GlobeNewswire Inc | Nov 8, 2021 08:30AM EST

November 08, 2021

NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) -- BIMI International Medical Inc.(NASDAQ: BIMI) (BIMI or the Company), a leading healthcare products and services provider, today announcedthat it has signed a Memorandum of Understanding (MoU) for the acquisition 100% interest ofBengbu Mali Maternity Hospital through BIMIs common shares at the price of $3.00 per share.

Bengbu Mali Maternity Hospital is a professional obstetrics and gynecology hospital, which provides services to around 30,000 patients per year. The hospital was founded in 2015, with outpatient and inpatient buildings totaling 24 floors. The profit of the hospital was $218,708 (RMB140,0000) in 2019 and predicted to be $937,324 (RMB 600,0000) in 2022.

Bengbu Mali Maternity Hospitals departments include internal medicine, obstetrics and gynecology, pediatrics, emergency medicine, and anesthesiology. Apart from traditional obstetrics and gynecology services, the hospital has personalized health services for women, including pre-pregnancy services, postpartum repair, and infant care. It also has programs in slimming shaping, repairing postpartum scars, and private reproductive health management.

Under the terms of the MoU, BIMI International Medical Inc.is to acquire 100% interest in Mali Maternity Hospital. Currently, BIMI plans to designate an independent third party for auditing and evaluating the hospital. Next, based on the qualified auditing and evaluating results, BIMI and the hospital plan to sign a Stock Purchase Agreement and BIMI would purchase the hospital. Finally, the hospital is to become a wholly-owned subsidiary of BIMI.

We are delighted that our hospital could join BIMI. We look forward to working with them and bringing our customized high-end maternity technology and services to help more patients, said Ms. Zhenmei Jin, the majority shareholder of Mali Maternity Hospital.

Mali Maternity Hospital is the first specialist hospital we are acquiring. With its advanced medical technology and equipment, obstetrics and gynecology could be a strength in our online-to-offline hospitals, and more patients could get help. We also plan to organize free online events for patients to communicate with doctors, said Mr. Tiewei Song, Chief Executive Officer and President of BIMI International Medical Inc.Entering into this MoU with Mali Maternity Hospital is a big step in expanding our online-to-offline network not only in terms of the geographic network but also of medical technology and talents network. After this acquisition closed, we will have six hospitals.

About BIMI International Medical Inc.

BIMI 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 five private hospitals in China. For more information, please visitwww.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.

IR Contact:

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