HANGZHOU, China, April 26,
2022 /PRNewswire/ -- Jiuzi Holdings, Inc.
(NASDAQ: JZXN; the "Company"), a new energy vehicles franchisor and
retailer under the brand name "Jiuzi" in China, today announced that, on April 11, 2022, the Company, through its
subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co.
Ltd. ("Hangzhou Jiuyao"), has entered into an equity acquisition
agreement (the "Agreement") to acquire 72.05% equity interest in an
automobile sales service shop operator, Huizhou Jiwo Automobile
sales service Co. Ltd. (the "Target"), from Guangdong Huarui
Automobile Sales Service Co., Ltd. ("Guangdong Huarui"), a
subsidiary of a top China
automaker Geely Auto Group, which produces the premium electric
vehicle brand "Geometry."
Geometry is Geely Auto Group's independent pure electric vehicle
("EV") sub-brand that focuses on the manufacture of sedans and
SUVs. Launched in 2019, Geometry unveiled its latest SUV model EX3
in September 2021. This model is
powered by liquid-cooled battery and can sustain a range of 322 km
(200 miles).
Pursuant to the Agreement, Hangzhou Jiuyao will acquire 72.05%
equity interest in the Target and will make an investment into the
Target's registered capital upon completion of the transaction
under the requirement of China's
commercial policies. The Target is the sole authorized dealer for
Geometry EVs in Huizhou city,
Guangdong province. It is also a
repair center for vehicles participating in online hailing
services, and provides integrated auto services such as EV sales
and after-sale maintenance. The Target sold more than 1,000 units
of EVs in 2021.
Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "This
acquisition is an important strategic milestone for our Company.
The addition of the high-end EV brand Geometry of Geely Auto Group
furthers our multi-brand strategy and achieve another major
advancement by upgrading our competitiveness and securing
sustainable development in the future. It will also drive our
continuous business growth in the new fiscal year. Furthermore,
since Geometry could potentially achieve over 1,000 unit sales, we
are confident that the model will contribute significantly to our
annual sales in 2022. Notably, it also marks a meaningful step for
our Company in penetrating the southern China market."
"As competition becomes increasingly fierce in the new energy
vehicle market, JZXN will continue to innovate, forge ahead,
improve our competitive strength, and manifest our brand's core
value through forward-looking strategic planning, in order to build
a first-class smart trading platform for new energy vehicles and to
provide consumers with a premium green travel experience."
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017,
franchises and operates retail stores under the brand name "Jiuzi"
to sell New Energy Vehicles ("NEVs") in third-fourth tier cities in
China. The Company mainly sells
battery-operated electric vehicles, and sources NEVs through more
than twenty NEV manufacturers. It has 31 operating franchise stores
and one company-owned store. For more information, visit the
Company's website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs, including the expectation that the Offering
will be successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. 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 investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from
China)
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SOURCE Jiuzi Holdings, Inc.