technology – Beijing morning news on November 21st, Mcglaughlin (Nasdaq:MCOX) announced today that its board of directors has approved Yuqu Skynet (Giosis) joint venture interest Mcglaughlin (Giosis Mecoxlane Ltd.) day trading. Mcglaughlin will provide online shopping services in China, while’s M18.com site will be revised to attract a large number of competing independent sellers and brands.
fun Skynet founder and CEO Young Bae Ku will join the fun day Mcglaughlin management team, he will be responsible for the leadership of the joint venture. Young Bae Ku is the founder of the Korean online marketplace Gmarket, and served as chief executive officer of the company from 2001 to 2009. Young Bae Ku and Mcglaughlin, managing director and CEO, will serve as chairman of the fun days of Mcglaughlin, chairman of the board of directors of the United States and China.
the two sides of the transaction documents show interest and Mcglaughlin respectively to the first phase of the net interest day Mcglaughlin invested $15 million and $5 million in cash capital. A non exclusive license. Skynet will provide access to its online marketplace and related intellectual property rights, and is responsible for organizing management team. Mcglaughlin will also provide some non cash assets, including domain name M18.com and some trademarks. After the completion of the transaction, Mcglaughlin will hold interest Skynet and fun day Mcglaughlin 60% and 40% of the shares.
Mcglaughlin is expected to sell its branded goods on the re launch of the fun day Mcglaughlin online marketplace and other third party e-commerce websites in china. Mcglaughlin will provide the most favorable price terms and commissions for the sale, display, marketing and promotion of the goods provided by Mcglaughlin.
Mcglaughlin will continue to sell and sell goods through its call center and store. Mcglaughlin and Mcglaughlin are still interested in the day prior negotiations, hoping to use the warehouse, logistics center and distribution network. Mcglaughlin also plans to set up a new company for customers and third party logistics and order fulfillment services.
Mcglaughlin plans to convene a special general meeting in central Hongkong on December 19, 2012 at 10 a.m.. In addition to the above transaction documents, the completion of the transaction is subject to other terms. As of November 20, 2012, registered shareholders will have the right to know the arrangements for the meeting and special meeting of shareholders the right to vote. (Bing Yan)