Benzinga | Dec 15, 2021 10:44AM EST

Jiuzi Signs Sales Cooperation Contract With Chinese EV Brand Distributor

* Jiuzi Holdings Inc (NASDAQ:JZXN) said its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co Ltd, has entered into a sales cooperation agreement with Brilliance Xinri Automobile Sales Co Ltd.

* Brilliance Xinri is a brand distributor of electric vehicles (EVs) in China.

* Zhejiang Jiuzi will establish a franchise store in Hangzhou City, Zhejiang Province, exclusively for the promotion and sales of the Brilliance Xinri EVs.

* Brilliance Xinri will offer training and cover training-related expenses for the franchise store's sales crew.

* Zhejiang Jiuzi will first order 24 units of Brilliance Xinri EVs and keep a monthly SKU (stock keeping unit) of 24 Brilliance Xinri EVs during the term of the cooperation.

* Price Action: JZXN shares traded lower by 2.50% at $1.56 on the last check Wednesday.