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News Article | May 11, 2017
Site: www.prweb.com

Tophatter Inc today pulled back the curtain to reveal its steady ascent within a highly competitive ecommerce field. The company disclosed that it expects to achieve $350M of gross merchandise volume (GMV) in 2017, more than double the $160M it recorded in 2016. In addition, the company also shared that it has been profitable since 2015, demonstrating it has been able to achieve impressive growth with a disciplined approach. "People come to Tophatter to shop in the same way they used to go to the shopping mall to discover new products. The internet has made buying products you already know you want much more efficient, but no one has truly innovated shopping in a way that effectively replaces the retail experience,” said Ashvin Kumar, co-founder and CEO of Tophatter Inc. “That’s our focus. We are the anti-Amazon.” Tophatter Inc. powers discovery shopping experiences uniquely tailored for the mobile era. Its flagship app connects buyers and sellers around the world in real-time auctions that are both fast and effective. The platform processes millions of data points to personalize the retail experience for every shopper. The company shared eye-popping engagement metrics that validate its approach to product development. Over 85% of items are sold. Over 15% of daily visitors make a purchase. “We have the engagement of a game, and the economics of a marketplace,” the CEO explained. “This is modern retail.” The company has raised a total of $35M to date, with global consumer tech investor Goodwater Capital leading the Series B. Goodwater joins earlier investors August Capital and Charles River Ventures who also participated in the round. Tophatter Inc is developing a global footprint with offices in Silicon Valley and Shanghai, China. “The first wave of ecommerce was all about making the retail experience more efficient, as exemplified by Amazon and others”, said Eric Kim, co-founder and Managing Partner of Goodwater Capital. “The next wave of innovation is in solving the problem of discovery, which is a much larger opportunity. Retail represents a $25 trillion segment of the global economy that is in the early stages of massive upheaval. Tophatter is scaling rapidly and building a platform that absorbs a tremendous amount of data - they are poised to be a long term winner.” About Tophatter Tophatter Inc was founded by Ashvin Kumar (CEO) and Chris Estreich (CTO), and launched in January 2012. The company has raised $35M to date from Goodwater Capital, CRV, and August Capital. The company has 75 employees globally, and is actively hiring at its offices in Silicon Valley and Shanghai. For more information about Tophatter Inc, please visit: http://www.tophatter.com/about. About Goodwater Capital The mission of Goodwater Capital is to empower exceptional entrepreneurs who are changing the world. We are 100% focused on early stage consumer tech, an area that we define simply as apps and services adopted directly by consumers. Goodwater is founded on the belief that we are experiencing an explosion of new consumer-driven opportunities in communications, community, and commerce. We are excited to see great entrepreneurs pioneering powerful new platforms to serve consumers across a broad range of industries including local services, marketplaces, health care, education, financial services, and wearables… just to name a few. Goodwater is focused on Series A and Series B consumer tech investments and our chief investment criteria is simple — a product or service that early customers LOVE. Goodwater was founded in 2014 and manages nearly $400M across two venture capital funds. We are actively investing and building a growing portfolio of exciting consumer audience, commerce, and platform companies.


