E-Home Household Service Holdings Limited Enters into a Memorandum of Understanding to Wholly Acquire a Provider of New Energy Solutions
E-Home Household Service Holdings Limited (Nasdaq: EJH) has signed a non-binding MOU to acquire 100% of Fujian Min High-tech Energy Technology Co., Ltd. The acquisition involves cash and stock, marking E-Home's expansion into the new energy sector. Min High-tech Energy specializes in solar, wind, and biomass energy, alongside energy efficiency management. The Chairman of E-Home stated this acquisition aims to enhance energy optimization and align with national energy conservation goals. The company plans further acquisitions to bolster competitiveness.
- Acquisition of Min High-tech Energy could enhance E-Home's business diversification into the new energy field.
- Potential synergies from Min High-tech Energy’s expertise in energy efficiency management may boost E-Home's service offerings.
- Strategic partnership with State Power Investment Group could lead to new energy project opportunities.
- Integration challenges may arise from merging E-Home's services with new energy operations.
- Financial strain due to cash and stock components of the acquisition could affect investor sentiment.
FUJIAN, China, Nov. 14, 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 through its wholly-owned subsidiary E-Home Household Service Holdings Limited (Hong Kong) (the “E-Home Hong Kong”), has entered into a non-binding Memorandum of Understanding (the “MOU”) with Fujian Min High-tech Energy Technology Co., Ltd. (the “Min High-tech Energy”) to acquire
As a holding subsidiary of Fujian Mingao Electric Power Co., Ltd., Min High-tech Energy is a domestic company focusing on investment, construction, and operation of solar power, wind power and environmental protection (biomass) power generation, automobile charging stations, energy storage, integrated energy, and other projects, and is committed to provide energy efficiency management and electricity safety solutions for enterprise microgrids. Furthermore, Min High-tech Energy has a strategic cooperation agreement with the State Power Investment Group Corporation (the “SPIC”) to jointly invest and build new energy power stations across the country.
Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: “We are excited to announce we entered into a MOU for the acquisition of Min High-tech Energy and begin this strategic initiative of expanding our business into the new energy field. Leveraging Min High-tech Energy’s technology and resources advantages, we will help more companies optimize their energy structure and cultivate new economic growth. At the same time, in line with the national industrial policies, and respond to the 14th Five-Year energy conservation and emission reduction goals, we will actively promote the clean and low-carbon development of the energy system. I do believe Min High-tech Energy can be the catalyst for our future growth and sustainable performance.”
“Our goal is to actively explore markets, promote corporate image and improve service quality. We will continue to look for acquisition opportunities that enhance our expansion strategy and strengthen our competitiveness in the market.”
About E-Home Household Service Holdings Limited
Established in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its website and WeChat platform “e家快服”, provides integrated household services, including 1) installation and maintenance of home appliances and smart homes; 2) Housekeeping, nanny, confinement nurse and cleaning services; 3) Internet elderly care + home-based elderly care; 4) Hospital care; 5) Nanny delivery platform.
After years of development, the Company has formed two main services and four auxiliary services targeting at individual consumers (ToC) and business clients (ToB). 1) The ToC business focuses on nanny, confinement nurse, home-based elderly care and cleaning, and family comprehensive service supplemented by other housekeeping services. At present, it has successfully connected with metaverse technology to realize metaverse-based customer service as well as training of domestic workers. The ToB business focuses on public cleaning and cleaning robotic equipment. Four auxiliary services include 1) docking and application of metaverse technology to housekeeping and cleaning industries; 2) online and offline sales of medicine and health food (including nannies and nursing workers); 3) training on nannies and nursing workers to engage in health care in physical stores; 4) human resources (flexible employment).
E-Home has become a modern enterprise of comprehensive service for family life. The Company always adheres to the business philosophy of “solving every issue of customers with heart”, and to the code of conduct of “doing everything well with heart”. The Company aims to set the benchmark of the household service industry. For more information, visit the Company’s website at http://www.ej111.com/ir.html.
Forward-Looking Statement
All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company’s filings with the SEC, that may affect the Company’s future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.
For more information, please contact:
| Janice Wang | |
| Wealth Financial Services LLC | |
| Phone: | +86 13811768599 |
| +1 628 283 9214 | |
| Email: | services@wealthfsllc.com |
FAQ
What is the recent acquisition by E-Home (EJH)?
How will the acquisition of Min High-tech Energy impact E-Home (EJH)?
What are the main services offered by Min High-tech Energy?
What goals does E-Home hope to achieve with this acquisition?
Is the acquisition of Min High-tech Energy finalized?
