E-Home Household Service Holdings Limited Enters into Memorandum of Understanding to Wholly Acquire A Provider of Integrated Corporate Services and Job Skills Training

Rhea-AI Summary

E-Home Household Service Holdings Limited (Nasdaq: EJH) has announced a Memorandum of Understanding to acquire 100% of Fujian Chuangying Business Technology Co., Ltd. The acquisition aims to enhance E-Home's capacity in integrated corporate services and job skills training.

Founded in 2013, Chuangying Business provides training to thousands of enterprises and personnel, positioning itself as a leader in the corporate service sector. E-Home's CEO expressed optimism about leveraging this acquisition to expand their customer base and strengthen training programs, anticipating that it could significantly drive future growth.

Positive

• Acquisition of Chuangying Business is expected to significantly expand E-Home's customer base by thousands of companies.
• Strengthening of household service personnel training, enhancing service quality and competitiveness.
• Chuangying Business's strong profitability could drive sustainable performance for E-Home.

Negative

• None.

FUZHOU, China, July 28, 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 and its wholly-owned subsidiary E-Home Household Service Holdings Limited (Hong Kong) (“E-Home Hong Kong”), have entered into a Memorandum of Understanding (the “MoU”) with Fujian Chuangying Business Technology Co., Ltd. (“Chuangying Business”) and its individual shareholder to acquire 100% stake in Chuangying Business from the individual shareholder, who holds 100% of the equity interests of Chuangying Business, which is a business platform to provide integrated corporate services and job skills training in China.

Founded in 2013 and based in Fuzhou City of Fujian Province, Chuangying Business is one of the few platforms which possesses the capacity to provide comprehensive service and training for enterprises. Furthermore, it develops teaching materials for entry level personnel including household service staffs. Thousands of enterprises and personnel have been trained based on its platform. Chuangying Business has been a well-recognized enterprise in the field of corporate service and skills training.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: “We are excited to announce we acquired Chuangying Business. Leveraging Chuangying Business’s advantages, we will enlarge our customer database by thousands of companies, strengthen our household service personnel training and introduce management talents. I do believe Chuangying Business can be catalyst for our future growth and its strong profitability will power our sustainable performance.”

“Our goal is to actively explore markets, promote corporate image, 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

E-Home Household Service Holdings Limited is a household service company based in Fuzhou, China. The Company, through its website and WeChat platform "e家快服", provides integrated household services, including appliance installation and maintenance, housekeeping services, and Internet based home and senior care. For more information, visit the Company's website at http://www.ej111.com/ir.html.

Forward-Looking Statements

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:

Chunming Xie

Investor Relations

Email: xcm@ej111.com

Phone: +86 15359908086

Janice Wang

EverGreen Consulting Inc.

Email: IR@changqingconsulting.com

Phone: +1 470 940 3308 (from U.S.)

             +86 13811768559 (from China)

FAQ

What is the purpose of E-Home's acquisition of Chuangying Business?

The acquisition aims to enhance E-Home's integrated corporate services and job skills training capabilities.

What is the strategic importance of acquiring Chuangying Business for E-Home?

The acquisition will significantly expand E-Home's customer base and strengthen its service training programs.

What benefits does E-Home expect from Chuangying Business's acquisition?

E-Home expects to enhance service quality, increase competitiveness, and drive future growth through this acquisition.

When was the acquisition of Chuangying Business announced?

The acquisition was announced on July 28, 2022.

How will the acquisition impact E-Home's future performance?

The acquisition is anticipated to power E-Home's sustainable performance through increased profitability and market expansion.