E-Home Household Services Holdings Limited Awarded Client Household Service Contract from PICC Property and Casualty Co. Ltd.’s Fujian Company

Rhea-AI Summary

E-Home Household Service Holdings Limited (Nasdaq: EJH) announced a new service contract with PICC Fujian, expected to generate RMB2-3 million in annual revenue. The company will provide cleaning and maintenance services to PICC Fujian’s insurance clients as part of an incentive program. Additionally, its subsidiary YouYou secured a RMB1.4 million contract for property cleaning services with Fujian Bon Property Management Group. This will enhance E-Home's service offerings and reinforce its revenue stream, demonstrating its growth potential in the household services market.

Positive

• New service contract with PICC Fujian projected to bring in RMB2-3 million in annual revenue.
• YouYou subsidiary awarded RMB1.4 million contract, enhancing overall service offerings.

Negative

• None.

FUZHOU, China, July 06, 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 the Company has been awarded service contract from PICC Property and Casualty Co. Ltd.’s Fujian company (“PICC Fujian”), to provide property and household appliance cleaning and maintenance services for PICC Fujian’s clients.

Pursuant to the contract with PICC Fujian, E-Home will be the designated household service provider for PICC Fujian’s insurance clients who purchase insurance products from PICC Fujian and are offered additional housekeeping services as part of an incentive rebate program. The partnership with PICC would bring in about RMB2-3 millions service revenue annually.

Meanwhile, Putian YouYou Cleaning Co., Ltd. (“YouYou”), a subsidiary of the Company, has been awarded RMB1.4 million new property cleaning contract by Fujian Bon Property Management Group’s Quanzhou subsidiary (“Bon Quanzhou”). Based on the contract signed, YouYou will provide daily sweep and maintain cleanliness at two designated neighborhoods under Bon Quanzhou’s management.

YouYou is a leading cleaning services provider and a member enterprise at Fujian Province Cleaning Industry Association. E-Home acquired 60% of equity interests in YouYou in January.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: “PICC, as one of the leading insurance companies in China, has broad insurance customer base. We are delighted to be selected by our esteemed client PICC to provide high-quality services, which definitely serves as a testament to our standard and reputation in the industry. We strive to maintain a long and productive partnership with PICC, which shall help generate consistent revenue for E-Home. Youyou continues to operate as an important subsidiary that helps us generate sustainable and significant revenue since the acquisition. We are confident that E-Home will keep this good momentum and seek to continue grow our business for the current financial year.”

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, sister-in-law 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, sister-in-law, 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:

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 recent contract did E-Home Household Service Holdings Limited secure with PICC Fujian?

E-Home secured a service contract with PICC Fujian to provide cleaning and maintenance services for its insurance clients.

How much annual revenue is expected from the PICC Fujian contract for EJH?

The contract with PICC Fujian is expected to generate approximately RMB2-3 million in annual revenue.

What is the value of the contract awarded to YouYou by Fujian Bon Property Management Group?

YouYou has been awarded a RMB1.4 million contract for daily property cleaning services.

How does E-Home's acquisition of YouYou impact its business?

The acquisition of YouYou is expected to generate sustainable and significant revenue for E-Home.

What services does E-Home provide?

E-Home offers integrated household services including appliance installation, cleaning, and elderly care.