Hebron Announces Results of Independent Investigation Refuting Recent Allegations
SHANGHAI and WENZHOU, China, July 31, 2020 /PRNewswire/ -- Hebron Technology Co., Ltd. ("Hebron" or the "Company") (Nasdaq: HEBT), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced the key findings and determinations made upon the conclusion of an independent investigation conducted by White & Case LLP ("White & Case"), which refuted certain allegations raised in a short seller's report dated June 3, 2020.
White & Case's investigation is based on the information and materials provided by the Company and relevant individuals. Because of time constraints and at instructions of the Independent Committee, White & Case did not conduct any forensic accounting review and testing for this investigation. White & Case has concluded based on the evidence collected and the information provided by interviewees that none of the three transactions specified in the short seller's report qualified as related party transactions requiring disclosure under the applicable standard.
Allegations regarding the private placement sale of shares
Allegations regarding the Beijing Hengpu transaction
Hebron stands by its business model, including those of its legacy business as well as its shift towards integrating technology, industry, and finance. As the Company continues to provide innovative comprehensive solutions for governments, financial institutions, small and micro businesses, and individuals in China, it remains firmly committed to compliance, governance, and maximizing shareholder value.
About Hebron Technology Co., Ltd.
Hebron Technology Co., Ltd. (NASDAQ: HEBT) provides innovative comprehensive solutions for governments, financial institutions, small and micro businesses, and individuals in China by integrating technology, industry, and finance. Through its subsidiaries, the Company provides fintech services, consulting services, business services, and intermediary services to clients in a variety of industries. Its innovations include an open fintech ecosystem for financial institutions, a government credit system, an efficient capital liquidity system for the agriculture sector, and financial advisory intermediary services. Hebron's technology-driven model deepens the link between industry and finance, serving the real economy and capturing opportunities in the new technology era. For more information, please visit http://ir.xibolun.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains information about Hebron's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business both in legacy and new segments, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Hebron encourages you to review other factors that may affect its future results in Hebron's registration statement and in its other filings with the Securities and Exchange Commission. Hebron assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise.
Hebron Technology Co., Ltd.
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