News Article | May 10, 2017
Site: www.prnewswire.com

"From the very beginning, we set out to create the 'stock market of things'," said StockX CEO and Co-Founder, Josh Luber. "We have had significant and rapid growth in sneakers, validating the stock exchange model, and enabling us to expand into handbags and watches only 15 months after our initial launch." As with sneakers, each watch and handbag on StockX is standardized so that buyers and sellers can see every Bid, every Ask and detailed historical pricing all on a single product page.  Also like sneakers, every watch and handbag sold on the platform is physically inspected by StockX, guaranteeing authenticity and condition standards. StockX, which expects to pass $100 million in GMV this year, has grown to 45 full-time team members and has built experienced, forward-looking teams to support the two new product lines in Detroit, Michigan. The watch team is led by Reginald Brack, former SVP and International Head of Retail, Watches at Christie's where he launched their first online luxury boutique for watches.  Joining Reginald, among others, is Blake Buettner, Director of Watch Content, who spent six years contributing for HODINKEE. Thousands of watches from the industry's leading brands – including Rolex, Audemars Piguet and Omega – are now live on the StockX platform. The handbag team is led by Cynthia Houlton, former VP of Business Development at The RealReal, where she was one of the first employees and built vendor channels to source handbags and fine jewelry. Chanel, Louis Vuitton, Hermes and Gucci handbags are now available to buy and sell on the StockX platform. StockX, which was founded by Luber, StockX COO Greg Schwartz, and Dan Gilbert, founder and chairman of Quicken Loans and majority owner of the 2016 NBA Champion Cleveland Cavaliers, is an online market that replicates the experience of the stock exchange in every way possible.  In addition to the live 'Bid/Ask' system, a transparent data platform also enables users to create 'portfolios' where they can track the value of their sneaker, watch or handbag collection in real time, evaluating gains and losses. This feature provides participants with the same metrics and visibility that have traditionally been reserved for stock and financial portfolio analyses. "The StockX live market has brought transparency, efficiency and authenticity – tenets of the financial markets that have been foundational to the largest economy in the world – to the $6 billion global sneaker resell market," said Gilbert.  "We believe this is the right time to extend these fundamental concepts to the $50 billion plus secondary markets for watches and handbags, and take the next step toward expanding the world's first 'stock market of things'." The company launched in February of 2016 and recently announced high profile investors including Eminem, Mark Wahlberg, Ted Leonsis, Tim Armstrong, Scooter Braun and Ron Conway.   In January of 2017, Nike released LeBron James' first retro sneaker, the Air Zoom Generation, directly onto the StockX market ahead of retail channels.  StockX TV, the company's 'Mad Money for sneakers' web series, began airing in April of 2017. StockX is the world's first online 'stock market of things' for high-demand consumer products, including sneakers, watches and handbags.  StockX connects buyers and sellers using the same methodology as the world's stock markets – an anonymous 'live Bid/Ask' market.  All products are physically authenticated by StockX, allowing participants to focus on the transparency of data available - including real-time market pricing, in-depth market analysis, individual portfolio tracking, historical sales and volume metrics.  StockX launched in February of 2016.  StockX TV, its 'Mad Money for sneakers' web series, began airing in April of 2017. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/stockx-adds-watches-and-handbags-to-worlds-first-stock-market-of-things-300455356.html


