NF Energy Saving Corporation Completes Acquisition of Boqi Zhengji Pharmacy Chain Co., Ltd.
October 14 2019 - 9:59AM
NF Energy Saving Corporation (NASDAQ: BIMI) (“BIMI” or the
"Company") announced today that it has completed the acquisition of
Boqi Zhengji Pharmacy Chain Co., Ltd. (“Boqi Zhengji Pharmacy”), a
China-based pharmacy chain company with more than 300 stores,
including both directly operated stores and franchisees.
Founded in 2017, Boqi Zhengji Pharmacy Chain Co., Ltd. is a
China-based pharmacy chain company, with more than 300 stores,
including both directly operated stores and franchisees. The
pharmacies typically sell about 6,000 types of drugs, of which more
than 600 are under exclusive sales arrangements. The company has
more than 10,000 member customers with an average annual spending
of RMB 3,000- 5,000 (USD 423- 705) per member.
As previously disclosed, on April 11, 2019, the Company entered
into a stock purchase agreement (the “Agreement”) with Lasting
Wisdom Holdings Limited, a company organized under the laws of the
British Virgin Islands, PUKUNG LIMITED, a company organized under
the laws of Hong Kong, Beijing Xin Rong Xin Industrial Development
Co., Ltd., a company organized under the laws of the PRC, Boqi
Zhengji Pharmacy Chain Co., Ltd. a company organized under the laws
of the PRC (“BOQI”) and several additional individual sellers
listed in the Agreement. The aggregate purchase price for the
shares of BOQI (or BOQI’s parent) consists of a cash consideration
of RMB 40,000,000 (USD 5,643,181) and up to 1,500,000 shares of
common stock of the Company.
“We are pleased to complete the acquisition of Boqi Zhengji
Pharmacy as promised. The acquisition is a substantial milestone
for us to shift to the health industry while the market is
booming,” said Mr. Tiewei Song, Chief Executive Officer and
President of NF Energy Saving Corporation. “We look forward to
continuously enhancing Boqi Zhengji Pharmacy's existing client
relationships, and exploring partnership opportunities with new
organizations.”
About NF Energy Saving CorporationNF Energy Saving
Corporation (NASDAQ: BIMI) is a China-based provider of integrated
energy conservation solutions utilizing energy-saving equipment,
technical services and energy management re-engineering project
operations to provide energy saving services to clients. In
February 2019, the Board of Directors of the company was
reorganized following efforts led by Mr. Yongquan Bi, the company’s
new Chairman, with a renewed focus on the health industry.
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IR Contact:Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: BIMI@dgipl.com
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