Benzinga | Apr 21, 2021 09:05AM EDT

Future Fintech To Acquire Money Transfer Company Khyber Money Exchange For $820K

* Future FinTech Group Inc (NASDAQ: FTFT) inked a preliminary term sheet to acquire money transfer company Khyber Money Exchange Ltd for $0.82 million ((euro)0.69 million).

* Future FinTech held $0.96 million in cash and equivalents as of Sep. 30, 2020.

* "We believe that this is a high margin business that will enable us to capitalize upon an increasing level of international money flows and that it could ultimately be synergistic with the Chinese payment settlement services company, Hi-Card Business Service Co., Ltd., in which we are planning to acquire a 60% interest pending due diligence and final negotiation," said Fintech CEO, Shanchun Huang.

* Price action: FTFT shares traded lower by 0.31% at $3.25 in the premarket session on the last check Wednesday.