E-Home Household Services Holdings Limited Intends to Acquire Fujian Liangjie Environmental Service Co.

Rhea-AI Summary

E-Home Household Services Holdings Limited (NASDAQ: EJH) has announced its intention to acquire Fujian Liangjie Environmental Service Co., a leading environmental service provider in China. Liangjie Environment offers a variety of services including daily cleaning and environmental management, employing over 1,500 people and generating annual revenue in the tens of millions of yuan. The acquisition aims to optimize E-Home's business integration and urban service market development, leveraging Liangjie’s advanced cleaning technologies and patents. This strategic move is expected to enhance resource integration and improve team management, promoting rapid development of a new industrial platform.

Positive

• Acquisition of a leading environmental service company, enhancing service offerings.
• Integration of advanced cleaning technologies and patented processes from Liangjie.
• Strategic alignment with top property enterprises, expanding market reach.

Negative

• None.

FUZHOU, China, Feb. 28, 2023 /PRNewswire/ -- E-Home Household Services Holdings Limited (NASDAQ: EJH) (the "Company" or "eHome"), an integrated home services provider in China, the Company plans to acquire Fujian Liangjie Environmental Service Co.( the "Liangjie Environment" ).

Liangjie Environment is a professional environmental service company integrating daily cleaning, reclamation cleaning, exterior wall cleaning, home service, stone maintenance, landscaping, four pests disinfection and sterilization, environmental monitoring and management, municipal sanitation, property management and other services. It has become a leading enterprise in the industry of Taijiang District of Fuzhou with an annual turnover of tens of millions of yuan and more than 1500 employees. The company's business covers Fujian Province and Guangdong Province, and has in-depth strategic cooperation with the top 20 enterprises in the property industry such as Vanke Property, Country Garden Property, Jinmao Property, Zhonghai Property, Shimao Property, etc.

Mr. Wenshan Xie , Chairman and CEO of E-Home, commented: "eHome with a professional service team, has formed distinctive characteristics and significant advantages in personnel, machinery and equipment, technology and management experience through years of accumulation. Liangjie Environment has many patents for invention, a variety of high-tech cleaning equipment, adhering to the purpose of customer satisfaction, has been working hard on metal materials, sanitary ware (ceramic), floors, door panels and partitions, deodorization optimization and other cleaning services for many years. The proposed merger and acquisition of Liangjie Environment will qualitatively optimize and improve the original business market integration and development, urban service market development, team building and other modules, realize the integration of resources of both sides, the combination of industrial operation mode, and the optimization of team management, and promote the rapid development of the new industrial platform. "

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-home", 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. 2) 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.

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SOURCE E-Home Household Service Holdings Limited

FAQ

What is E-Home's plan regarding Fujian Liangjie Environmental Service Co.?

E-Home plans to acquire Fujian Liangjie Environmental Service Co. to enhance its service offerings and market integration.

What services does Fujian Liangjie Environmental Service provide?

Fujian Liangjie offers services including daily cleaning, environmental monitoring, and property management, among others.

Why is the acquisition important for E-Home?

The acquisition is important as it allows E-Home to integrate advanced technologies and expand its operational capabilities in the urban service market.

When was the acquisition announcement made?

The acquisition announcement was made on February 28, 2023.

What is the expected impact of the acquisition on E-Home's business?

The acquisition is expected to optimize business integration, improve team management, and promote rapid development of E-Home's new industrial platform.