Vitaxel Group Updates Thailand License Agreement

KUALA LUMPUR, MALAYSIA / ACCESSWIRE / August 29, 2016 / Vitaxel Group Limited (OTCQB: VXEL) (the “Company” or “Vitaxel”), announced the update on the License Agreement (the “Agreement”) the Company signed with Vitaxel Corp (Thailand) Ltd., a limited entity and incorporated in Thailand (“Licensee”).

The Agreement term is extended from three years with a three-year renewal to 10 years with 10-year renewal. The Company granted Licensee an exclusive, non-transferable, revocable license to use he Company’s trademarks, brands, logos or service marks to market and operate the Company’s business and commercialize the Company’s online shopping and service platforms including but not limited to the Company’s online shopping mall known as Vionmall, in Thailand during the period of 10 years with a possibility of renewal for another 10 years.

Ryan Leong, CEO of Vitaxel commented, “We are very excited to enter the Thailand market with the signing of a 10+10 – year License Agreement with Vitaxel Corp Ltd of Thailand. The Kingdom records a large populace of 11 million direct-sellers generating over USD2.698 Billion in sales last year. Our initial sales had been very encouraging and we anticipate Thailand will fast become a prime market for us.”

“This engagement is in addition to a similar License Agreement we recently signed with Vitaxel Private (Taiwan) Limited. The Company is also going to soft-launch our office in Taipei next month, the capital city of Taiwan which has a sophisticated market with over 2.3 Million Direct-Sellers contributing USD3.354 Billion in sales last year. we are eager to collaborate with experienced marketing teams there soon.”

“Vitaxel Group has also signed a Master Agreement with Bitspark Ltd, an innovative fintech firm based in Hong Kong, to offer its world’s first cash-in cash-out blockchain remittance service from Malaysia to neighboring Asian countries. The service currently hosts more than 80,000 cash-out points in the region. Vitaxel Group is working closely with Bitspark to establish the service in Malaysia and possible expansion into new corridors. The global remittance market is estimated at USD 581.6 billion in 2015 of which a major portion is contributed by countries in South and SE Asia. Meanwhile, Malaysia is currently home to approximately 1.993 Million foreign workers who regularly remit money back to their Asian home countries. There was an 23.2% increase in foreign worker remittances amounting to approximately USD8.69 Billion in 2015 compared to 2014. We believe that our endeavor will contribute positively towards the growth of Vitaxel Group,” Mr. Leong concluded.

About Vitaxel Group Limited

Vitaxel Group Limited is a market leader in MLM and e-commerce space, has over 5,200 distributors in more than 16 countries in Asia. With three significant operating subsidiaries, Vitaxel SDN BHD (Vitaxel) and Vitaxel Online Mall SDN BHD (Vionmall), and the Vitaxel Singapore PTE. Ltd. (“Vitaxel Singapore”), Vitaxel is primarily engaged in the direct selling industry utilizing a multi-level marketing model with an emphasis on travel, entertainment and lifestyle products and services; Vionmall is engaged in the development of online shopping platforms geared to Vitaxel and its members and third party providers of products and services.

Safe Harbor Statement

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involving 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. You 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 the risk factors discussed in the Company’s periodic and other reports that are filed with the Securities and Exchange Commission and available on the SEC’s 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 risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts:

Vitaxel Group Limited
Email: info@vitaxel.com
Phone: 03-2143 2889

SOURCE: Vitaxel Group Limited

ReleaseID: 444450