Cleantech Solutions International Announces Shareholder Approval of Corporate Name Change to Sharing Economy International Inc.

HONG KONG, Dec. 14, 2017 /PRNewswire/ -- Cleantech Solutions International, Inc. ("the Company") (Nasdaq: CLNT) today announced that the Company's shareholders approved the change of the Company's name to Sharing Economy International Inc. In connection with the name change, the Company has applied for a new ticker symbol "SEII" for its common stock. The Company's shares will continue to trade on the NASDAQ Capital Market under the symbol "CLNT" until approval of the new symbol is received.

The change of corporate name was approved at the Company's 2017 annual meeting of shareholders held on December 14, 2017, at which the shareholders elected Jianhua Wu, Ping Kee Lau, Cho Fu Li, Xue Leng and Ying Ying Wong to the board of directors of the Company to serve until the next Annual Meeting and approved an amendment to the Company's articles of incorporation to change the Company's name to Sharing Economy International Inc.

"We are excited to adopt our new corporate name, which is more closely aligned with our strategic focus on technology and global sharing economy markets," said Parkson Yip, COO of Sharing Economy International Inc. "Collaborative consumption will continue to shape the future for years to come, becoming an important element of consumers' everyday lives while making a positive impact on the environment. We continue to develop online platforms and form rental business partnerships that will put us on the path to future growth."

About Cleantech Solutions International, Inc.

Cleantech Solutions International, Inc., through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company's latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended September 30, 2017. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

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SOURCE Cleantech Solutions International, Inc.