Antelope Enterprise Announces the Closing of the Sale of its Ceramic Tile Business

CHENGDU, China, May 4, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), which operates KylinCloud, a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers, today announced that on April 28, 2023, the Company consummated the sale of its legacy ceramic tile building materials business.

"The divestiture of the ceramic tile business enables us to focus all of our resources and energies on China's high growth livestreaming ecommerce sector," commented Antelope Enterprise CEO Will Zhang. "The ceramic tile business faced significant hurdles due to the slowdown of the real estate sector in China. As our recent earnings report demonstrated, we have successfully implemented a strategic transformation towards a rapidly growing online  business with a dynamic corporate culture."

"Our KylinCloud subsidiary operates a platform that amplifies product sales for consumer brand companies by matching them with different hosts and influencers. We believe that our core competencies and competitive advantage will enable us to capitalize upon the expected high growth of China's livestreaming ecommerce sector for many years to come," concluded CEO Will Zhang.

On December 30, 2022, the Company's wholly owned subsidiary, Stand Best Creation Limited, entered into a purchase agreement with New Stonehenge Limited (the "Buyer") pursuant to which the Company sold its ceramic tile manufacturing business to the Buyer in exchange for a 5% unsecured promissory note with a principal amount of US$ 8.5 million. The note will mature in four years and the 5% interest and principal amount on the note is to be paid in four annual installments. On February 21, 2023, the Company's shareholders approved this transaction, and on April 28, 2023, this transaction was closed.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers. For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements, please email investor@aehltd.com.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC real estate, construction and technology sectors continuing to exhibit sound long-term fundamentals, our ability to bring additional ceramic tile production capacity online going forward as our business improves, our ceramic tile customers continuing to adjust to our product price increases, our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead, and whether our enhanced marketing efforts will help to produce wider customer acceptance of the new price points; and our ability to continue to grow our business management, information system consulting, and online social commerce and live streaming business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.