Company’s ordinary shareholders was $0.33 in the second quarter of 2015 compared to $1.66 in the same quarter of 2014.    

Mr. Maodong Xu (“Mr. Xu”), Co-Chairperson of the Company, commented, “We continued to build the foundations for future growth during the second quarter, highlighted by our acquisition of Join Me Group (HK) Investment Company Limited (“JMU”). By leveraging our experience and expertise in both the online and traditional industries, we believe we will be more cost effective and capture greater market opportunities ahead.”

Ms. Xiaoxia Zhu (“Ms. Zhu”), Co-Chairperson and Chief Executive Officer of the Company, commented, “We will continue our efforts to attract more offline merchants to our B2B online e-commerce platform, by improving the quality of our services provided to the purchasers and improving the quality of products offered by the suppliers, thereby strengthening our position as the leading B2B online e-commerce platform in the catering industry. We believe our strategy of modernizing the supply chain of the catering industry in China along with our consistent execution will enable JM WOWO to fulfill its vision of reshaping the industry by building a fair business ecosystem and creating long-term value for players in the industry.”

BEIJING, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the �Company� or �JM WOWO�) (NASDAQ:WOWO), a leading online e-commerce platform that provides supply chain services in the catering industry in China, announced that it received a notification letter (the �Notice�) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (�Nasdaq�) on January 6, 2016 indicating that the Company is not currently in compliance with Nasdaq�s Listing Rules (�Listing Rules�) for continued listing due to the Company�s failure to file with the Securities and Exchange Commission under Report of Foreign Private Issuer on Form 6-K (�Form 6-K�) an interim balance sheet and income statement as of the end of its most recently completed second quarter (June 30, 2015). Pursuant to Listing Rule 5250(c)(2), the Company was required to file such Form 6-K no later than six months following the end of the Company's second quarter, or December 31, 2015 (the �Due Date�). As of the date of this press release, the Company has not yet filed the required Form 6-K.

The Notice has no immediate effect on the listing of the Company�s securities. Pursuant to the Notice, the Company has 60 days from the date of the Notice, or until March 6, 2016, to submit a plan to regain compliance with the Listing Rules.  If Nasdaq accepts the Company�s plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the Due Date, or until June 28, 2016, to regain compliance with the Listing Rules.  The Company is working diligently on its plan to regain compliance and intends to comply with the time periods afforded in the Notice.

BEIJING, China, Sept. 8, 2015 (GLOBE NEWSWIRE) -- Wowo Limited (the "Company" or "JM WOWO") (NASDAQ:WOWO), a leading online e-commerce platform that provides services in the foodservice industry serving foodservice merchants and consumers in China, today announced that the Company decided to divest its group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations.

Business Divestiture

As a pioneer of the O2O local lifestyle services industry in China, the Company operates an e-commerce system and has extensive experience in serving local lifestyle services merchants. As previously announced, in June 2015, the Company acquired all of the issued and outstanding shares of Join Me Group (HK) Investment Company Limited ("JMU") from JMU's shareholders (the "Wowo-JMU Combination") with an aim to form a market leader in China's largest internet platform for foodservice industry.

In order to efficiently allocate the Company's resources to concentrate on its foodservice internet platform, the management of JM WOWO proposed to divest the Company's group buying business and other non-foodservice-related businesses (the "Divestment"). After evaluating the benefits of this transaction to the Company and its shareholders, the board of directors approved the Divestment. On September 7, 2015, the Company entered into a definitive agreement with a third party in relation to the sale of all of the equity interests for a nominal value in Wowo Group Limited, a subsidiary of the Company, which, together with all of its subsidiaries and consolidated variable interest entities, is engaged in the Company's group buying business and other non-foodservice-related businesses.

The completion of the contemplated Divestment is subject to the fulfilling of certain customary closing conditions contained therein.

After the proposed Divestment, JM WOWO will utilize its major cloud purchase and cloud marketing platforms and leverage its experience in operating internet platforms to integrate the processes of purchase, production, marketing and services. The Company expects that the transaction will enable it to reduce costs, create greater strategic value and largely improve its profit-making potential.

