GlobeNewswire Inc | Nov 9, 2020 08:30AM EST

November 09, 2020

NEW YORK, Nov. 09, 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 Cogmer Biology Technology Co., Ltd (Cogmer Biology) on October 28, 2020.

Pursuant to the MOU, BOQI International Medical Inc. and Chongqing Cogmer Biology Technology Co., Ltd agreed to move forward on four stages of work, including completing all relevant assessment and audit of Cogmer Biology, completing on-site audit and evaluation of Cogmer Biology, signing a Stock Purchase Agreement based on the audit and evaluation result, and completing the relevant business procedures for the transaction.

Chongqing Cogmer Biology Technology Co. Ltd is a modern technology company that provides comprehensive solutions for medical laboratories in hospitals and clinics. Cogmer Biology is mainly engaged in the sales of medical equipment and in vitro diagnostic (IVD) reagents, including immunofluorescence analyzer, chemiluminescence immunoassay analyzer, automatic hematology analyzer, and fully automatic biochemistry analyzer. At present, Cogmer Biology has 100+ cooperative manufacturers, 200+ distribution partners, and 500+ direct customers.

Cogmer Biology is one of our existing customers who has purchased over $10 million of our medical devices. It has professional laboratory technicians and consultants, and provided hospitals with advanced medical devices to improve the quality of medical care. Both Cogmer Biology and BIMI havethe good willto enhance the positive relations and to deepen cooperation on the wholesale medical devices business, said 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