Shenzhen, China, Oct. 20, 2020 (NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia services in Asia, announced that on October 11, 2020, the Company has entered into a non-binding letter of intent (the “LOI”) to acquire 51% equity interest in Xi’an Green Fun Technology Co., Ltd. (“Green Fun”), a high technology company focused on research, development and manufacturing of illuminated air purifier products.
Pursuant to the LOI, the Company will acquire no less than 51% equity interest in Green Fun (the “Proposed Transaction”). The Proposed Transaction is subject to a definitive acquisition agreement to be negotiated between the two parties, following further financial and legal reviews and approval of the Company’s Board of Directors, as well as other customary closing conditions.
Mr. Pishan Chi, the CEO of ATIF commented, “We are impressed by the research, development and operation capabilities of the Green Fun and optimistic about the niche market of illuminated air purification. We believe the acquisition of 51% of Green Fun will provide solid contribution to our earnings and pave the way for us for further growth. The market of air purification and sterilization products became especially hot since the epidemic of COVID-19, which has driven the growth of Green Fun’s overall business. We are currently evaluating market opportunities in this new business and seeking more acquisition opportunities to achieve sustainable growth of our business.”
About Xi’an Green Fun Technology Co., Ltd.
Headquartered in Xi’an City of China and with branches in Qingdao, Qinghai, Xinjiang and Tongchuan, Green Fun is a leading company in the quantum light air purifier industry specified in providing quantum photocatalytic lighting air purifiers and professional indoor air purification solutions. Its purifier product "Explorer" obtained more than ten patents and has been proven by the Guangdong Microbiological Analysis and Testing Center for its effective elimination of toxic/ harmful gases, particles, substances and bacteria. Green Fun has been certified as National High-Tech Enterprise. Green Fun’s quantum photocatalytic lighting air purifiers and professional indoor air purification solutions have been procured by many government agencies, enterprises and individual customers from multiple provinces and cities in China, including Xi'an, Shanghai, Jiangxi, Guangxi, Shandong, Gansu, Xinjiang, Qinghai, and Jiangsu. The products and solutions are extensively adopted in various places such as schools, hospitals, public health places, government offices, corporate offices, factory areas and individual households.