BOQI International Medical Announces Closing of Energy Business Spin-Off

New York, June 24, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced the closing of the previously announced sale of its legacy energy saving enhancement business.As previously disclosed, on March 31, 2020, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to sell its legacy energy saving enhancement business conducted through NF Energy Saving Investment Limited and its subsidiaries for $10 million in cash.The transaction closed on June 23, 2020, at which time the Buyer paid the $10 million in full.“The divestiture of the energy saving enhancement business is a key milestone in our strategy to refine our focus,” said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. “The sale allows us to concentrate on our stronger growth and higher-margin operations in the healthcare business while reducing costs and strengthening our financial position.”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 to a healthcare products provider. BOQI International Medical Inc. offers a broad range of healthcare products and related services.Safe Harbor Statement
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