BOQI International Medical Inc. Enters into MOU with Chongqing Cogmer Biology Technology Co., Ltd

Rhea-AI Summary

BOQI International Medical Inc. (NASDAQ: BIMI) has signed a Memorandum of Understanding (MoU) with Chongqing Cogmer Biology Technology Co., Ltd on October 28, 2020. The agreement will advance through four stages, including audits and evaluations of Cogmer Biology, culminating in a Stock Purchase Agreement. Cogmer Biology is engaged in sales of medical equipment and IVD reagents and has established a broad customer base. CEO Tiewei Song emphasized the intention to strengthen collaboration in the wholesale medical devices business, building on over $10 million of prior purchases from Cogmer Biology.

Positive

• Signing of a MoU with Chongqing Cogmer Biology, indicating potential growth opportunities.
• Cogmer Biology is an established customer, having previously purchased over $10 million in medical devices.
• The partnership aims to enhance cooperation in the wholesale medical devices sector.

Negative

• None.

NEW YORK, Nov. 09, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announces the signing of a Memorandum of Understanding (MoU) with Chongqing Cogmer Biology Technology Co., Ltd (“Cogmer Biology”) on October 28, 2020.

Pursuant to the MOU, BOQI International Medical Inc. and Chongqing Cogmer Biology Technology Co., Ltd agreed to move forward on four stages of work, including completing all relevant assessment and audit of Cogmer Biology, completing on-site audit and evaluation of Cogmer Biology, signing a Stock Purchase Agreement based on the audit and evaluation result, and completing the relevant business procedures for the transaction.

Chongqing Cogmer Biology Technology Co. Ltd is a modern technology company that provides comprehensive solutions for medical laboratories in hospitals and clinics. Cogmer Biology is mainly engaged in the sales of medical equipment and in vitro diagnostic (IVD) reagents, including immunofluorescence analyzer, chemiluminescence immunoassay analyzer, automatic hematology analyzer, and fully automatic biochemistry analyzer. At present, Cogmer Biology has 100+ cooperative manufacturers, 200+ distribution partners, and 500+ direct customers.  

“Cogmer Biology is one of our existing customers who has purchased over $10 million of our medical devices. It has professional laboratory technicians and consultants, and provided hospitals with advanced medical devices to improve the quality of medical care. Both Cogmer Biology and BIMI have the good will to enhance the positive relations and to deepen cooperation on the wholesale medical devices business,” said Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc.

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 with a focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.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 Company’s 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 the Coronavirus (COVID-19), the demand for the Company’s products and the Company’s customers’ economic condition,  risk of operations in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission. Investors are urged to read the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 for further information about the Company’s financial results, liquidity and capital resources.

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

FAQ

What is the recent MoU signed by BOQI International Medical Inc. (BIMI)?

BOQI International Medical Inc. announced a Memorandum of Understanding (MoU) with Chongqing Cogmer Biology Technology Co., Ltd on October 28, 2020, focusing on audits and evaluations leading to a potential acquisition.

What are the implications of the MoU for BIMI's future?

The MoU could pave the way for expanded business opportunities in the medical devices sector, fostering closer ties with a significant customer.

How much has Cogmer Biology previously purchased from BIMI?

Cogmer Biology has purchased over $10 million worth of medical devices from BOQI International Medical Inc.

What does Cogmer Biology specialize in?

Cogmer Biology specializes in medical equipment sales and in vitro diagnostic reagents, providing solutions for medical laboratories.