JMU divests food supply chain business
JMU 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 $1M 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 CEO 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.