Renren Inc. Announces Software License Agreement, Business News

PHOENIX, April 8, 2022 /PRNewswire/ — Renren Inc. (NYSE:RENN) (“renren“or the”Company“), announces today that the Company has signed a software license and distribution agreement (“License agreement“) with Guangzhou Yupu Software Technology Co., Ltd. (“Canton YupuThe License Agreement grants Renren, through its subsidiary SaaS Logistics US, Inc., a perpetual, exclusive, and irrevocable license to modify, sell, and commercially exploit the Licensed Software throughout the world, except in mainland China, for a single consideration of RMB2 million (equivalent to $0.31 million). Along with the license agreement, Renren entered into an employment agreement with Mr. Song Rui, former CEO of Guangzhou Yupu. Mr. Song will serve as CEO of SaaS Logistics US, Inc. The company plans to further develop and expand its suite of driver-centric SaaS services with the acquired software license assets.

About Renren Inc.

Renren Inc. (NYSE:RENN) operates several U.S.-based SaaS businesses, including Chime, a CRM and marketing automation platform, and Trucker Path, a trip planning and business app for truckers long-haul. Renren’s ADSs, each currently representing 45 Class A common shares of the Company, trade on the NYSE under the symbol “RENN”.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Renren may also make written or oral forward-looking statements in its filings with the United States Securities and Exchange Commission (the “SECOND“), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements on Renren’s beliefs and expectations, are conveyed – forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The forward-looking statements included in this press release do not are not guarantees of future events, and that actual events may differ materially from those expressed or implied by the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may may turn out to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Further information regarding these and other risks is included in our Annual Report on Form 20-F and in other filings with the SEC. All information provided in this press release is as of the date of this press release, and Renren undertakes no obligation to update any forward-looking statements except as required by applicable law.