XRF - China Rapid Finance Executed a Letter of Intent With SOS Health Rescue Services to Acquire Control of XRF Through a Merger and Asset Infusion
SHANGHAI, March 25, 2020 /PRNewswire/ -- China Rapid Finance Limited (NYSE: XRF) today announced it has reached a non-binding letter of intent on investment and cooperation with SOS Health Rescue Services Ltd. ("SOS"). Subject to due diligence and other conditions, the parties may enter into a merger or similar transaction in which SOS or its stockholders will own a controlling interest of the outstanding equity in XRF. The transaction is subject to numerous conditions and there is of course no assurance that such a transaction will be consummated on the terms and timeline indicated.
This merger, if completed, will allow XRF to enter the new and growing area of consumer health services and health care related financial services.
XRF and SOS are targeting the signing of the initial agreement by end of March 2020.
About China Rapid Finance
China Rapid Finance (NYSE: XRF) is a fintech company that offers technology solutions for decision makers and related marketing services that addresses China's growing consumer credit market. The Company utilizes its proprietary technology and 18 years of experience to provide its services. The Company is establishing partnerships and is currently developing strategic alternatives and new businesses in financial technology, marketing services and loan portfolio management. For more information, please visit http://ir.crfchina.com.
About SOS Health Rescue Services Ltd.
SOS Health Rescue Services Ltd is one of the largest health rescue services providers in China. It offers the equivalent of a private 911 call service for emergencies. Through its cloud based technologies and nationwide call centers, it works closely with hospitals, insurance companies, large corporations, nursing homes, police and communities to provide health related emergency transportation and rescue on demand services.
SOURCE China Rapid Finance