BOQI International Medical Announces $10 Million Medical Device Purchase Agreement with Chongqing Kegemo Biotechnology

New York, March 27, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced that its wholly-owned subsidiary, Chongqing Guanzan Technology Co., Ltd. (“Chongqing Guanzan”), has entered into a $10 million medical device purchase agreement with Chongqing Kegemo Biotechnology Co., Ltd. (“Chongqing Kegemo”).

Under the terms of the agreement, Chongqing Kegemo agreed to purchase 100,000 medical isolation gowns, 60,000 disposable protective coveralls, 10 Philips CT machines, 300 noninvasive ventilators, 10 digital radiography systems and 50 digital laryngoscopes (the “Medical Devices”) from Chongqing Guanzan. The aggregate purchase price to be paid is RMB 75,254,000 (estimated at $10,637,960). Chongqing Guanzan shall follow the shipping instructions provided by Chongqing Kegemo and deliver the Medical Devices after the payment is made.

"We've been working around the clock to increase the availability of supplies and prioritize the allocation of resources to ensure the quality and delivery of these medical devices," said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. "The COVID-19 outbreak has led to increased demand for our products. We are also in discussions with other partners, that as we increase the availability of supplies, we aim to make them accessible to both domestic and foreign customers."

About BOQI International Medical Inc.

BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry. The company is now transforming from a provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to a medical and health service provider. BOQI International Medical Inc. offers a broad range of consumer-directed health products and related services, including medical, pharmacy and behavioral health plans, chronic disease management services, and health information technology products and services. BOQI International Medical Inc. is community-based and locally focused, engaging consumers with more affordable, accessible, simple and seamless care they need when and where they need it.

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