SHANGHAI, May 26, 2017 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its audited financial results for the fourth quarter and full year of 2016 ended December 31, 2016. Disclaimer: When preparing the unaudited condensed consolidated financial statements for the three months and nine months ended September 30, 2016, the Company revisited the presentation of revenue for the period of January 1 to June 30, 2016, and concluded that certain revenue recognized on a gross basis disclosed in the earning release dated August 22, 2016 for the second quarter of 2016 should have been presented on a net basis in accordance with relevant US GAAP. Accordingly, the Company revised revenue and cost of revenues for the three months ended June 30, 2016 to reflect such change of gross presentation to net presentation. Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report our fourth quarter and full year 2016 financial results, which marks the first full year since we successfully transitioned into an online B2B foodservice marketplace. The successful development of our business model -- connecting industry customers directly with suppliers and eliminating multiple layers of distributor markups - is translating into significant growth in our business. In 2016, we achieved a milestone of RMB 10 billion GMV (US$1.6 billion) thanks to the 39% GMV growth in the fourth quarter of 2016." "We remain focused on our mission to establish JMU as China's largest internet foodservice platform. In 2016, we strategically partnered with 29 premium source suppliers, including multiple leading brands like COFCO and Haier, as well as international source suppliers like NISSEI and Chia Tai. In collaboration with these source suppliers, our platform now exceeds over fifty thousand SKU's which includes over eight hundred direct sale product SKU's." "On the R&D front, through our coordination with Alibaba, we have successfully connected our mobile platform with Koubei, one of the largest local-foodservices platforms, to streamline digital transactions. We also broadened access to our platform and strengthened overall user engagement through improvements to our WeChat platform as well as ERP system development." As previously announced, in September 2015, JMU, previously known as JM Wowo, divested Wowo Group Limited, the Company's group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations. Revenues were $20.9 million for the fourth quarter of 2016, an increase of 182.3% from $7.4 million in the fourth quarter of 2015 and a sequential increase of 5.3% from 19.8 million in the third quarter of 2016. The growth of revenue in the fourth quarter 2016 was mainly due to larger order volumes from corporate clients through our online direct sales business. Cost of revenues was $20.2 million in fourth quarter 2016, an increase of 152.5% from $8.0 million in the fourth quarter of 2015 and a sequential increase of 1.0% from $20.0 million in the third quarter of 2016, which is generally in-line with the growth of the Company's revenues. Gross profit for the fourth quarter of 2016 was $0.7million, as compared to gross loss of $0.6 million in fourth quarter 2015 and a gross loss of $0.1 million in the third quarter of 2016. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes. Operating expenses were $9.8 million in the fourth quarter of 2016, decreased 89.4% from $92.2 million in prior year period and increased 25.6% from $7.8 million in the third quarter of 2016. The decrease in operating expense from fourth quarter 2015 was mainly due to an impairment loss of $85.9 million incurred in fourth quarter 2015. Excluding the impact of impairment loss, operating expense would have been $9.8 million and $6.3 million in the fourth quarter of 2016 and 2015, respectively. Loss from operations in fourth quarter 2016 was $9.2 million, a decrease of 90.1% from $92.8 million in fourth quarter 2015 and an increase of 16.5% from $7.9 million in the third quarter of 2016. Net loss attributable to the Company in the fourth quarter of 2016 was $8.5 million, a decrease of 90.8% as compared to $92.3 million in the fourth quarter of 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $6.5 million compared to $4.7 million in the fourth quarter of 2015. For the quarter ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,087,060 and 1,001,754,524, respectively. Revenues were $73.2 million for the year of 2016, an increase of 536.5% from $11.5 million in 2015. The growth of revenue in fiscal 2016 was mainly due to larger order volumes from the third party sales business. Cost of revenues was $72.9 million in the year of 2016, an increase of 452.3% from $13.2 million in 2015, which is generally in-line with the growth of the Company's revenues. Gross profit for fiscal 2016 was $0.3 million compared to gross loss of $1.7 million in 2015. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes. Selling and marketing expenses in 2016 increased 277.8% to $20.4 million from $5.4 million in 2015. As a percentage of total revenue, selling and marketing expense was 27.9% and 47.0% in fiscal 2016 and 2015, respectively. The increase in marketing expenses was primarily due to client promotion activities in the fourth quarter. General and administrative expenses in 2016 were $7.5 million, a decrease of 41.9% compared to $12.9 million in 2015. The decrease in general and administrative expenses was mainly due to a one time admiration fee of $4.1 million for the merger of Wowo Ltd and JMU Ltd incurred in 2015. As a percentage of total revenues, general and administrative expenses was 10.2% and 112.2% in the fiscal year of 2016 and 2015, respectively. Loss from operations in 2016 was $27.6 million, a decrease of 73.9% from $105.9 million in 2015. Net loss attributable to the Company in 2016 was $25.3 million, a decrease of 75.7% as compared to $104.6 million in 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $17.8 million compared to $15.0 million in fiscal 2016 and 2015, respectively. For the year ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,474,087,060 and 1,001,754,524, respectively. As of December 31, 2016, the Company's cash and cash equivalents was $2.6 million, a decrease of 76.8% as compared to $11.2 million as of December 31, 2015. The decrease in cash and cash equivalents was mainly due to the operating cost and the growth of the Company's online direct sales which requires cash outflow for products procurement. Total shareholders' equity was $248.4 million and $304.7 million as of December 31, 2016 and 2015, respectively. JMU filed its annual report for the year ended December 31, 2016 on Form 20-F with the Securities and Exchange Commission. The annual report on Form 20-F can be accessed and downloaded through the investor relations section of the Company's website and all shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. The Company previously received a letter from the NASDAQ Stock Market, dated May 19, 2017, notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2016. The Company has regained compliance by filing the annual report today. The announcement about the delinquency letter is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits. Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release. The Company will hold a conference call at 9:00 am ET (9:00 pm Beijing/Hong Kong time) on May 26, 2017 to discuss its fourth quarter and fiscal year 2016 results. Listeners may access the call by dialing: A webcast will also be available through the Company's investor relations website at http://ir.ccjmu.com. A replay of the call will be available through June 2, 2017 by dialing: JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China. Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com. This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jmu-limited-reports-fourth-quarter-and-fiscal-year-2016-audited-financial-results-300464533.html


