LOS ANGELES, Feb. 10, 2021 /PRNewswire/ -- ATIF Holdings
Limited (Nasdaq: ATIF, the "Group", "ATIF" or "we"), a holding
group providing business and financial consulting in Asia and North
America, today released a letter to shareholders from the
Chief Executive Officer and Director of the Company's board of
directors.
Dear shareholders,
The 2020 COVID-19 global pandemic has brought negative impact
and challenges to everyone. However, it brought opportunities for
ATIF to think deeply about our development and to adjust ourselves
to excel in light of the difficult time due to the pandemic. In
reviewing our performance, we strive to continue to serve our
customers in light of adversity, and had strategically transformed
our business model to launch new main business sectors with high
growth potential.
Highlights
1.73 million protective masks donation: At the end
of January and early February 2020
during the outbreak of COVID-19 in Wuhan,
China, we urgently purchased 1.7 million protective masks
for donation and delivered the protective masks in batches to
Wuhan. In April 2020, we further purchased and donated
additional 30,000 protective masks and delivered to hospitals,
government departments as well as local communities in Los
Angeles and New York to help to fight against the
epidemic. We strive to take social responsibility to be good
corporate citizen.
A total of $7.8 million
consulting service agreements: From February to November 2020, we had signed consulting service
agreements totaling $7.8 million with
four Chinese companies and four U.S. companies in anticipation of
their entrance into the U.S. capital market. We
customized the listing planning for companies and helped companies
to obtain quality resources to provide business consulting, capital
market advisory for business planning and strategy development, and
investor and public relations services for companies entering into
the U.S. capital market,
Our client successfully listing on the Nasdaq: In
January 2021, our client Qilian
International Holding Group Limited ("Qilian") announced its
initial public offering on Nasdaq Global Market and had received
aggregate gross proceeds of US$25
million from its Offering, before the deduction of
underwriting discounts and other related expenses. Qilian made a
strong debut on the U.S. stock market as the first Chinese Gansu
stock to go public in the U.S., soaring 100% on the first day of
trading.
Launch of IPOEX.com: In September
2020, we launched an online financial consulting service
platform IPOEX.com to provide global market information and
investment and financing advisory services. IPOEX.com has so far
covered a database of more than 62,000 investment institutions
around the world, and we have developed strategic collaborations
with governmental institutions, chambers of commerce, associations
and enterprises at all levels in China to continuously introduce companies to
become paid members of the platform.
USD$4.0 Million Registered
Direct Offering: In November
2020, ATIF successfully completed the closing of a
registered direct offering for aggregate gross proceeds of
approximately $4.0 million, before
deducting placement agent fees and offering expenses payable by us
with certain institutional accredited investors, demonstrating the
high recognition from global institutional investors for our
performance in the industry and market.
Relocated headquarters to Los
Angeles, U.S., launching new business model: In
January 2021, in order to streamline
the management chain and to improve management control with lower
costs, we officially relocated our operating headquarter
to California, U.S. and launched new business model with asset
management, investment holding and online financial information
business, which we expected to have high revenue and strong profit
growth potential. Asset management is the new main business of
ATIF. With our unique investment trading strategy, our team had
achieved ideal results in 2020. In February
2021, we have completed the filing of our private fund,
ATIF-1, of which the first batch is expected to be USD 50 million.
In light of ATIF moving its headquarter to California and transitioning to a new business
model focusing on asset management, investment holding and media
services, we no longer believe that we have synergy with Leaping
Group Co., Ltd ("LCG"). We decided to dispose our
shareholding in LGC due to LGC's undesirable financial performance,
in order to focus on growing our business and improving our
financial performance. We sold our shareholding of LGC and the
transaction was completed on January 29,
2021 and LGC is no longer our subsidiary.
Moving Forward
In summary, we recognized that we were at a critical time in our
development and maintained a strong sense of awareness. Despite the
challenges that we faced in this period, we have continued to move
our business forward, extending our business sectors building a
more efficient enterprise.
We strive and adjusted ourselves in light of adversity and are
well prepared to enter a whole new track. While making every effort
to serve companies to enter the capital market smoothly, we are
transforming with the aim to create more value, revenue returns for
ATIF and to deliver long-term value for our shareholders.
In conclusion, we want to express our sincere gratitude to
our clients and partners for their trust, to our shareholders for
their continuous support, to our employees and their families for
their faithfulness and incredible loyalty during a challenging time
in light of the pandemic.
Sincerely,
Pishan Chi
Chief Executive Officer and Director
ATIF Holdings Limited
About ATIF Holdings Limited
Headquartered in Los Angeles,
California, ATIF Holdings Limited ("ATIF") is a holding
group with asset management, investment holding and online
financial information business and provide business consulting
services to small and medium-sized enterprises in Asia and North
America. ATIF operates an internet-based financial
information service platform IPOEX.com, which provides
prestige membership services including market information, pre-IPO
education, IR media and matchmaking services between SMEs and
financing institutions. ATIF's investment holding business is to
provide going public consulting, M&A consulting and financial
consulting services to SMEs. ATIF has advised several enterprises
in China in their plans to become
publicly listed in the U.S. ATIF plans to launch securities
investment service and investment advisory in Q1 2021. For more
information, please visit https://ir.atifchina.com/.
Forward-Looking Statements
Certain 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.
View original
content:http://www.prnewswire.com/news-releases/atif-holdings-limited-releases-letter-to-shareholders-from-the-ceo-and-director-of-the-board-301225496.html
SOURCE ATIF Holdings Limited