ATIF Holdings Limited Signs Letter of Intent to Acquire Illuminated Air Purification Solution Provider to Expand into Healthc...
October 20 2020 - 8:00AM
ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company
providing business consulting and multimedia services in Asia,
announced that on October 11, 2020, the Company has entered into a
non-binding letter of intent (the “LOI”) to acquire 51% equity
interest in Xi’an Green Fun Technology Co., Ltd. (“Green Fun”), a
high technology company focused on research, development and
manufacturing of illuminated air purifier products.
Pursuant to the LOI, the Company will acquire no
less than 51% equity interest in Green Fun (the “Proposed
Transaction”). The Proposed Transaction is subject to a definitive
acquisition agreement to be negotiated between the two parties,
following further financial and legal reviews and approval of the
Company’s Board of Directors, as well as other customary closing
conditions.
Mr. Pishan Chi, the CEO of ATIF commented,
“We are impressed by the research, development and operation
capabilities of the Green Fun and optimistic about the niche market
of illuminated air purification. We believe the acquisition of 51%
of Green Fun will provide solid contribution to our earnings and
pave the way for us for further growth. The market of air
purification and sterilization products became especially hot since
the epidemic of COVID-19, which has driven the growth of Green
Fun’s overall business. We are currently evaluating market
opportunities in this new business and seeking more acquisition
opportunities to achieve sustainable growth of our business.”
About Xi’an Green Fun Technology Co.,
Ltd.Headquartered in Xi’an City of China and with branches
in Qingdao, Qinghai, Xinjiang and Tongchuan, Green Fun is a leading
company in the quantum light air purifier industry specified in
providing quantum photocatalytic lighting air purifiers and
professional indoor air purification solutions. Its purifier
product "Explorer" obtained more than ten patents and has been
proven by the Guangdong Microbiological Analysis and Testing Center
for its effective elimination of toxic/ harmful gases, particles,
substances and bacteria. Green Fun has been certified as National
High-Tech Enterprise. Green Fun’s quantum photocatalytic lighting
air purifiers and professional indoor air purification solutions
have been procured by many government agencies, enterprises and
individual customers from multiple provinces and cities in China,
including Xi'an, Shanghai, Jiangxi, Guangxi, Shandong, Gansu,
Xinjiang, Qinghai, and Jiangsu. The products and solutions are
extensively adopted in various places such as schools, hospitals,
public health places, government offices, corporate offices,
factory areas and individual households.
About ATIF Holdings
LimitedHeadquartered in Shenzhen, China, ATIF
Holdings Limited (“ATIF”) is a company providing business
consulting services to small and medium-sized enterprises
in Asia, including going public consulting services,
international business planning and consulting services, and
financial media services. ATIF operates an internet-based
financial consulting service platform IPOEX.com, which provides
prestige membership services including online capital market
information, pre-IPO education and matchmaking services between
SMEs and financing institutions. ATIF has advised several
enterprises in China in their plans to become publicly
listed in the U.S. Through its majority-owned
subsidiary, Leaping Group Co., Ltd., ATIF also
provides multimedia services and is engaged in three major
businesses, including multi-channel advertising, event planning and
execution, film and TV program production and movie theater
operations. ATIF operates the largest pre-movie
advertising network in Heilongjiang
Province and Liaoning
Province of China and also provides advertising
services in elevators and supermarkets. ATIF is often
hired to plan both online and offline advertising campaigns and to
produce related advertising material. In
addition, ATIF invests in films and TV programs and
distributes them in movie theaters or through online
platforms. ATIF is also one of majority shareholders
of AeroCentury Corp. (NYSE American: ACY) which is an
independent global aircraft operating lessor and finance company
specializing in leasing regional jet and turboprop aircraft and
related engines to airlines and commercial users
worldwide. For more information, please
visit https://ir.atifchina.com/.
Forward-Looking StatementsCertain
statements made in this release are “forward looking statements”
within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995. When used
in this press release, the words “estimates,” “projected,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “should,” “future,” “propose”
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantee of future performance,
conditions or results, and involve a number of known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside the Company’s control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: future financial and operating results, including revenues,
income, expenditures, cash balances and other financial items;
ability to manage growth and expansion; current and future economic
and political conditions; ability to compete in an
industry with low barriers to entry; ability to continue to operate
through our VIE structure; ability to obtain additional financing
in the future to fund capital expenditures; ability to attract new
clients and further enhance brand recognition; ability to hire and
retain qualified management personnel and key employees; trends and
competition in the financial consulting services industry; a
pandemic or epidemic; and other factors listed in the Company’s
annual report on Form 20-F and other documents filed with
the Securities and Exchange Commission. The Company undertakes
no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions you that actual results may differ materially from the
anticipated results expressed or implied by the forward-looking
statements we make. You should not rely upon forward-looking
statements as predictions of future events. Forward-looking
statements represent our management’s beliefs and assumptions only
as of the date such statements are made. These forward-looking
statements are made as of the date of this news release.
Contact Person : Janice Wang
Cell Number: +86 13811768559
Email: jwang@changqingconsulting.com
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