Benzinga | Oct 20, 2020 08:04AM EDT

ATIF Holdings Limited Signs Letter Of Intent To Acquire Illuminated Air Purification Solution Provider To Expand Into Healthcare Technology Field

SHENZHEN, China, Oct. 20, 2020 /PRNewswire/ -- ATIF Holdings Limited (NASDAQ:ATIF, the &quot, Company&quot, ))), a company providing business consulting and multimedia services in Asia, announced that on October 11, 2020, the Company has entered into a non-binding letter of intent (the "LOI") to acquire 51% equity interest in Xi'an Green Fun Technology Co., Ltd. ("Green Fun"), a high technology company focused on research, development and manufacturing of illuminated air purifier products.

Pursuant to the LOI, the Company will acquire no less than 51% equity interest in Green Fun (the "Proposed Transaction"). The Proposed Transaction is subject to a definitive acquisition agreement to be negotiated between the two parties, following further financial and legal reviews and approval of the Company's Board of Directors, as well as other customary closing conditions.

Mr. Pishan Chi, the CEO of ATIF commented, "We are impressed by the research, development and operation capabilities of the Green Fun and optimistic about the niche market of illuminated air purification. We believe the acquisition of 51% of Green Fun will provide solid contribution to our earnings and pave the way for us for further growth. The market of air purification and sterilization products became especially hot since the epidemic of COVID-19, which has driven the growth of Green Fun's overall business. We are currently evaluating market opportunities in this new business and seeking more acquisition opportunities to achieve sustainable growth of our business."