HONG KONG, May  29, 2024  (GLOBE NEWSWIRE) -- Neo-Concept International Group Holdings Limited (Nasdaq: NCI) (the "Company"), a one-stop apparel solution services provider, today announced a game-changing acquisition. The company has signed an Asset Purchase Agreement ("APA") to acquire the intellectual property ("IP) and R&D capabilities of its affiliated company, Neo-Concept (Holdings) Company Limited ("NCH").

Under the deal, NCI will take full ownership of the highly-valuable "Les100Ciels" and "SIU" brands, including all associated trademarks and trade names. Crucially, this includes the transfer of the R&D teams responsible for these in-demand labels.

"This strategic move turbocharges our retail expansion, especially in the booming Middle East markets," declared Miss Eva Siu, Chairlady and CEO of NCI. "The current licensing model simply doesn't give us the control we need. Now, with full IP ownership, we can supercharge our growth plans."

NCI's CFO, Mr. Patrick Lau, echoed this sentiment: "Owning these prized assets outright eliminates potential costly royalties and end licensing uncertainties once and for all. It's a game-changer that will maximize shareholder value as we scale up our retail footprint worldwide."

The asset transfer is expected to be completed within 6 months, setting the stage for NCI's next phase of dynamic growth.