E-Home Household Service Holdings Limited (NASDAQ: EJH) saw its shares nick up Monday soon after the opening bell.
The company, a provider of integrated household services in China, today announced that the Company, via its controlled subsidiary E-Home Household Service Holdings Limited, has entered into a Memorandum of Understanding to explore the acquisition of Zhongrun (Fujian) Pharmaceutical Co., Ltd, a leading medicine and personal care products operator in China. E-Home expects the acquisition could be completed within the next two month.
Pursuant to the MoU, Zhongrun is engaged in 1) Drug development: research and development of new drugs, pharmaceutical excipients, medical devices, health supplements, and consultation services. 2) Drug sales: new and special drug varieties, concentrated drug decoction pieces, proprietary Chinese traditional medicines, chemical pharmaceutical preparations, antibiotic APIs, antibiotic preparations, biological products, etc. 3)
Medical equipment: Class I medical equipment, washing and nursing supplies. 4) Special food: Prepackaged food, special food (infant formula food, infant formula milk powder, formula food for special medical purpose, health food) for which Zhongrun has advanced office, storage and logistics self-distribution system.
Zhongrun also has a great customer base that ranges from public and private hospitals, county-level health centers, clinics and pharmacy chains. It operates via both online and offline sales to serve the target clients,
and has achieved an annual sales of over RMB 100 million yuan, according to the MoU.
EJH shares acquired two cents, or 2.8%, early Monday morning to 69 cents.
