Business
E-Home Household Services Holdings Limited Enters into Memorandum of Understanding to Explore Acquisition of Leading Medicine and Personal Care Products Operator in China
FUZHOU, China, April 11, 2022 (GLOBE NEWSWIRE) -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of
About this update from E-home Household Service Holdings Limited
[{"type":"text","content":"FUZHOU, China, April 11, 2022 (GLOBE NEWSWIRE) -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the \"Company\" or \"E-Home\"), a provider of integrated household services in China, today announced that the Company, via its controlled subsidiary E-Home Household Service Holdings Limited, has entered into a Memorandum of Understanding (“MoU”) to explore the acquisition of Zhongrun (Fujian) Pharmaceutical Co., Ltd. (“Zhongrun”), a leading medicine and personal care products operator in China. E-Home expects the acquisition could be completed within the next two month. Pursuant to the MoU, Zhongrun is engaged in 1) Drug development: research and development of new drugs, pharmaceutical excipients, medical devices, health supplements, and consultation services. 2) Drug sales: new and special drug varieties, concentrated drug decoction pieces, proprietary Chinese traditional medicines, chemical pharmaceutical preparations, antibiotic APIs, antibiotic preparations, biological products, etc. 3) Medical equipment: Class I medical equipment, washing and nursing supplies. 4) Special food: Prepackaged food, special food (infant formula food, infant formula milk powder, formula food for special medical purpose, health food) for which Zhongrun has advanced office, storage and logistics self-distribution system. Zhongrun also has great customer base that ranges from public and private hospitals, county-level health centers, clinics and pharmacy chains. It operates via both online and offline sales to serve the target clients, and has achieved an annual sales of over RMB 100 million yuan, according to the MoU. Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: “We look forward to welcoming Zhongrun to E-Home and joining our current household services network in China, as medicine, medical care, and nursing supplies are becoming part of the big health industry and are also necessities of home life. The pharmaceutical industry has become the focus of competition among economic powers. Many countries regard the establishment of the pharmaceutical industry as a symbol of national prosperity. In this era, the pharmaceutical industry will develop more steadily, together with Zhongrun we can bring healthy food and nursing supplies through door-to-door service via our current home service network in China, which is also an effective st...