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Press release content from Globe Newswire. The AP news staff was not involved in its creation. BOQI International Medical Announces Receipt of $1.7 Million from Closing of the Sale of One of . BOQI International Medical, Inc.February 5, 2021 GMT NEW YORK, Feb. 05, 2021 (GLOBE NEWSWIRE) BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced the closing of the previously announced sale of its BOQI Zhengji Pharmacy Chain (“Zhengji Pharmacy”). The transaction closed on February 2, 2021, at which time the Company received the agreed upon consideration of US$ 1,700,000. “Selling the underperforming Zhengji Pharmacy business allows us to reduce operating costs and optimize our business structure,” said Mr. Tiewei Song, Chief Executive Officer and President of the Company. “BIMI is now concentrating on the southwest market with 62,000 new pharmacy members enrolling in the fourth quarter of 2020. We believe our strategy ....
BOQI International Medical Inc. to Sell One of Its Pharmacy Chain BOQI International Medical Inc. to Sell One of Its Pharmacy Chain New York, Dec. 14, 2020 BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced that it has signed definitive agreements to sell BOQI Zhengji Pharmacy Chain Co., Ltd. (“Zhengji Pharmacy”), the owner and operator of 16 pharmacies in the city of Dalian of China. On December 11, 2020, BIMI and its subsidiaries entered into a Termination and Release Agreement (the “Release Agreement”) with four individuals who sold Zhengji Pharmacy to the Company. The parties to the Release Agreement confirmed that Zhengji Pharmacy’s performance targets as stipulated in the Stock Purchase Agreement dated April 11, 2019 (as amended on February 6, 2020, the “Pharmacy Purchase Agreement”) will not be met, and therefore the Pharmacy Sellers will not be eligible to receive the Cash Consideration or any othe ....