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BOQI International Medical Inc. Announces That Its Wholesale Drug Distribution Subsidiary, Shude Pharmaceutical, Was Awarded A RMB 20 Million Contract

NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”), a leading healthcare products and services provider in China, today announced that its subsidiary, Chongqing Shude Pharmaceutical Co., Ltd. (“Shude Pharmaceutical”), an 80% owned wholesale distributor of generic drugs in China, has been awarded a drug supply contract of approximately RMB 20 million (approximately $3.11 million) by Chongqing Huilian Medicine Co., Ltd. (“Huilian Medicine”).

Pursuant to the supply contract Shude Pharmaceutical will supply primarily two products, calcium carbonate and serrapeptase enteric-coated tablets to Huilian Medicine for mutual benefits with sincerity and good faith.

The contract term will end on December 31, 2021. Under the terms of the contract, each order will, among other requirements, be subject to quality-control verification and will require payment before product delivery.

Mr Tiewei Song, Chief Executive Officer and President of the Company, commented: “We are delighted to be able to work with Huilian Medicine and to see Shude Pharmaceutical secure a major contract that will advance our expansion strategy which focuses on deeper penetration of the healthcare market in the Southwest region of China.”

Mr Bangquan Tan, Sales Director at Huilian Medicine, said: “We believe our cooperation with Shude Pharmaceutical, a well-regarded industry leader in wholesale drug distribution, will be very successful. We intend to bring more business growth opportunities to our partners to achieve mutual gains.”

About BOQI International Medical Inc.

BOQI International Medical Inc. was founded in 2006. The Company is now exclusively a healthcare products and provider, offering a broad range of healthcare products and related services and operates two private hospitals in China. For more information, please visit www.usbimi.com.

Safe Harbor Statement

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of COVID-19, the demand for the Company’s products and services in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission.

Investor Relations Contact:

Janice Wang

EverGreen Consulting Inc.

Email: IR@changqingconsulting.com

Phone: +1 571-464-9470 (from U.S.)

+86 13811768559 (from China)


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