E-Home Household Services Holdings Limited intends to merge and acquire an AI access control system + smart community service company to expand the front-end industry chain.

Rhea-AI Summary

E-Home Household Services Holdings (NASDAQ:EJH) has announced its intention to merge and acquire Fuzhou Yunding Mutual Chain Information Technology Company . Fuzhou Yunding specializes in AI access control systems and intelligent community services, with over 20 authorized intellectual property rights. The company has established partnerships with government entities, banks, and property companies, implementing its solutions in various housing types and expanding into schools and parks.

Fuzhou Yunding has deployed its services in over 500 community projects across Fujian and Anhui provinces, boasting more than 3 million registered APP users. Notable clients include Fuzhou Poly Champagne International, Fuzhou University, and Xiamen Siming District Government. E-Home's CEO, Wenshan Xie, stated that this acquisition aims to integrate the industry chain from front-end to back-end, enhancing E-Home's market competitiveness and brand influence while marking its entry into the AI and smart community services sector.

Positive

• Acquisition of Fuzhou Yunding expands E-Home's service offerings into AI and smart community services
• Fuzhou Yunding has over 500 community projects and 3 million registered APP users
• Integration of Fuzhou Yunding's technology may improve E-Home's market competitiveness
• Potential for increased customer base through Fuzhou Yunding's existing partnerships

Negative

• None.

FUZHOU, China, Oct. 9, 2024 /PRNewswire/ -- E-Home Household Services Holdings Limited (NASDAQ:EJH) (the "Company" or "eHome"), an integrated home services provider in China, announced today that it intends to merge and acquire Fuzhou Yunding Mutual Chain Information Technology Company Limited (hereinafter referred to as "Fuzhou Yunding").

Fuzhou Yunding is a comprehensive Internet of Things information platform company mainly focusing on AI access control system + intelligent community services, and has obtained more than 20 authorized intellectual property rights. Its products are closely integrated with the government's municipal governance and big data needs, and it has formed a multi-dimensional cooperation with the government, banks, and property companies in the form of commercial housing, public rental housing, guaranteed housing, and old districts, and has increased the cooperation and expansion of the channels of schools and parks to comprehensively promote the intelligentization of regional community management and operation throughout the life cycle. Comprehensively promote regional community management and operation of the whole life cycle intelligence.

At present, Fuzhou Yunding has landed more than 500 community projects in Fujian and Anhui, with more than 3 million online registered APP users. Many famous neighborhoods (e.g. Fuzhou Poly Champagne International), famous universities (Fuzhou University) and Xiamen Siming District Government use Fuzhou Yunding's AI access control system and intelligent community services.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "E-Home's proposed merger and acquisition of Fuzhou Yunding Mutual Chain Information Technology Co., Ltd. is based on the company's development needs, and Fuzhou Yunding combination of the two, can be from the Internet of Things information platform front-end access to domestic demand for service customers for E-Home, to achieve the integration of the industry from the front-end to the back-end, to improve the company's market competitiveness and brand influence, but also E-Home to enter the AI industry + intelligent community services an important step. It is also an important step for E-Home to enter the AI industry + smart community service."

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 is mainly involved in: 1. Home appliances, smart home installation, maintenance; 2. Housekeeping, nannies, maternity matron and cleaning services; 3. Internet aging + home care; 4. Units of public places cleaning. After years of development, E-Home has formed two main business channels, ToB and ToC, with two important subsidiaries.

Two main channel: 1. The ToC business to nanny, maternity matron, home care, cleaning, repair, maintenance of family integrated services. 2. The ToB business to public cleaning. Two subsidiaries: 1. Zhongrun Pharmaceutical, integrating pharmaceutical warehousing, distribution, wholesaling, retailing, and online sales; 2. Chuangying: presidential training, internal training, corporate consulting and counseling, and policy counseling. E-Home has been a comprehensive service enterprise for family life! We have always adhered to the "solving every issue of customers with heart" business philosophy, adhere to do the industry benchmark. 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 company is E-Home Household Services Holdings (EJH) planning to acquire?

E-Home Household Services Holdings (EJH) is planning to merge and acquire Fuzhou Yunding Mutual Chain Information Technology Company

What are the main services provided by Fuzhou Yunding, the company EJH intends to acquire?

Fuzhou Yunding specializes in AI access control systems and intelligent community services, offering a comprehensive Internet of Things information platform.

How many community projects has Fuzhou Yunding implemented?

Fuzhou Yunding has implemented its services in over 500 community projects across Fujian and Anhui provinces.

What is the strategic importance of this acquisition for E-Home (EJH)?

The acquisition aims to integrate the industry chain from front-end to back-end, enhance E-Home's market competitiveness and brand influence, and mark its entry into the AI and smart community services sector.