SHENZHEN, China, May 1, 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
entered into a non-binding memorandum of understanding to acquire
Xiamen Mingfu Liquor Industry Co., Ltd., a China-based distributor of Baijiu. The
acquisition, subject to a final agreement, will help accelerate
growth of MingZhu's premium liquor business in China, which includes self-owned Baijiu brands
and commercial distribution for third party brands.
Mingfu Liquor is a liquor distributor that focuses on
distributing Baijiu brewed in Maotai town, Guizhou. Baijiu is considered to be
China's national drink and is the
dominant spirits sold in the domestic China market, with the "white liquor" a normal
staple at occasions from family gatherings to business banquets
while the Maotai town is the most well-known origin of Baijiu.
The proposed acquisition represents a further expansion of
MingZhu's premium liquor services business. Previous premium liquor
brand and business acquisitions include MingZhu's 2023 acquisition
of Guizhou Alliance Liquor Management Co., Ltd. (formerly known as
Guizhou Minzusheng Liquor Co., Ltd.).
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu, commented, "The premium liquor
business is one of our fastest growing businesses known for is very
attractive, higher margins. We have been focused on building our
own Baijiu brand and premium liquor customization OBM (Original
Brand Manufacturer) services. As we expected, the synergies and
adjacency to our core business are making our expansion into the
commercial liquor distribution market a natural fit for us, with
considerable opportunities for further growth, increased
profitability and long-term success – all of which are in-line with
our focus on creating value for shareholders."
Mr. Jinlong Yang continued, "By
combining MingZhu's market position, extensive knowledge of the
domestic distribution market, our logistics network and financial
resources, with our alliance's keen understanding of the Chinese
spirits market and long-term relationships, we think we can further
accelerate our growth and capture additional market share. This is
an exciting business area for us where we have demonstrated our
execution, success and management. We plan to evaluate other
strategic opportunities that can serve as natural extensions of our
business and be totally additive from both a revenue and
profitability standpoint, as we focus on building value for
shareholders."
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, 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
