BIMI announces plans to acquire Boqi Zhengji Pharmacy Chain Co., Ltd.
March 19 2019 - 11:15AM
NF Energy Saving Corporation. (NASDAQ:BIMI)
(“
BIMI” or the "
Company")
announced today that it has entered into discussions to acquire
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.
The transaction is at an advanced negotiations
stage and a definitive agreement is expected to be reached shortly.
The agreement will be subject to standard closing conditions and
approvals, including certain regulatory approvals. BIMI plans for
Boqi Zhengji Pharmacy to operate as a wholly-owned subsidiary led
by its existing management team.
Yongquan Bi, Chairman and CEO of the Company,
said, "I am excited at the prospect of this transaction. Boqi
Zhengji Pharmacy’s volume of business, large customer resources and
talented team will be integrated with the core competitiveness of
BIMI, effectively promoting our rapid development of a medical
service chain and improving our renewed production and marketing
efforts. I am confident that Boqi Zhengji Pharmacy will become an
important component of the Company’s new robust health
strategy.”
A representative of Boqi Zhengji Pharmacy said,
“We have always been committed to building a variety of business
models, continuously increasing our sales and utilizing existing
geographical and system advantages to expand service groups and
build excellent pharmacy chain service brands. After becoming part
of BIMI, we will be able to expand the supply of medium and
high-end products and services, achieve more effective matching of
supply and demand and increase profitability.”
Non-Solicitation
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval.
Forward-Looking Statements
The statements contained herein that are not
historical facts are considered "forward-looking statements." Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the
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responsibility to publicly release any revisions to these
forward-looking statements to take into account events or
circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
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Language
In the event of any conflict between this
English language version of the press release and any subsequent
translation or version in Chinese or in any other language, this
English language version shall govern and control.
About NF Energy Saving
Corporation NF 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 and CEO, with a renewed focus on the health
industry.
About Boqi Zhengji Pharmacy Chain Co., Ltd.
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 3000-5000 per
member.
For more information contact:
Xiaoyu Li Xiaoyu.li.ch@hotmail.com +86 13304110519
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