Management Review

Mr. Maodong Xu, Co-Chairperson of the Company, stated, "We are pleased to announce the proposed Divestment which will allow us to fully focus our efforts and resources in the foodservice industry. The internet-enabled foodservice industry has experienced exponential growth in recent years and we believe it will continue to grow for the foreseeable future.

Internet companies, such as group buying, merchant apps and online stores, tend to primarily focus on solving marketing and channel-related problems for merchants, which facilitates foodservice merchants' selling their products and services online. With the innovation of Internet+, we will have to be more innovative and detail-oriented with our foodservice solutions. For example, with technology we can upgrade the upstream operations of the foodservice industry to reduce cost, improve efficiency and meet merchant needs. Leveraging our experience in operating online platforms, we believe JM WOWO will be able to optimally integrate the traditional foodservice industry with internet-enabled features."

Ms. Xiaoxia Zhu, Co-Chairperson and Co-Chief Executive Officer of the Company, commented, "We will take advantage of this strategic upgrade. It will allow us to further focus on the restaurant and hotel industry, capture market opportunity and drive change in the industry utilizing our experience and expertise in both the online and traditional industries.

With enhanced information symmetry and price transparency, we expect that our cloud procurement platform will help merchants strengthen their bargaining power and reduce costs. Our platform may also help reduce merchants' food safety risks as we monitor and track suppliers' activities. Furthermore, we believe our cloud marketing platform can help drive revenue through online marketing and especially mobile marketing."

Ms. Zhu continued, "Looking ahead, we will continue our efforts to attract more merchants from offline resources, improve our online marketplace and strengthen our capabilities in the internet-enabled foodservice industry. We believe our strategy to target the foodservice industry along with our consistent execution will enable us to achieve our vision of reshaping the industry by building a fair business ecosystem for small and mid-sized merchants and creating long-term value for foodservice companies and suppliers."

Mr. Maodong Xu's Cash Investment

The Company previously disclosed that Mr. Xu will subscribe for US$40 million ordinary shares of the Company at a purchase price of the equivalent of US$10 per ADS (one American Depositary Share, or "ADS" represents 18 ordinary shares). The Company has recently amended the subscription agreement with Mr. Xu so that Mr. Xu's subscription obligation was reduced from US$40 million to US$15 million while the purchase price remains at US$10 per ADS. Mr. Xu's cash investment is expected to close within a few days. 

First Quarter 2015 Financial Results

• Net revenues in the first quarter of 2015 were $7.6 million, an increase of 38.0% from $5.5 million in the same quarter of 2014.

• Non-GAAP net loss attributable to WoWo Limited (note 1) was ($0.03) in the first quarter of 2015, compared to ($0.07) in the same quarter of 2014.

Mr. Maodong Xu, Co-Chairman of the Company, commented, "We were pleased to report double digit growth in revenue and gross profit in the first quarter, which is seasonally a slower quarter for our business, as a result of our team's focused strategy and relentless execution. During the first quarter, we continue to shift our focus to a more sustainable revenue stream of storefront fees and focus on user experience and investment in product and technology innovation. We have seen the payback of those investments that drives improvement in monetization."

"On June 8, we consummated the acquisition of Join Me Group (HK) Investment Company Limited ("JMU"), the largest integrated service platform in the foodservice industry chain in China, to officially form JM WOWO. Our combination with JMU (the "Wowo-JMU Combination") creates a fantastic opportunity for us to contribute to the modernization of China's foodservice industry: JMU, leveraging on its influential industrial alliances, provides solutions to food safety, quality and procurement cost issues that most Chinese restaurants encounter while WOWO's tremendous amount of accumulated internet users and big data addresses the online storefront management and consumer management issues.

