BOQI International Medical Announces $10 Million Medical Device Purchase Agreement with Chongqing Kegemo Biotechnology

New York, March 27, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced that its wholly-owned subsidiary, Chongqing Guanzan Technology Co., Ltd. (“Chongqing Guanzan”), has entered into a $10 million medical device purchase agreement with Chongqing Kegemo Biotechnology Co., Ltd. (“Chongqing Kegemo”).Under the terms of the agreement, Chongqing Kegemo agreed to purchase 100,000 medical isolation gowns, 60,000 disposable protective coveralls, 10 Philips CT machines, 300 noninvasive ventilators, 10 digital radiography systems and 50 digital laryngoscopes (the “Medical Devices”) from Chongqing Guanzan. The aggregate purchase price to be paid is RMB 75,254,000 (estimated at $10,637,960). Chongqing Guanzan shall follow the shipping instructions provided by Chongqing Kegemo and deliver the Medical Devices after the payment is made.“We’ve been working around the clock to increase the availability of supplies and prioritize the allocation of resources to ensure the quality and delivery of these medical devices,” said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. “The COVID-19 outbreak has led to increased demand for our products. We are also in discussions with other partners, that as we increase the availability of supplies, we aim to make them accessible to both domestic and foreign customers.”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 following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry. The company is now transforming from a provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to a medical and health service provider. BOQI International Medical Inc. offers a broad range of consumer-directed health products and related services, including medical, pharmacy and behavioral health plans, chronic disease management services, and health information technology products and services. BOQI International Medical Inc. is community-based and locally focused, engaging consumers with more affordable, accessible, simple and seamless care they need when and where they need it.Safe Harbor StatementThe statements contained herein that are not historical facts are considered “forward-looking statements.” Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: [email protected]

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