News Release

JMU Limited Announced Private Placement and Acquisition of Cryptocurrency Solutions Business
Pursuant to a share purchase agreement, the Company will issue and sell 609,162,824 ordinary shares to a
The Company has also entered into a share purchase agreement with
The transactions contemplated under the definitive agreements are subject to customary closing conditions. After the closing of these transactions, Mr.
"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. "
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about
Contact:
ir@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
JMU Limited |
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Unaudited Pro Forma Consolidated Balance Sheet |
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The unaudited pro forma balance sheet below assumes the following transactions were completed as of |
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Actual |
Pro Forma |
|
June 30, 2019 |
June 30, 2019 |
|
US$ |
US$ |
|
Current Assets: |
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Cash and cash equivalents |
528,557 |
5,128,861 |
Accounts receivable, net |
60,046 |
300,000 |
Amounts due from related parties |
842,215 |
— |
Prepaid expenses and other current assets |
856,411 |
2,604 |
Total current assets |
2,287,229 |
5,431,465 |
Non-current Assets: |
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Property and equipment, net |
352,596 |
— |
Intangible assets |
1,200,000 |
1,200,000 |
Goodwill |
5,645,603 |
9,324,289 |
Total non-current assets |
7,198,199 |
10,524,289 |
TOTAL ASSETS |
9,485,428 |
15,955,754 |
Current Liabilities: |
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Short-term bank borrowing |
7,283,321 |
— |
Accounts and notes payable |
225,409 |
— |
Accrued expenses and other current liabilities |
5,789,771 |
569,715 |
Advance from customer |
160,130 |
60,000 |
Amounts due to related parties |
6,083,072 |
— |
Total current Liabilities |
19,541,703 |
629,715 |
Non-current Liabilities: |
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Amounts due to related parties |
7,099,122 |
— |
Total non-current liabilities |
7,099,122 |
— |
TOTAL LIABILITIES |
26,640,825 |
629,715 |
Stockholders' Equity: |
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Common shares |
21,095 |
34,186 |
Additional paid-in capital |
640,586,167 |
645,396,988 |
Accumulated deficit |
(638,648,470) |
(630,105,664) |
Accumulated other comprehensive (loss)/profit |
(19,114,189) |
529 |
Total stockholders' equity: |
(17,155,397) |
15,326,039 |
TOTAL LIABILITIES AND |
9,485,428 |
15,955,754 |
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