News Article | May 26, 2017
Site: www.prnewswire.com

Ms. Xiaoxia Zhu, Co-chairperson and Chief Executive Officer commented, "We are pleased to report our fourth quarter and full year 2016 financial results, which marks the first full year since we successfully transitioned into an online B2B foodservice marketplace. The successful development of our business model -- connecting industry customers directly with suppliers and eliminating multiple layers of distributor markups - is translating into significant growth in our business. In 2016, we achieved a milestone of RMB 10 billion GMV (US$1.6 billion) thanks to the 39% GMV growth in the fourth quarter of 2016." "We remain focused on our mission to establish JMU as China's largest internet foodservice platform. In 2016, we strategically partnered with 29 premium source suppliers, including multiple leading brands like COFCO and Haier, as well as international source suppliers like NISSEI and Chia Tai. In collaboration with these source suppliers, our platform now exceeds over fifty thousand SKU's which includes over eight hundred direct sale product SKU's." "On the R&D front, through our coordination with Alibaba, we have successfully connected our mobile platform with Koubei, one of the largest local-foodservices platforms, to streamline digital transactions. We also broadened access to our platform and strengthened overall user engagement through improvements to our WeChat platform as well as ERP system development." As previously announced, in September 2015, JMU, previously known as JM Wowo, divested Wowo Group Limited, the Company's group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations. Revenues were $20.9 million for the fourth quarter of 2016, an increase of 182.3% from $7.4 million in the fourth quarter of 2015 and a sequential increase of 5.3% from 19.8 million in the third quarter of 2016. The growth of revenue in the fourth quarter 2016 was mainly due to larger order volumes from corporate clients through our online direct sales business. Cost of revenues was $20.2 million in fourth quarter 2016, an increase of 152.5% from $8.0 million in the fourth quarter of 2015 and a sequential increase of 1.0% from $20.0 million in the third quarter of 2016, which is generally in-line with the growth of the Company's revenues. Gross profit for the fourth quarter of 2016 was $0.7million, as compared to gross loss of $0.6 million in fourth quarter 2015 and a gross loss of $0.1 million in the third quarter of 2016. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes. Operating expenses were $9.8 million in the fourth quarter of 2016, decreased 89.4% from $92.2 million in prior year period and increased 25.6% from $7.8 million in the third quarter of 2016. The decrease in operating expense from fourth quarter 2015 was mainly due to an impairment loss of $85.9 million incurred in fourth quarter 2015. Excluding the impact of impairment loss, operating expense would have been $9.8 million and $6.3 million in the fourth quarter of 2016 and 2015, respectively. Loss from operations in fourth quarter 2016 was $9.2 million, a decrease of 90.1% from $92.8 million in fourth quarter 2015 and an increase of 16.5% from $7.9 million in the third quarter of 2016. Net loss attributable to the Company in the fourth quarter of 2016 was $8.5 million, a decrease of 90.8% as compared to $92.3 million in the fourth quarter of 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $6.5 million compared to $4.7 million in the fourth quarter of 2015. For the quarter ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,087,060 and 1,001,754,524, respectively. Revenues were $73.2 million for the year of 2016, an increase of 536.5% from $11.5 million in 2015. The growth of revenue in fiscal 2016 was mainly due to larger order volumes from the third party sales business. Cost of revenues was $72.9 million in the year of 2016, an increase of 452.3% from $13.2 million in 2015, which is generally in-line with the growth of the Company's revenues. Gross profit for fiscal 2016 was $0.3 million compared to gross loss of $1.7 million in 2015. The improvement was mainly due to well-maintained relationships with corporate clients and lower prices from suppliers for significant transaction volumes. Selling and marketing expenses in 2016 increased 277.8% to $20.4 million from $5.4 million in 2015. As a percentage of total revenue, selling and marketing expense was 27.9% and 47.0% in fiscal 2016 and 2015, respectively. The increase in marketing expenses was primarily due to client promotion activities in the fourth quarter. General and administrative expenses in 2016 were $7.5 million, a decrease of 41.9% compared to $12.9 million in 2015. The decrease in general and administrative expenses was mainly due to a one time admiration fee of $4.1 million for the merger of Wowo Ltd and JMU Ltd incurred in 2015. As a percentage of total revenues, general and administrative expenses was 10.2% and 112.2% in the fiscal year of 2016 and 2015, respectively. Loss from operations in 2016 was $27.6 million, a decrease of 73.9% from $105.9 million in 2015. Net loss attributable to the Company in 2016 was $25.3 million, a decrease of 75.7% as compared to $104.6 million in 2015. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits, was $17.8 million compared to $15.0 million in fiscal 2016 and 2015, respectively. For the year ended December 31, 2016 and December 31, 2015, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,474,087,060 and 1,001,754,524, respectively. As of December 31, 2016, the Company's cash and cash equivalents was $2.6 million, a decrease of 76.8% as compared to $11.2 million as of December 31, 2015. The decrease in cash and cash equivalents was mainly due to the operating cost and the growth of the Company's online direct sales which requires cash outflow for products procurement. Total shareholders' equity was $248.4 million and $304.7 million as of December 31, 2016 and 2015, respectively. JMU filed its annual report for the year ended December 31, 2016 on Form 20-F with the Securities and Exchange Commission. The annual report on Form 20-F can be accessed and downloaded through the investor relations section of the Company's website and all shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. The Company previously received a letter from the NASDAQ Stock Market, dated May 19, 2017, notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2016. The Company has regained compliance by filing the annual report today. The announcement about the delinquency letter is made in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits. Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment of goodwill, share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment of goodwill, share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release. The Company will hold a conference call at 9:00 am ET (9:00 pm Beijing/Hong Kong time) on May 26, 2017 to discuss its fourth quarter and fiscal year 2016 results. Listeners may access the call by dialing: A webcast will also be available through the Company's investor relations website at http://ir.ccjmu.com. A replay of the call will be available through June 2, 2017 by dialing: JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China. Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com. This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jmu-limited-reports-fourth-quarter-and-fiscal-year-2016-audited-financial-results-300464533.html


