China Lending Corporation Retains Deloitte to Assist with Internal Controls and Sarbanes-Oxley Compliance

BEIJING & URUMQI, March 29, 2017 /PRNewswire/ – China Lending Corporation ("China Lending" or the "Company") (Nasdaq: CLDC), a leading non-bank direct lending corporation servicing micro, small and medium sized enterprises (MSME), currently underserved by commercial banks in China, today announced that the Company has engaged Deloitte Touche Tohmatsu ("Deloitte") to assist the Company with certain matters in connection with its internal controls and Sarbanes-Oxley ("SOX") compliance.

Mr. Albert Lyu, Chief Financial Officer of China Lending, commented, "The objective of Deloitte's engagement is to assist the Company with an independent assessment of the managerial, operational and internal controls of the Company. The independent assessment will cover the areas of the Company's corporate controls, financial reporting and disclosure controls, and SOX compliance. In addition, Deloitte will provide suggested recommendations to further improve our internal controls. We look forward to working closely with Deloitte to further improve the effectiveness of our business processes and embrace good corporate governance and risk control measures to ensure the full compliance with the requirements of the Sarbanes-Oxley Act." 

Ms. Jingping Li, Co-founder and Chief Executive Officer of China Lending, added, "As China Lending views the commitment to best practices in corporate governance as an integral part of enhancing shareholder value, we expect the engagement to give us access to Deloitte's highly specialized resources with experience in internal audit, risk and compliance management to meet our growing regulatory compliance needs as we continue to expand our scale and scope."

About China Lending Corporation

Founded in 2009, China Lending is a non-bank direct lending corporation and provides services to micro, small and medium sized enterprises, farmers, and individuals, who are currently underserved by commercial banks in China. Headquartered in Urumqi, the capital of Xinjiang Autonomous Region, with a registered capital of $94.7 million as of December 31, 2016, China Lending is one of the largest direct lending companies in the region in terms of registered capital. For more information, please visit: www.chinalending.com.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that China Lending expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "may," "believe" and "expect." These statements are based on certain assumptions and analyses made by China Lending in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. Actual results may differ materially from those expressed herein due to many factors such as, but not limited to, (1) the ability to obtain or maintain the listing of the Company's securities on the NASDAQ Capital Market; (2) the risk that our recent business combination disrupts the Company's current plans and operations; (3) the ability to recognize the anticipated benefits of our recent business combination, which may be affected by, among other things, closing proceeds, competition and the ability of the business to grow and manage growth profitably; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties indicated from time to time in the proxy statement filed by the Company in connection with the business combination, including those under "Risk Factors" therein, and other factors identified in the Company's prior and future filings with the SEC, available at www.sec.gov.

These forward-looking statements are based on information available as of the date of this press release and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date and the Company undertakes no obligation to update any forward-looking statements contained herein to reflect events or circumstances which arise after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

For investors and media inquiries please contact:

At the Company:
Katrina Wu
Email: [email protected]
Phone: +86-991-316-9617

Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: [email protected]
Phone: +1-732-910-9692

SOURCE China Lending Corporation