Benzinga | Nov 30, 2020 08:36AM EST

BOQI International Medical Inc. Enters Into MOU To Acquire Chaohu Zhongshan Minimally Invasive Hospital

NEW YORK, Nov. 30, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ:BIMI) ("BIMI" or the "Company") today announces the signing of a Memorandum of Understanding (MOU) with Chaohu Zhongshan Minimally Invasive Hospital ("Chaohu Hospital") on November 27, 2020.

Pursuant to the MOU, BOQI International Medical Inc. and Chaohu Zhongshan Minimally Invasive Hospital have been reached a preliminary consensus on mergers and acquisitions. Both BIMI and Chaohu Hospital agreed to share their customer resources as well as co-develop franchisees and members locally after signing this MOU. And they agreed to sign a Stock Purchase Agreement("Agreement") after completing the relevant assessment and evaluation of Chaohu Hospital. Chaohu Hospital agreed to cooperate with BIMI's auditor to complete the audit work within 73 days after signing the Agreement. BIMI agreed to complete the relevant business procedures for the transaction within one month after signing the Agreement.

Chaohu Zhongshan Minimally Invasive Hospital was founded in 2005. It is a professional minimally invasive hospital in Chaohu City with nearly 200 doctors, minimally invasive technologists, and medical technicians. The hospital has a 6-floor-building providing inpatient and outpatient services, covering an area of more than 100,000 square feet. It develops minimally invasive techniques for obstetrics and gynecology surgeries, such as laparoscopic hysterectomy, ovarian cyst removal, fallopian tube recanalization, and ectopic pregnancy. The hospital has advanced diagnosis and treatment equipment, including Laparoscopy, Hysteroscopy System, Digital Electronic Colposcope, Surgical LEEP Electrosurgical Unit, Holmium Laser Therapy Apparatus, and Doppler ultrasonography, etc.

"With the liberalization of fertility policy, the prospects for obstetrics and gynecology healthcare is promising," said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. "BIMI plans to acquire more maternity hospitals, combined with our online healthcare platform, to establish an online-to-offline medical service chain. The service chain plans to include obstetrics and gynecology hospitals, birth centers, and body sculpting institutes, to cope with the increase in healthcare demands."