LAS VEGAS, Dec. 19, 2017 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a global technology company focused on artificial intelligence, announced that the early success of its first agreement to provide quality customers to Bank of China, thereby reducing loan defaults, has led to a second agreement to provide the same service for a new consumer loan product being launched by the bank. The new contract is expected to generate more than $4 million of revenue for Remark during 2018, an amount that is incremental to the revenue guidance previously provided by the company.
"This deal, in addition to our agreement announced last week with China ShenHua Energy Company, China's largest energy company, which represented the first step toward a larger partnership forecasted to initially generate several millions of dollars of revenue, validate the breadth and depth of our KanKan Artificial Intelligence platform," stated Kai-Shing Tao, Chairman and CEO of Remark Holdings. "The deals also show the continued ability of our platform to provide monetization opportunities that put us in a favorable position to exceed revenue targets we mentioned during our last earnings call."
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou,
China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are
based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Douglas Osrow, CFO
Remark Holdings, Inc.
702-701-9514, ext. 3025
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SOURCE Remark Holdings, Inc.