SHENZHEN, China, March 4,
2024 /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 signed a non-binding letter of intent (the
"LOI") to acquire driverless auto technologies and intellectual
property ("IP") portfolio valued between US$80 million and US$90
million. The sellers are The Carbonomi Trust and CYF (BVI)
Limited (the "Sellers"). The Company plans to conduct further due
diligence on the IP portfolio and negotiate a definitive agreement.
However, neither party is under any obligation to enter into or
continue negotiations regarding a definitive agreement relating to
the transaction.
The potential acquisition is part of Mingzhu's previously
announced strategic plan, under which the Company announced its
intention to expand and diversify its transportation and logistics
business as part of a long-term growth strategy. This includes
working to accelerate growth through its organic operating
businesses and through the addition of complementary businesses
that it believes can be leveraged to further accelerate growth and
increase overall operating efficiencies.
Upon completion of the contemplated acquisition, the Company is
planning on further expanding its business focus to include 1)
Generative AI Large Language Model (LLM) based copilot software for
drivers and its operating platform, 2) Artificial General
Intelligence (AGI) based driverless technology and related
operating platforms for off road closed scenarios, including mines,
ports, agriculture, construction, forklifts, engineering equipment,
robots and more. The development efforts for these technologies and
execution of the go-to-market strategy is expected to be led by
qualified project managers and engineers mainly from the UK,
Japan and the U.S.
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu, commented, "We are very excited
about this potential acquisition. Given the significant revenue
contribution from our core transportation and logistics businesses,
we are always focused on expanding growth and increasing operating
efficiencies for both MingZhu and our customers. Over the past few
years, there has been a lot of interest, investment and development
in driverless auto technologies. We have taken a conservative
approach in deploying these systems across our logistics platform
and fleets in order to allow time for the refinement and
achievement of necessary safety and reliability benchmarks. The
market has now reached a point in its development where we believe
it is viable and it makes sense to move forward with our long-term
deployment plans."
Mr. Yang continued, "Based on our initial due diligence, we have
a high level of confidence in the long-term potential for this
portfolio of driverless auto technologies and we expect it to add
considerable value to both MingZhu and our customers. We believe
the acquisition of this technology and intellectual property
portfolio will firmly position MingZhu for success and sustained
growth in what has become a rapidly expanding, high-value global
market in long term. Separately, we are excited to have the
opportunity to gain control of this IP portfolio, which we believe
represents the next stage of evolution for the logistics industry,
in both urban and suburban settings."
About MingZhu Logistics Holdings Limited (NASDAQ:
YGMZ)
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings
Limited is a 4A-rated professional trucking service provider. Based
on the Company's regional logistics terminals in Guangdong Province and Xinjiang Autonomous
Region, MingZhu Logistics Holdings offers tailored solutions to our
clients to deliver their goods through our network density and
broad geographic coverage across the country by a combination of
self-owned fleets tractors and trailers and subcontractors' fleets.
For more information, please visit ir.szygmz.com.
Forward-Looking Statements
The statements in this press release regarding the Company's
future expectations, plans and prospects constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
regarding plans, goals, objectives, strategies, future events,
expected performance, assumptions and any other statements of fact
that have not occurred. Any statements that contain the words
"may", "will", "want", "should", "believe", "expect", "anticipate",
"estimate", "calculate" or similar statements that are not factual
in nature are to be considered forward-looking statements. Actual
results may differ materially from historical results or from those
expressed in these forward-looking statements as a result of a
variety of factors. These factors include, but are not limited to,
the Company's strategic objectives, the Company's future plans,
market demand and user acceptance of the Company's products or
services, technological advances, economic trends, the growth of
the trucking services market in China, the Company's reputation and brand, the
impact of industry competition and bidding, relevant policies and
regulations, fluctuations in China's macroeconomic conditions, and the
risks and assumptions disclosed in the Company's reports provided
to the CSRC (China Security Regulatory Commission). For these and
other related reasons, we advise investors not to place any
reliance on these forward-looking statements, and we urge investors
to review the Company's relevant SEC filings for additional factors
that may affect the Company's future results of operations. The
Company undertakes no obligation to publicly revise these
forward-looking statements subsequent to the filing of these
documents as a result of changes in particular events or
circumstances.
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SOURCE MingZhu Logistics Holdings Limited
