LOS ANGELES, March 9, 2021
/PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, "ATIF" or
"We"), a holding group providing business and financial consulting
in Asia and North America, today announced that on
March 1, 2021, the Board of Directors
approved the cancellation of 5,555,548 ordinary shares, more
than 10.8% of current outstanding shares. As a result, ATIF's
outstanding share count decreased from 51,362,500 shares to
45,806,952 shares.
The 5,555,548 ordinary shares were repurchased, subsequently
unissued and held as treasury shares in relation to the Leaping
Group Co, Ltd. transaction completed in February of 2021.
"We are looking at all strategic initiatives as businesses
around the world emerge from the pandemic," said Pishan Chi, Chief
Executive Officer of ATIF, "The transition of our business model
and exit of Leaping Group Co., Ltd. reflects our ability to adapt
to changing environments. Our first step towards enhancing
shareholder value is disposing of a business which is anticipated
to require an extended period of recovery time and reducing our
outstanding shares. We are confident in our ability to execute on
recently announced business plans and commence our asset management
segment to further generate shareholder returns."
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.
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SOURCE ATIF Holdings Limited