News Article | May 23, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2017) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has now completed three diamond drill holes at its Mexican Hat Gold Project, located in Cochise County, Arizona, USA. These drill holes were designed to test extensions of known gold zones as well as areas where new zones were suspected to occur. All drill holes intersected multiple fractured and hematite altered volcanic rocks, similar in character to the known mineralization. Limonite is reported to occur in some of the zones. Intersections range from 2 meters to greater than 40 meters in core length which represents true widths of 90% to 100%. Assays are now pending for all three drill holes. It is unknown at this time if the three new zones intersected in the three drill holes correlate to each other or not. However, each of the three new zones in each drill hole are north of the N Zone and not included in the current resource. All drill holes terminated in finely-grained sedimentary rocks interpreted as correlative to the Cretaceous-aged Bisbee Group which is shown to be dipping shallowly to the east. The drilling is being conducted in an effort to find the outer limits to the north and west of the known gold resource which is being modeled as a low cost open pit heap leach type of deposit. This model is highly successful in many deposits around the world as is evidenced by the following chart: https://www.gmvminerals.com/projects/comparable-heap-leach-deposits/. For ease of reference, the Company has plotted the Mexican Hat's average recovered grade (average head grade of 0.70 gpt gold x 92% indicated recovery representing 0.64 gpt recovered gold) for comparison purposes against 31 other such planned or operating mines known today (re: Joe Mazumdar, 2015). The Mexican Hat deposit ranks 7th in terms of recovered grade in the comparative chart which, in addition, exceeds 15 of the 17 operating mines considered by the author of this report. Six of the seven deposits in the table with grades exceeding Mexican Hat were developed by companies that were subsequently taken over by producers that wanted to own those deposits. Ian Klassen, the Company's President reports "These drill holes provide critical information in defining the Mexican Hat resource. We have extended mineralization to the west and to depth in the west and in the east. More importantly, we have confirmed that additional zones occur to the north into areas that have not previously seen significant exploration. The Company has collected geotechnical information on these holes that will allow for certain engineering work to now be completed that will be incorporated in future economic studies. Reverse circulation drilling is scheduled to begin next month and is planned to test targets and extensions to the south and east of the established resource, also with a focus on resource expansion." Assays are expected to take 4 to 5 weeks from shipping of the logged and sampled core and will be released as soon as possible. Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content. GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. ON BEHALF OF THE BOARD OF DIRECTORS Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.


