SHENZHEN, China, July 6, 2021 /PRNewswire/ -- MingZhu
Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ:
YGMZ), an elite provider of logistics and transportation services
to businesses, today announced it has entered into a non-binding
memorandum of understanding ("MOU") to acquire controlling equity
interest of Zhejiang CheYi Network Technology Co., Ltd.
("CheYi Network"), an integrated online car-hailing and driver
management services company. The acquisition offers MingZhu's
customers additional platform enhancements, and directly fits with
MingZhu's acquisition strategy, which includes adding financially
accretive, best-of-breed companies and products.
CheYi Network was established in December 2015 as a comprehensive automobile
service platform, providing a full range of services to the
automotive industry. CheYi Network has built an integrated
business platform with more than 6,000 vehicles and drivers for
ride hailing services under management. Its vehicles and
drivers provide services to major mobility technology platforms,
such as SAIC Mobility and T3 Mobility.
Completion of the proposed acquisition transaction is subject to
further due diligence by the parties and negotiation and execution
of definitive documents, including
a share exchange or similar
agreements, and the determination
of a definitive price and other related documentation to complete
the transaction. The MOU is non-binding and there is no assurance
that the transaction will be completed on the terms described above
or at all.
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu Logistics Holdings Limited,
commented, "We are very excited to reach an agreement with the
CheYi Network team. The company has done an excellent job
building out an integrated platform featuring all the support and
services drivers need. We view this business as a perfect fit
for us and think it will serve as a centerpiece of our
diversification strategy, which we plan to actively invest in and
build upon. We believe that by infusing additional working
capital and leveraging our operating expertise we can help to scale
up the business even faster. This in turn will help to
accelerate our growth strategy for many years to come based on the
popularity and widespread reliance upon shared transportation
services."
About MingZhu Logistics Holdings Limited (NASDAQ:
YGMZ)
Founded in 2002, NASDAQ listed, Shenzhen, China based, MingZhu is 4A-grade
trucking services provider, offering both network density and broad
geographic coverage to meet customers' diverse transportation
needs. The Company operates two major regional terminals with both
self-own fleets of tractors and trailers and subcontractors'
fleets. More information about MingZhu can be found at:
www.szygmz.com/en/
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. 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; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the trucking services market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve 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.
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SOURCE MingZhu Logistics Holdings Limited