Benzinga | Apr 14, 2021 08:32AM EDT

UPDATE: ZK International Joint Venture With Altbanc, xSigma Lending, to Be 51% Owned By ZK, 49% Owned By Altbanc

ZK International Group Co., Ltd. (NASDAQ:ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that the Company has entered into a Letter of Intent to form a joint-venture with Altfunding, LLC, doing business as "Altbanc", a rapidly-growing, privately-held alternative lending platform. The Joint Venture will be branded as "xSigma Lending" where Altbanc will hold 49% ownership and ZKIN will hold 51% ownership. The purchase price is $2,000,000. The new partnership is expected to accelerate Altbanc's business development, while providing income yielding returns and value for ZKIN and its shareholders.