BIMI International Medical Inc. Announces Subsidiary Phenix Bio Inc's Appointment of Hong Kong, Taiwan, and Macau Exclusive Distributor
NEW YORK, NY, Oct. 30, 2023 (GLOBE NEWSWIRE) -- BIMI International Medical Inc. (NASDAQ:BIMI, "BIMI"))), a healthcare products and services provider today announced that its subsidiary, Phenix Bio Inc., appointed Hao Mu Pte. Ltd., a Singapore company ("Hao Mu"), as its exclusive distributor responsible for the distribution of Phenix's 17 herbal supplements in Hong Kong, Taiwan and Macau.
Pursuant to the terms of a sales agreement entered into on October 29, 2023, Hao Mu must make annual purchases of at least $5 million in order to maintain its exclusive distributor status for this territory.
Under the terms of this agreement, Phenix's comprehensive portfolio of high-quality herbal supplements will be made available to consumers in Hong Kong, Taiwan and Macau through Hao Mu's well-established distribution channels and network.
"We are excited to extend our agreement with Hao Mu," stated Tiewei Song, CEO of BIMI. "Expanding our cooperation with Hao Mu will allow us to materialize our vision of making top-tier herbal supplements accessible to individuals throughout Hong Kong, Taiwan and Macau."
This extension of its partnership with Hao Mu evidences BIMI's commitment to deliver world-class healthcare solutions and services to a broader global audience. Representatives from BIMI, Phenix, and Hao Mu, including BIMI's Chief of Staff, Mr. Symington Smith, and Hao Mu's Chief Executive Officer, Mr. Liu Yubao, attended a signing ceremony held at BIMI's headquarters in New York City.
Hao Mu was previously appointed as Phenix's exclusive distributor for the ten-member ASEAN countries. If Hao Mu is successful in meeting its minimum annual purchase of $5 million for each of its three territories, the ten-member ASEAN countries, Mainland China, and Hong Kong, Taiwan and Macao, it will result in minimum annual sales of $15 million or minimum aggregate sales of $75 million for the next five years of Phenix's herbal supplements. No assurance can be given that Hao Mu will be successful in reaching these annual minimums.
About BIMI International Medical Inc.
BIMI International Medical Inc. is a healthcare products and services provider, offering a broad range of healthcare products and related services in the U.S. and Asia. For more information, please visit www.usbimi.com.
About Hao Mu Pte. Ltd
Hao Mu Pte Ltd is a service and distribution company in Singapore with a strong market presence within the ASEAN region. It is dedicated to offering top-quality products and services.
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, 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
Investor Relations Department of BIMI International Medical Inc.
Email: [email protected]
Tel: +1 949 981 6274
