OliveX Holdings Limited (OLX.NSX) OliveX Share placement and intention for Joint Venture
Sydney, Australia, Dec 29, 2020 - (ABN Newswire) - Global digital health and fitness company OliveX Holdings Limited (NSX:OLX) today announced that it has signed an agreement with Allied Ocean Ventures Limited ("Allied Ocean") for the placement of 3,000,000 OliveX shares at A$0.20 per share.
Allied Ocean is affiliated with the general partner of Ascendent Capital Partners, a private equity fund with investments in high-tech businesses in China including Meituan (HKEx: 3690 HK), a leading e-commerce platform for consumer services and one of the largest consumer technology companies in China, and Wumart, one of the largest online and offline grocery retailers in China.
OliveX and Allied Ocean also announced their intention to form a Chinese joint venture - merging OliveX's market-leading fitness technology with Allied Ocean's extensive networks. The collaboration will propel the KARA Smart Fitness system into the lucrative Chinese market.
"The fitness industry in China is growing rapidly, with rising disposable incomes and a growing awareness of the importance of physical and mental wellbeing," said Keith Rumjahn, Chief Executive Officer at OliveX. "It's a really important market for us, with huge potential. So we're excited to collaborate with Allied Ocean, which has key contacts and reach in China to help us quickly build profile and sales of our KARA system."
Derek Cheung, managing director of Ascendent Capital Partners, said, "We've built a reputation for investing in high-potential companies and working with forward-looking businesses to create value, and we see real opportunities for OliveX's innovative products and applications in the Chinese market. We're very excited to partner with OliveX and to help bring its China strategy to life."
Funds raised under the placement will enable OliveX to continue to develop its game-changing technology - including its KARA mirror and camera-based artificial intelligence capabilities - and to continue its global expansion.
Following the allotment, Allied Ocean will own seven percent of the issued shares of OliveX. Allied Ocean will appoint one representative to the OliveX board of directors.
About OliveX Holdings Limited:
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
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