GlobeNewswire Inc | Oct 23, 2020 08:30AM EDT

October 23, 2020

NEW YORK, Oct. 23, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (BIMI or the Company) today announces the signing of a Memorandum of Understanding (MoU) with Chongqing Guoyitang Hospital Co., Ltd(Chongqing Guoyitang Hospital) on October 22, 2020.

Pursuant to the MOU, BOQI International Medical Inc. and Chongqing Guoyitang Hospital Co., Ltd. agreed to move forward on four stages of work. First, Chongqing Guoyitang Hospital to complete all relevant assessment and audit information of the hospital. Second, BIMI designates an independent third-party to complete the on-site audit and evaluation. Third, BIMI and Chongqing Guoyitang Hospital to sign a Stock Purchase Agreement based on the audit and evaluation result. Fourth, Chongqing Guoyitang Hospital to complete the industrial and commercial procedures for the equity change.

Chongqing Guoyitang Hospital is a first-level comprehensive hospital that features the treatment of digestive diseases. It covers an area of 43,000 square feet and has more than 200 employees. The hospital has equipped with a series of customized industry-leading equipment for the digestive system, including AAAAA-level endoscopic decontamination and disinfection system, laminar flow theatres, Olympus gastrointestinal electronic scope, Jinshan OMOM capsule endoscopy, high-frequency argon knife, EGEG-2D gastrointestinal electrograph, YHO4E Helicobacter pylori Detector, RONGZHI pulsed electromagnetic field therapy devices, YM-W gastric motility instrument, YD800A colon therapy equipment, etc. Established on November 10, 2015, the hospital has accumulated experience in the treatment of digestive and chronic diseases. The hospital estimated a $7-8.5 million income and a $0.7-0.85 million profit in the year 2021.

Our telemedicine system for hospitals has made initial progress. At this stage, we need to expand cooperation with hospitals to support online customers. Chongqing Guoyitang Hospital is one of our strategic partners and can play an important role in our telemedicine system. Besides, we are looking for other opportunities to acquire more hospitals, continuously enrich our business lines, and bring more benefits to our investors. Said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc.

About BOQI International Medical Inc.

BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized with a focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.usbimi.com.

Safe Harbor Statement

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Companys ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of the Coronavirus (COVID-19), the demand for the Companys products and the Companys customers economic condition, risk of operations in the Peoples Republic of China, general economic conditions and other risk factors detailed in the Companys annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Companys financial results, liquidity and capital resources.

IR Contact:

Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803 Email: BIMI@dgipl.com