LONGUEUIL, QUEBEC--(Marketwired - Nov. 4, 2016) - D-BOX Technologies Inc. (D-BOX) (TSX:DBO), a leader in immersive cinematic motion technology, is proud to announce that it has entered into an exclusive distribution agreement (the "Agreement") with Hangzhou JC City Management Investment Group Limited, a wholly-owned subsidiary of Gold Finance Group (Gold Finance), to distribute and promote D-BOX's high-end home entertainment motion system in China.
Under the terms of the Agreement, Gold Finance is purchasing D-BOX motion systems valued at US $3.1 million to be delivered in the next 15 months. In order to maintain its exclusivity in China (excluding Taiwan, Macau and Hong Kong), it is required to purchase at least US $22 million of D-BOX motion systems over the next five years. Gold Finance has the right to terminate the Agreement upon 30 days' notice without any further liability or obligation on its part, except for orders already placed.
Mr. Claude Mc Master, President and CEO of D-BOX, said: "On the heels of recent business development activities in China, we are convinced that high-end home entertainment will be a steadily growing sector in the lucrative Chinese market. This substantial commitment from Gold Finance is a major opportunity to introduce more people to an unparalleled immersive experience that consumers can enjoy in the comfort of their living rooms."
Mr. Jay Wei, Chairman of Gold Finance, sees this exclusive agreement as an important first step in Gold Finance plan to diversify its portfolio with Canada's most innovative companies. "The creative industry is thriving in Canada. Our experience tells us that organizations like D-BOX and their innovative motion technology have a strong global appeal. In fact, the success that D-BOX has had in cinemas all over the world is a very strong indication of the success we believe we can achieve in the People's Republic of China with high-end home entertainment products. D-BOX's technology, proven track record and dedication to innovation, bodes well for us as we grow our business globally."
About Gold Finance Group
Established in 2008, Gold Finance Group is a modern industry financial services group focused on wealth management, investment banking and entertainment. In May 2015, Gold Finance established its first North America office in Montreal, Canada with the objective of investing in the city's vast wealth of talent in different sectors of business such as innovative, high-tech companies, creative entertainment groups and local cultural events. The group currently manages assets of over CA $6 billion through its global chain of integrated financial services. Gold Finance Group controls Hong Kong public company (HKSE.01462). Gold Finance (Canada) Asset Management Limited, subsidiary of Gold Finance Group made a private placement of CA $5 million in December 2015 in D-BOX Technologies Inc.
About D-BOX Technologies Inc.
D-BOX Technologies Inc. (TSX:DBO) designs, manufactures and commercializes cutting-edge motion systems intended for the entertainment and simulation and training markets. This unique and patented technology uses motion effects specifically programmed for visual content that are sent to a motion system integrated into a platform, seat or any other product. The resulting motion is perfectly synchronized with the on-screen action, thus creating an unparalleled realistic immersive experience.
D-BOX®, D-BOX Motion Code®, LIVE THE ACTION®, MOTION ARCHITECTS® and MOVE THE WORLD® are trademarks of D-BOX Technologies Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
This press release may contain forward-looking statements with respect to D-BOX and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of D-BOX could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under "Risk Factors" in the annual information form of D-BOX dated June 21, 2016. The cautionary statements qualify all forward-looking statements attributable to D-BOX and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and D-BOX has no obligation to update such statements.