HANGZHOU, China, April 26, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN the “Enterprise”), a new power vehicles franchisor and retailer below the brand name title “Jiuzi” in China, today announced that, on April 11, 2022, the Business, as a result of its subsidiary Hangzhou Jiuyao New Electrical power Vehicle Technological innovation Co. Ltd. (“Hangzhou Jiuyao”), has entered into an fairness acquisition arrangement (the “Arrangement”) to get 72.05% equity interest in an car product sales support shop operator, Huizhou Jiwo Vehicle product sales support Co. Ltd. (the “Goal”), from Guangdong Huarui Auto Income Provider Co., Ltd. (“Guangdong Huarui”), a subsidiary of a prime China automaker Geely Automobile Team, which provides the top quality electrical car manufacturer “Geometry.”
Geometry is Geely Auto Group’s unbiased pure electric motor vehicle (“EV”) sub-brand name that focuses on the manufacture of sedans and SUVs. Released in 2019, Geometry unveiled its newest SUV design EX3 in September 2021. This design is powered by liquid-cooled battery and can maintain a variety of 322 km (200 miles).
Pursuant to the Settlement, Hangzhou Jiuyao will acquire 72.05% equity desire in the Concentrate on and will make an investment into the Target’s registered money on completion of the transaction under the necessity of China’s professional guidelines. The Goal is the sole authorized seller for Geometry EVs in Huizhou city, Guangdong province. It is also a mend center for vehicles participating in on the web hailing products and services, and presents integrated auto providers this kind of as EV sales and after-sale maintenance. The Goal marketed extra than 1,000 models of EVs in 2021.
Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: “This acquisition is an important strategic milestone for our Company. The addition of the significant-conclusion EV manufacturer Geometry of Geely Vehicle Team furthers our multi-model tactic and attain one more major development by upgrading our competitiveness and securing sustainable growth in the long term. It will also drive our ongoing business progress in the new fiscal 12 months. Furthermore, because Geometry could probably realize over 1,000 device revenue, we are assured that the model will lead considerably to our annual profits in 2022. Notably, it also marks a meaningful move for our Business in penetrating the southern China marketplace.”
“As competitors turns into more and more intense in the new energy car or truck industry, JZXN will proceed to innovate, forge ahead, make improvements to our competitive energy, and manifest our brand’s core value via forward-looking strategic organizing, in buy to develop a initially-class smart trading platform for new electrical power cars and to provide consumers with a quality inexperienced vacation expertise.”
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and founded in 2017, franchises and operates retail stores underneath the brand name “Jiuzi” to market New Electrical power Motor vehicles (“NEVs”) in third-fourth tier cities in China. The Company largely sells battery-operated electric powered vehicles, and sources NEVs by far more than twenty NEV makers. It has 31 working franchise shops and one particular organization-owned retail store. For a lot more details, visit the Company’s web page at http://www.zjjzxny.cn/.
Forward-On the lookout Statements
All statements other than statements of historical truth in this announcement are forward-searching statements. These forward-searching statements contain acknowledged and unidentified dangers and uncertainties and are based on existing expectations and projections about long term functions and economical traits that the Corporation thinks might have an effect on its money ailment, final results of operations, organization tactic and monetary demands, which includes the expectation that the Offering will be productively completed. Buyers can discover these forward-on the lookout statements by words and phrases or phrases these types of as “may perhaps,” “will,” “count on,” “anticipate,” “aim,” “estimate,” “intend,” “strategy,” “believe,” “opportunity,” “continue,” “is/are most likely to” or other comparable expressions. The Organization undertakes no obligation to update ahead-wanting statements to mirror subsequent taking place functions or circumstances, or improvements in its anticipations, apart from as may be necessary by regulation. Even though the Business thinks that the anticipations expressed in these forward-looking statements are fair, it can’t assure you that these kinds of expectations will switch out to be proper, and the Business cautions investors that genuine benefits may possibly vary materially from the expected benefits and encourages buyers to assessment other factors that could affect its foreseeable future benefits in the Company’s registration assertion and in its other filings with the SEC.
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