Benzinga | Mar 25, 2021 08:35AM EDT

BOQI International Medical Inc. Enters Into MOU To Acquire 3 Hospitals

BOQI International Medical Inc. (NASDAQ:BIMI) ("BIMI" or the "Company") today announces the signing of a Memorandum of Understanding ("MOU") with two individual sellers ("Sellers") on March 24, 2021, with the intent of acquiring three hospitals, Yunnan Yuxi Minkang Hospital, Wuzhou Qiangsheng Hospital, and Suzhou Eurasia Hospital ("Hospitals"). The Sellers own 100% of the shares of these three companies.

Pursuant to the MOU, BOQI International Medical Inc. and the Sellers have been reached a preliminary consensus on mergers and acquisitions. They agreed to sign a Stock Purchase Agreement ("Agreement") after completing the relevant assessment and evaluation of the Hospitals. After signing the Agreement, the Company will pay the consideration in cash or BIMI's common shares, at a price of $3.00 per share. The Sellers agreed to pay BIMI $75,000 as a deposit within 3 days after signing the MOU.

Yunnan Yuxi Minkang Hospital was established in 1998. It is a comprehensive hospital integrating medical treatment, disease prevention, health care, scientific research, rehabilitation, and physical examination. The hospital covers an area of more than 172,000 square feet. It has more than 20 clinical departments, including internal medicine, minimally invasive surgery, gynecology, urology, traditional Chinese medicine, ENT, laboratory, imaging, anesthesiology, and physical examination center, with 200 beds.

Wuzhou Qiangsheng Hospital is a first-level comprehensive hospital. It has a 4-story building covering an area of more than 56,000 square feet. The hospital has a professional team of more than 50 medical personnel. It has specialists focus on internal medicine, surgery, traditional Chinese medicine, and urology. The hospital has 30 beds. It is equipped with advanced diagnosis and treatment equipment, including the 1000-level laminar flow operating room.

Suzhou Eurasia Hospital is one of the largest andrology specialist hospitals in northern Anhui. It covers an area of more than 56,000 square feet. The hospital has six featured departments, which diagnose and treat prostate disease, sexual dysfunction, reproductive infection, reproductive plastic surgery, male infertility, and urinary stones. It has established a series of advanced diagnosis and treatment systems, including the penile hemodynamic monitoring system, sperm motility analysis system, Kurt multifunctional effect treatment system, ultrasound treatment for the prostate, semiconductor laser therapeutic apparatus, and photodynamic therapy, etc.