News Article | May 3, 2017
Site: www.prnewswire.com

India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future provides a comprehensive analysis of the online fashion retail market in India. The report includes the cumulative GMV generated by the market players from the sales of online fashion products, including apparel, footwear and accessories. Availability of international brands and different style on one platform and varied offers and discounts provided by the ecommerce players on their website is the major factor responsible for increased sales of apparels on ecommerce portals. New players entering the ecommerce markets with wide offering range of apparels in their portfolio has further added to the increase in the share of online apparels. Moreover, it has been observed that various offline fashion apparel giants in India such as Lifestyle, Shopper Stop, and Pantaloons have started their online websites, which clearly advocates the growing demand for online apparel shopping across the country. Further, the market in the study is differentiated on the basis of tier cities into tier I, tier II, and tier III cities. The market is also segmented by four price segments - economy, mass, premium, and elite. The study also highlights the detailed information about logistics procedure followed in online fashion market and government regulations pertaining to the market, which will guide new entrants to plan their strategies accordingly. Convenience to purchase online, rising disposable income of people in India, easy availability of branded products and rising demand for ecommerce products in Tier II and Tier III cities are other major factors which have augmented the growth of online fashion market in India. Key Topics Covered: 1. Executive Summary 2. Research Methodology 3. India Online Fashion Market Introduction 4. Comparative Analysis of Online Fashion Market in India With offline Market 5. Business Models in Online Fashion Market 6. Logistics Handling in India Online Fashion Market 7. India Online Fashion Market Size by GMV, FY'2015-FY'2016 8. India Online Fashion Market Segmentation 9. Consumer Profile for India Online Fashion Market 10. Regulatory Landscape on India Online Fashion Market 11. Trends and Developments in India Online Fashion Market 12. Porter's Five Forces Analysis for India Online Fashion Market 13. Competitive Landscape of Major Players in Online Fashion Market 14. Company Profiles for Major Players in Online Fashion Market 15. India Online Fashion Market Future Outlook and Projections, FY'2017-FY'2021 16. Analyst Recommendations 17. Macroeconomic Indicators in India Online Fashion Market Companies Mentioned For more information about this report visit http://www.researchandmarkets.com/research/j39gnh/india_online Research and Markets Laura Wood, Senior Manager press@researchandmarkets.com For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/india-online-fashion-market-to-2021---research-and-markets-300450652.html


DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future" report to their offering. India Online Fashion Market to 2021 - Elevating Sales in Tier II and Tier III Cities is expected to Fuel the Market in Future provides a comprehensive analysis of the online fashion retail market in India. The report includes the cumulative GMV generated by the market players from the sales of online fashion products, including apparel, footwear and accessories. Further, the market in the study is differentiated on the basis of tier cities into tier I, tier II, and tier III cities. The market is also segmented by four price segments - economy, mass, premium, and elite. The study also highlights the detailed information about logistics procedure followed in online fashion market and government regulations pertaining to the market, which will guide new entrants to plan their strategies accordingly. Convenience to purchase online, rising disposable income of people in India, easy availability of branded products and rising demand for ecommerce products in Tier II and Tier III cities are other major factors which have augmented the growth of online fashion market in India. 4. Comparative Analysis of Online Fashion Market in India With offline Market For more information about this report visit http://www.researchandmarkets.com/research/bctfsc/india_online


News Article | April 20, 2017
Site: news.yahoo.com

General Motors will immediately cease operations in the country of Venezuela after the U.S. automaker announced authorities there illegally seized its manufacturing plant and industrial hub. The hub, situated in Valencia, employs 2,678 workers. “Yesterday, GMV’s (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities,” the company said in a statement. GM went on to call the actions an "illegal judicial seizure of its assets." Venezuela remains in a deep state of economic crisis marked by protests as currency controls take effect and its raw material resources continue to dwindle. Large portions of the Venezuelan economy have been nationalized since 1999. According to CNN, the country's economy shrank by 18 percent in 2016 and the unemployment rate hovers around 25 percent. Other automakers have struggled in the country as it has become more difficult to access U.S. dollars and import essential mechanical parts. Ford wrote off its entire investment in Venezuela in 2015 by taking an $800 million pre-tax write-off. As of now, there seems to be no motive as to why authorities seized GM's operations. The automaker forecasts irreversible damage from the incident and expects its suppliers and 79 local dealers to see severe effects.


VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2017) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has received an Interpretive Report summarizing several geophysical surveys completed at the Mexican Hat Gold project in southeast Arizona. Zonge International Inc., a leading provider of geophysical field services, consulting and instrument development to geoscientists and geotechnical engineers worldwide, has completed extensive geophysical surveys for GMV Minerals including; (a) Audio-Frequency Magnetotellurics, (b) Gravity, and (c) Ground Magnetics. The primary objective of the surveys was to collect data that could be used to create electrical resistivity models that would guide mineral prospecting efforts and to identify drill targets in the area. Ian Klassen, President of the Company says "Zonge International's interpretation demonstrates that the known mineralized domains are characterized by both magnetic lows and more conductive zones, as expected for mineralization that is associated with hematite and carbonate in fractured rocks. We are extremely pleased that this mineralization has been traced to depths of at least 500 meters below surface. Other similar geophysical responses can be found in broad areas to the north that have no bedrock exposure and have not yet been drilled. These responses represent terrific exploration targets that require additional follow-up work. Confirmation of shallow cover over the bedrock was expected and supports GMV's low cost exploration and conceptual open pit extraction model. Additional geophysical surveys are being planned to extend the survey over an even broader area." GMV has completed its first diamond drillhole MHC 17-6, a 75m step-out to the west of the nearest drillhole completed on the Mexican Hat Deposit. It has intersected six hematite and carbonate-altered brecciated and fractured volcanic rocks, some with limonite alteration, before ending in fine-grained siliceous siltstones presumed to be Bisbee Group sediments at a depth of 217m. Three of the zones intersected correlate with the N, AN, and H2 Zones and three of the zones occur to the north of the N Zone and appear to correlate with trench exposures and two historic drillholes completed by previous operators. MHC 17-7 has been collared from the same location but is being drilled 30 degrees to the east of MHC 17-6 together with the third hole MHC 17-8, which will provide information to enable solids to be constructed for resource purposes. Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content. GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. ON BEHALF OF THE BOARD OF DIRECTORS Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.


