Jowell Global Ltd. Announces Acquisition of Certain Equity Interests in Suzhou Industrial Park Hongrun Rural Small Amount Loan Co., Ltd.
July 29 2021 - 7:00AM
Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), one of
the leading cosmetics, health, nutritional supplements, and
household products e-commerce platforms in China, today announced
that its variable interest entity Shanghai Juhao Information
Technology Co., Ltd. (“Shanghai Juhao”) has entered into a Capital
Increase Agreement to acquire 18.96% equity interest in Suzhou
Industrial Park Hongrun Rural Small Amount Loan Co., Ltd. (“Hongrun
Small Loan”) for an aggregate consideration of RMB30 million
(approximately $4.6 million) in cash. The investment by Shanghai
Juhao will be ear-marked for the loans to the owners of
Juhao Best Choice Stores for their business
development and expansion. Juhao Best Choice Stores are
the community group-buying franchise stores launched by Shanghai
Juhao in April 2021.
Hongrun Small Loan is a joint stock limited
company incorporated in the People’s Republic of China. Hongrun
Small Loan principally engages in the business of providing loans
to “agriculture, rural areas and farmers” and financing guarantee,
as well as acting as agent for financial institutions.
“We believe there are significant opportunities
to further grow our business, through organic growth or
acquisitions”, said Mr. Zhiwei Xu, Chief Executive Officer and
Chairman of Jowell Global Ltd. “The acquisition announced today is
a clear indication of the Company’s continuous capabilities in
executing long-term growth strategies and evidence of continued
efforts in expanding Juhao Best Choice Stores across China. This
investment will be dedicated to support the development and
expansion of Juhao Best Choice Stores. We believe our partnership
with Hongrun Small Loan will generate new growth points and value
for the Company as well as create better products, services and
quality satisfactory shopping experiences for consumers of Juhao
Best Choices Stores."
About Jowell Global Ltd.
Jowell Global Ltd. (the “Company”) is one of the
leading cosmetics, health and nutritional supplements and household
products e-commerce platforms in China. We offer our own brand
products to customers and also sell and distribute health and
nutritional supplements, cosmetic products and certain household
products from other companies on our platform. In addition, we
allow third parties to open their own stores on our platform for a
service fee based upon sale revenues generated from their online
stores and we provide them with our unique and valuable information
about market needs, enabling them to better manage their sales
effort, as well as an effective platform to promote their brands.
The Company also sells its products through authorized retail
stores all across China, which operate under the brand names of
“Love Home Store” or “LHH Store” and “Juhao Best Choice Store”. For
more information, please visit
https://www.1juhao.com/Investors/Home.html
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. In some cases, forward-looking
statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "target," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company’s goals and strategies; the Company’s
future business development; financial condition and results of
operations; product and service demand and acceptance; reputation
and brand; the impact of competition and pricing; changes in
technology; government regulations; fluctuations in general
economic and business conditions in China and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the SEC. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company’s filings with the
SEC, which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward‐looking
statements to reflect events or circumstances that arise after the
date hereof.
For investor and media inquiries, please
contact: In China:
Jowell Global Ltd.Ms. Jessie ZhaoEmail:
IR@1juhao.com
The Blueshirt GroupMs. Susie WangEmail:
susie@blueshirtgroup.com
In the United States:
The Blueshirt GroupMs. Julia QianEmail:
julia@blueshirtgroup.com
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