HONG
KONG, April 11, 2023 /PRNewswire/
-- TROOPS, Inc. (the "Company") today announced that certain
allegations (the "Allegations") were advanced against the
independent director of the Company, Mr. Wang Tai Dominic Li ("Mr. Li"), through the
Civil Action HCA 938 of 2022.
While the Company does not accept these Allegations and will
strenuously defend the Allegations, out of prudence and in the
interest of protecting the public shareholders, the Board has
formed a special committee (the "Special Committee") on
April 11, 2023 to oversee an internal
investigation into the Allegations, to investigate Mr. Li's
independence and integrity, and to review the Company's internal
corporate governance. The Special Committee is comprised of two
independent directors of the Board, Ms. Yong Li Huang and Mr. Wood Shing Kei Sze, with Mr. Wood Shing Kei Sze serving as its chairman. The
Special Committee has been delegated full authority to investigate
the Allegations and to review the Company's internal corporate
governance. The Internal Investigation is at a preliminary
stage.
Safe Harbor and Informational Statement
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Forward-looking statements in this
release include, without limitation, the effectiveness of the
Company's multiple-brand, multiple channel strategy and the
transitioning of its product development and sales focus and to a
"light-asset" model, Although the Company's management believes
that such forward-looking statements are reasonable, it cannot
guarantee that such expectations are, or will be, correct. These
forward looking statements involve a number of risks and
uncertainties, which could cause the Company's future results to
differ materially from those anticipated. These forward-looking
statements can change as a result of many possible events or
factors not all of which are known to the Company, which may
include, without limitation, our ability to have effective internal
control over financial reporting; our success in designing and
distributing products under brands licensed from others; management
of sales trend and client mix; possibility of securing loans and
other financing without efficient fixed assets as collaterals;
changes in government policy in China; China's overall economic conditions and local
market economic conditions; our ability to expand through strategic
acquisitions and establishment of new locations; compliance with
government regulations; legislation or regulatory environments;
geopolitical events, and other events and/or risks outlined in the
Company's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F and other filings. All
information provided in this press release and in the attachments
is as of the date of the issuance, and the Company does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
About TROOPS, Inc.
TROOPS, Inc. is a conglomerate group of various businesses with
its headquarters based in Hong
Kong. The group is principally engaged in (a) money lending
business in Hong Kong providing
mortgage loans to high quality target borrowers (b) property
investment to generate additional rental income and (c) the
development, operation and management of an online financial
marketplace that provides one-stop financial technology solutions
including API services by leveraging artificial intelligence, big
data and blockchain, and cloud computing (SaaS). The group's vision
is to operate as a conglomerate to build synergy within its own
sustainable ecosystem thereby creating value to its shareholders.
For more information about TROOPS, Inc., please visit our investor
relations website: www.troops.co
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SOURCE TROOPS
