Benzinga | Jul 15, 2021 08:32AM EDT

E-Home Household Service Holdings Limited Acquires 100% Of All Tangible And Intangible Assets Of Danyang Situ Fengyi Farm

E-Home Household Service Holdings Limited (NASDAQ:EJH) (the "Company" or "E-Home"), a provider of integrated household services in China, today announced that its affiliated variable interest entity, Pingtan Comprehensive Experimental Area E Home Service Co., Ltd. ("E-Home Pingtan"), entered into a farm transfer agreement (the "Farm Transfer Agreement") with Ms. Ling Chen, pursuant to which E-Home Pingtan or a designated third party will acquire 100% of all tangible and intangible assets of Danyang Situ Fengyi Farm ("Fengyi Farm") in cash from Ms. Chen. We expect that this acquisition will help accelerate the expansion of our senior care business and add to our portfolio of senior care facilities.

Boasting 74 acres of scenic land, Fengyi Farm could be turned into a scenic senior care villa, which will fit our growth strategy of integrating "Internet and smart technology-oriented senior care" with recreation. We expect that Fengyi Farm will serve seniors over 65 years old with short-term and long-term care and certain recreational services. We plan to equip Fengyi Farm with professional nursing staff and various facilities, including a smart home senior living community, a senior care center, and an agricultural products picking and planting activity center, among others.

Wenshan Xie, Chairman and Chief Executive Officer of the Company, commented, "Acquisition of Fengyi Farm is another step in our expansion in the senior care industry. E-Home's in-house training schools will supply Fengyi Farm with professional caregivers and nursing staff to ensure the quality of our senior care services. We are optimistic about the prospect of our senior care business."