BOQI International Medical Inc. Announces Closing of the Acquisition of Wuzhou Qiangsheng Hospital, Suzhou Eurasia Hospital a...
May 12 2021 - 10:26AM
BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the
“Company”), a leading healthcare products and services provider in
China, today announced that it had completed the acquisition of
three private hospitals in China, namely Wuzhou Qiangsheng
Hospital, Suzhou Eurasia Hospital and Yunan Yuxi Minkang
Hospital.
Pursuant to the acquisition agreement, the aggregate purchase
price for the three hospitals was RMB 162,000,000 (approximately
$24,923,077). The closing consideration was RMB 20,000,000
(approximately $3,076,923) in cash and 4,000,000 shares of the
common stock of BIMI valued at RMB 78,000,000, or $3.00 per share
(approximately $12,000,000). The balance of the purchase price of
RMB 64,000,000 (approximately $9,846,153) is subject to
post-closing adjustments based on the performance of the three
hospitals in 2021 and 2022.
Mr. Tiewei Song, Chief Executive Officer and President of the
Company, commented: “We are delighted to announce the closing of
the acquisition of the three private hospitals which will further
our strategy to build a national high-end gynecology-focused
hospital chain in China.”
About BOQI International Medical Inc.
BOQI International Medical Inc. was founded in 2006. In February
2019, the Board of Directors of the Company determined to focus on
the healthcare industry. The Company is now exclusively a
healthcare products and provider, offering a broad range of
healthcare products and related services and operates two private
hospitals. For more information, please visit www.usbimi.com.
Safe Harbor Statement
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, the Company’s ability
to achieve profitable operations, its ability to continue to
operate as a going concern, its ability to continue to meet NASDAQ
continued listing requirements, the effects of the spread of the
Coronavirus (COVID-19), the demand for the Company’s products and
services in the People’s Republic of China, general economic
conditions and other risk factors detailed in the Company’s annual
report and other filings with the United States Securities and
Exchange Commission.
Investor Relations Contact:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from
U.S.)
+86 13811768559 (from China)
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