"We believe that the business model after Wowo-JMU Combination is an innovation. The integration forms a unique online e-commerce platform that provides integrated B2B2C services in the foodservice industry in China. After the Wowo-JMU Combination, we rolled out the cloud procurement system, with the aid of our established e-commerce system, the upstream supply chain service is extended to more merchants. On the retail side, we built a cloud marketing system that can benefit millions of restaurants by introducing advanced food services to more new-generation customers with greater levels of efficiency, thus boosting their sales revenue.

"Based on the positive growth outlook in China's internet-enabled foodservice industry, together with the experience and expertise of the JMU-WoWo teams, we believe our tie-up can introduce strong synergies expanding our existing e-commerce service to the foodservice industry in China. The combination of our two teams forms an efficient business model with high entry barriers, which positions us well against industry competition. We look forward to a bright future of JM WOWO," concluded Mr. Maodong Xu.

Outlook for the Second Quarter of 2015

Having recently closed the acquisition of JMU on June 8, the Company is currently working on the post-transaction integration, including a financial review of the second quarter of 2015 and a financial model and forecast for the combined business. The Company will provide investors updates on any major developments in the integration and financial forecasting in the coming months.

BEIJING, June 5, 2015 (GLOBE NEWSWIRE) -- WoWo Ltd. ("WoWo" or the "Company") (Nasdaq:WOWO), a leading e-commerce platform serving local lifestyle services merchants and consumers in China, today announced that the Company has entered into a definitive agreement with shareholders of Join Me Group (HK) Investment Company Limited ("JMU") to form a market leader in China's largest online platform for food service industry. The company after the combination will be renamed JM WOWO, headquartered in Hong Kong.

Pursuant to the agreement, WoWo has agreed to issue 741,422,780 ordinary shares and pay US$30 million in cash to acquire all the issued and outstanding shares of JMU from its shareholders (the "Wowo-JMU Combination"). In addition, WoWo will also issue 72,000,000 ordinary shares of the Company to its Chairman and Chief Executive Officer, Mr. Maodong Xu at a purchase price of the equivalent of US$10 per ADS, (one American Depositary Share, or "ADS" represents 18 ordinary shares), for a total purchase price of $40 million.

Upon the completion of the Wowo-JMU Combination, JMU will become a subsidiary of JM WOWO. The current shareholders of JMU will hold 50% of all the issued and outstanding shares of JM WOWO immediately after the closing of the Wowo-JMU Combination and Mr. Xu's investment. In addition, upon the completion of the two transactions, Mr. Maodong Xu will remain to be the largest shareholder of JM WOWO, holding 25.26% of all the issued and outstanding ordinary shares of JM WOWO. Mrs. Xiaoxia Zhu, the JMU's co-founder and Chairman, will hold 14.68% of all the issued and outstanding shares of JM WOWO. Mrs. Huimin Wang, JMU's co-founder, will hold 10.06% of all the issued and outstanding shares of JM WOWO.

Both the Wowo-JMU Combination and Mr.Xu's cash investment are expected to close within a few days, subject to customary closing conditions.

Fourth Quarter 2014 Financial Results

• Net revenues in the fourth quarter of 2014 were $9.4 million, an increase of 9.4% from $8.6 million in the same quarter of 2013. Net revenues from storefront fees in the fourth quarter of 2014 increased by 46.4% from $3.2 million in the fourth quarter 2013 to $4.8 million in the fourth quarter of 2014.
• Non-GAAP net loss attributable to WoWo Limited was $7.3 million in the fourth quarter of 2014, compared to $10.8 million in the same quarter of 2013. Net loss per diluted ADS (American depositary shares, each of which represents 18 ordinary shares) attributable to ordinary shareholders was $0.55 in the fourth quarter of 2014 compared to $0.74 in the same quarter of 2013.

Mr. Maodong Xu, Chairman & Chief Executive Officer of WoWo Limited, commented, "We were pleased to report strong fourth quarter results. We are making excellent progress growing our merchant base and ramping up monetization as our merchants have embraced the implementation of the one-stop shopping experience upgrade we rolled out in the third quarter of 2014. In April 2015, WoWo successfully completed its IPO on Nasdaq, becoming one of the first publicly-traded China-based companies focused on local lifestyle service ecommerce to be listed in the US markets. We believe our U.S. listing can enhance our brand recognition, expand our merchant and user base, attract employee talent, and increase the confidence of our current and future business partners."

