HAIKOU,
China, July 13, 2022 /PRNewswire/ -- JX
Luxventure Limited (Nasdaq: LLL) (the "Company"), a company
delivering comprehensive products solutions to global
high-net-worth families with business segments covering menswear,
cross-border merchandise and tourism, announced today that on
July 12, 2022, the Company has
entered into an Employment Agreement with Sun Lei, our Chief Executive Officer with a term
of one (1) year.
Under this Employment Agreement, Sun
Lei shall receive cash compensation of US$1.00 and stock-based compensation correlated
with the Company's achievements in 2022 as follows:
Revenue to be Reported in Our
2022 Annual Report
- 25,000 shares of common stock if the Company reports
revenue in a range of US$59,000,000 –
US$99,999,999.
- 50,000 shares of common stock if the Company reports
revenue of US$100,000,000 or
more.
Profit (Loss) Margin from Operation to be Reported in Our 2022
Annual Report
- 50,000 shares of common stock if the Company reports a
5% -9% improvement from its operation in 2022 compared to
2021.
- 75,000 shares of common stock if the Company reports a
10% - 19% improvement from its operation in 2022 compared to
2021.
- 100,000 shares of common stock if the Company reports a
20% or more improvement from its operation compared to 2021.
Profit from Non-Menswear Business to be Reported in Our 2022
Annual Report
- 50,000 shares of common stock if the non-menswear
business achieves profitability on an adjusted basis.
Ruifeng Mu, an independent
director who is the Chair of the Audit Committee of the Board of
Directors of the Company, said,
"Through her strong leadership and tireless dedication, Ms. Sun has
been instrumental in transforming JX Luxventure into a
high-performance company. We structured the performance-based
employment agreement to align with our shareholder value and our
goal of a second-year turnaround strategy, which is continuing
robust revenue growth and improving our operation profit margin.
Over the last one and half year, the Company has made good progress
and Ms. Sun has led the Company to deliver on many of its
expectations. The Board is confident in her ability to continue as
a strategic visionary and leader to lead JX Luxventure to a
successful future ahead. We look forward to building a great
company with Ms. Sun for many years to come."
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure
Limited is a company delivering comprehensive products
solutions to global global high net worth families serviced by our
business customers with business segments covering menswear,
cross-border merchandise and tourism. To learn more about the
Company, please visit its corporate website at
en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure Limited, and
its subsidiary companies. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE JX Luxventure Limited