News Article | May 30, 2017
Site: www.aimgroup.com

A few messages from the ICMA Spring conference We attended the ICMA Spring conference in Belgrade earlier this month. More than 100 executives traveled to the Serbian capital for the conference from May 10 to 12. As can be seen here, the program was styled for hands-on learning and sharing of experiences. Here are our observations and main take-aways from the many presentations we listened to and one-on-one chats we engaged in. The main message of the conference probably was: Data is at the heart of fast-growing companies. Smaller companies might not be able to compete with the tech giants on data, but they can at least find their niches and survive very well. Davor Anicic, business development and sales manager at Styria Digital Services, talked about the many ways image recognition can enhance the user experience. He explained how the “fashion cam” works in the app of Willhaben.at, Austria’s largest horizontal classifieds site. The user can take pictures of clothing and let the app search for similar items on sale. Or, he can pick an ad and start the search from there. “Visual browsing is more popular than taking a picture and using it as a base,” Anicic explained. Bojan Leković, founder and CEO of KupujemProdajem.com, Serbia’s biggest horizontal classifieds website, showed that investing in machine learning can even make sense in a market with very low labor costs. His company uses it for categorization, but it could also be deployed to detect misuse. However, this is tricky in Serbia: “We can’t act against misuse before an item is posted. Due to government regulations, we would become reliable for the content of the ad which poses too much risk.” Anna Polishchuk, co-founder at Lalafo, a global mobile c-to-c marketplace based in Ukraine and active in four countries, explained why VC’s might be acting quite rational when they invest so much money in mobile classifieds start-ups. There are lots of challenges, but it’s also a big opportunity: + Only 1.5 percent of the population already sells on classifieds sites; + Mobile has no difficulty in turning users into sellers; + It’s possible to generate GMV at high speed; + It’s a sustainable business: If you manage to achieve 10 percent growth, 80 percent of the listings will be created by returning users. Polishchuk admitted that you need to have a marketing budget right from the very start. Growth usually expands the market, and doesn’t come at a cost to the existing players (It’s not a zero-sum game – editor). For their own expansion, advertising on TV has proven to be most successful. On average, it takes 18 to 24 months to achieve critical mass, she said. Technology, and especially machine learning applied to mobile, has the potential to revolutionize the way people buy and sell stuff in the long run, said Polishchuk: “Smart assistants know what you own, can assign categories, suggest how to price it.” Mats Julian Olsen, data scientist at Schibsted, showed how to use machine learning to help sellers get the pricing for used cars right. “Pricing an item is the single most important variable for a seller in a marketplace”, he said. He demonstrated what they are currently doing at Finn in Norway to suggest the fairest price. The idea: help the user towards realistic expectations, and he’ll reduce friction in the transaction. Schibsted wants to do this on all of its 30+ marketplaces. To do that, it needs to centralize data. “Car prices are a local problem,” said Olsen. Price can vary greatly. He suggested starting with your own, structured data. In his eyes, local methods are good enough, but companies need to invest in infrastructure. The new tool will be available for free to sellers already now, and could also be of value to buyers. Lots of open issues stirred discussion at the conference: Do people really want to buy stuff on classifieds sites at exactly the right price? What will differentiate classifieds from e-commerce in the long run, if everything is calculated and there are no more bargains? Can smart assistants actually help you discover stuff you like based on analyzing your preferences? While enhancing the user experience is always a worthwhile discussion, the opportunities for generating revenue is at least as good. Stefan Salom, co-founder of Infostud, a Serbian company founded late in 2000 that owns several classifieds verticals, shared his strategy of adding new business niches with business concepts close to existing, successful verticals. So far, the strategy has paid off and gives InfoStud confidence to try its hand at new stuff. In 2016, it invested 35 to 40 percent of its profit in new businesses – one of them was the real estate vertical 4zida.rs. Results so far: Visitor numbers grew 4.5 times y-on-y, revenue grew 100 percent, and breakeven is expected around 2019. More data and revenue topics will be discussed at the ICMA Autumn conference in Barcelona, Spain from October 18 to 20. Block the date in your diary already now!

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