"As we look ahead, we are confident that our platform upgrade and new value added services will drive our revenue growth in 2015. We will continue to focus on growing our merchant base, optimizing our product ecosystem, enhancing user experience and increasing monetization in 2015. For example, we intend to launch a new technology upgrade that enables merchants to open and manage their online stores on our platform using their own smart phones. We believe such initiatives can substantially increase the total number of online merchants on WoWo's platform and ultimately lead to higher levels of paying merchants. We are pleased to meet the needs of local merchants for alternative sales channels to expand their customer base, representing significant monetization potential for WoWo along the way," concluded Mr. Xu.

Outlook for the First Quarter of 2015

The 2015 first quarter is typically the weakest season for China's e-commerce industry as the Chinese New Year holiday occurs during this period. For the first quarter of 2015, the Company expects revenues to be between $6.5 million and $6.8 million, representing a year-over-year increase of 18% to 23%. These estimates reflect the Company's current and preliminary view, which is subject to change.

IPO

Wowo Limited

4,500,000 American Depositary Shares
Representing 81,000,000 Ordinary Shares

This is the initial public offering of American Depositary Shares, or ADSs, of Wowo Limited. Each ADS represents the right to receive 18 ordinary shares, par value US$0.00001 per share. The ADSs may be evidenced by American Depositary Receipts, or ADRs.

Prior to this offering, there has been no public market for our ADSs or our ordinary shares. We anticipate the initial public offering price per ADS will be between US$9.00 and US$11.00. We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol "WOWO".

We have agreed to pay Axiom Capital Management, Inc. as representative on behalf of the Underwriters (the "Underwriters") an underwriter fee equal to 6.5% of the gross proceeds of the offering from investors introduced by the Underwriter and an underwriter fee equal to 3.5% of the gross proceeds of the offering from investors introduced by us. A minimum of $22.5 million of the gross proceeds will be introduced by us and for which the underwriters will receive a fee of 3.5%. Two potential investors have indicated an interest in purchasing up to 2,000,000 ADSs. We have agreed to issue the Underwriter a warrant equal to 7% of the aggregate number of ADSs sold in the offering to investors introduced by the Underwriter. We have also agreed to pay the Underwriter for out-of-pocket expenses related to the offering. We have also agreed with our shareholders that we will only effect this offering on the following conditions: (i) this offering shall have a minimum proceeds of $40 million, (ii) at least 70% of the proceeds in this offering must be attributable to new investors, (iii) the market value of the Company immediately prior to this offering based on the offering price (without giving effect to any shares issuable in connection with or as a result of this offering) must equal or exceed $253 million, in equivalent of a minimum offering price of $9.80 per ADS, and (iv) the offering must be completed prior to April 15, 2015. Please see the "Underwriting" section for more information.

Wowo Limited

  American Depositary Shares
Representing Ordinary Shares

This is the initial public offering of American Depositary Shares, or ADSs, of Wowo Limited. Each ADS represents the right to receive ordinary shares, par value US$0.00001 per share. The ADSs may be evidenced by American Depositary Receipts, or ADRs.

Prior to this offering, there has been no public market for our ADSs or our ordinary shares. We anticipate the initial public offering price per ADS will be between US$ and US$ . We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol "WOWO".

The offering price to the public will be determined by negotiation between us and Axiom Capital Management, Inc. (the "Underwriter"), but will be fixed prior to the commencement of the offering by the Underwriter. We anticipate that the offering will be on a "best efforts" basis and that the Underwriter will not be required to sell any specific number or dollar amount of our ADSs but will use its best efforts to sell the ADSs offered. Delivery of the ADSs will be made as soon as practicable after the effective date of this Registration Statement. We have not made any arrangements to place the funds in an escrow, trust, or similar account. Please see the "Plan of Distribution" section for more information.