ATIF Holdings Limited Announces Entry of Sale and Purchase Agreement Regarding Issued Shares of Leaping Group Co., Ltd
January 19 2021 - 5:30PM
ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company
providing business consulting and multimedia services in Asia and
North America, today announced that it entered into the Sale and
Purchase Agreement regarding issued shares of Leaping Group Co.,
Ltd. for the disposition of Leaping Group Co., Ltd. (“Leaping”)
Due to the continued impact of COVID-19 in
China, the Company believes that it will take longer and additional
capital for traditional entertainment and cinemas business like
Leaping to recover. As previously announced, the Company has moved
its headquarter in California and is transitioning to its new
business model covering three major sectors: asset management,
investment holding and media services. The management of the
Company believes that the Company no longer has synergy with
Leaping with its cinema advertising and cinema operation business.
The Company and the management of Leaping also have different view
of Leaping’s future business direction.
On January 14, 2021, the Company entered into the Sale and
Purchase Agreement Regarding Issued Shares of Leaping Group Co.,
Ltd. (the "Agreement”) with the substantial shareholders of
Leaping, Jiang Bo, Jiang Tao and Wang Di (collectively the
“Buyer”). Pursuant to the Agreement, the Company will sell
10,217,230 ordinary shares of Leaping in exchange for (i) 5,555,548
ordinary shares of the Company owned by the Buyers, and (ii)
payment by the Buyers in the amount of US$2,300,000 plus interest
at an interest rate of 10% per annum on the unpaid amount if the
principal amount of US$2,300,000 is not paid by January 14, 2022.
All principal and accrued and unpaid interest shall be due on
January 14, 2023. After completion of the transaction, the Company
shall no longer hold any shares of Leaping and Leaping shall no
longer be subsidiary of ATIF.
About ATIF Holdings
LimitedHeadquartered in Los Angeles, California, ATIF
Holdings Limited ("ATIF") is a holding group with asset management,
investment holding and media services sectors and provide business
consulting services to small and medium-sized enterprises in Asia
and North America, 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. 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.
For more information, please contact Investor Relations at:
EverGreen Consulting Inc.
Janice Wang
+86-13811768559
+1-908-510-2351
IR@changqingconsulting.com
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