GlobeNewswire Inc | Jun 7, 2021 08:00AM EDT

June 07, 2021

NEW YORK, June 07, 2021 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (BIMI or the Company), a leading healthcare products and services provider in China, today announced that it has filed a definitive proxy statement for its 2021 annual meeting of stockholders on May 11, 2021 and expects to hold its 2021 annual meeting of stockholders on June 15, 2021 at 9:00 a.m. (Beijing Time), at the Yuzhou Hotel, 168 Yuzhou Road, Yuzhong District, Chongqing, China.

As fully discussed in the definitive proxy statement described below, the stockholders will be asked to consider and vote upon the following proposals at the annual meeting:

1.To elect the seven nominees named in the accompanying proxy statement to serve as directors of the Company until the next annual meeting of stockholders and until their respective successors have been duly elected and qualified;

2. To approve an amendment to the Companys Certificate of Incorporation to change the name of the Company to BIMI International Medical Inc.;

3.To approve, in accordance with Nasdaq Marketplace Rule5635, the issuance of shares of the Companys common stock to be issued upon the (i)conversion of $3.3million of newly issued senior secured convertible notes sold to two institutional investors (the Institutional Investors) on February28, 2021; (ii)exercise of warrants to purchase of up to 760,000shares of the Companys common stock issued to the Institutional Investors; and (iii)exercise of warrants to initially purchase 173,745shares of the Companys common stock, subject to increase, issuedto the placement agent for the private placement of the senior secured convertible notes and warrants to the Institutional Investors;

4.To approve, in accordance with Nasdaq Marketplace Rule5635, the issuance of 4,600,000shares of the Companys common stock to the seller of Chongqing Guanzan Technology Co., Ltd (or her designated assignee(s)), as payment of the balance of the post-closingconsideration;

5.To approve, on an advisory basis, the compensation of the Companys executive officers named in the accompanying proxy statement;

6.To ratify the appointment of Audit Alliance LLP as the Companys independent registered public accounting firm for the year ending December31, 2021; and

7.To transact such other business as may properly be brought before the Annual Meeting and any adjournment or postponement thereof.

Stockholders of record at the close of business on April 30, 2021 are entitled to receive notice and vote at the annual meeting. All stockholders are cordially invited to attend the meeting. Whether or not you plan to attend the Annual Meeting, we encourage you to vote and submit your proxy by telephone, via the Internet or by mail. For additional instructions, voting by telephone or via the Internet, please refer to the proxy card. To vote and submit your proxy by mail, please complete, sign and date the enclosed proxy card and return it in the enclosed envelope. If you hold your shares through an account with a brokerage firm, bank or other nominee, please follow the instructions you receive from them to vote your shares.

Additional Information

In connection with the annual meeting, the Company filed with the Securities and Exchange Commission (the "SEC") on May 11, 2021, a definitive proxy statement, which is publicly available, and has mailed such definitive proxy statement to stockholders on or about May 14, 2021.INVESTORS AND STOCKHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND OTHER MATERIALS FILED WITH THE SEC IN CONNECTION WITH THE ANNUAL MEETING, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSALS.Stockholders may access the Company's definitive proxy statement, without charge, at the SEC's website www.sec.gov. Upon email or written request to Ms. Tian Tian, Secretary, IR@usbimi.com or, BOQI International Medical Inc., Room 3601, Building A, Harbour View Place, No. 2 Wuwu Road, Zhongshan District, Dalian City, Liaoning Province, People's Republic of China 116001, we will provide without charge to each person requesting, a copy of our 2020 Annual Report, including the financial statements filed therewith. We will furnish a requesting stockholder with any exhibit not contained therein upon specific request. In addition, the definitive proxy statement, as well as our 2020 Annual Report, are available on our Internet website at http://preview.mobular.net/ASTNA/ast/23661/index.html .

About BOQI International Medical Inc.

BOQI International Medical Inc. was founded in 2006. The Company is now exclusively a healthcare products and provider, offering a broad range of healthcare products and related services and operates two private hospitals in China. For more information, 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 COVID-19, the demand for the Companys products and services 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.

Investor Relations Contact:

Janice Wang

EverGreen Consulting Inc.

Email: IR@changqingconsulting.com

Phone: +1 571-464-9470 (from U.S.)

+86 13811768559 (from China)