NEW
YORK, Feb. 13, 2023 /PRNewswire/ -- AnPac
Bio-Medical Science Co., Ltd. (the "Company") (NASDAQ: ANPC), a
company with operations in the United
States and China announced
that on February 12, 2023, the
Company, through its subsidiary Foodbase Group Inc., entered
into a definitive equity purchase agreement to acquire a group of
affiliated companies, SLV Windfall Group LLC, Windfall SLV
Development LLC and SLV Windfall Management, LLC, which are engaged
in developing, marketing and selling real estate in Savannah Lakes
Village, a planned community located in McCormick County, South Carolina. SLV Windfall
Group LLC currently owns a few dozens of buildable lots,
approximately 500 acres of undeveloped land for future development
projects, and has secured the exclusive right to purchase on
favorable terms from the local land authorities over 2,000
buildable lot. Savannah Lakes Village is a well-developed community
which has been in existence for more than 30 years. The Company
plans to file the necessary applications to qualify the land
development at Savannah Lakes Village as a U.S. EB-5 immigration
investment project.
Pursuant to the equity purchase agreement, the Company agreed to
purchase 100% of the issued and outstanding equity interests of the
affiliated companies for an aggregate consideration of $28,000,000, payable in the form of cash in four
installment payments pursuant to a payment schedule based on
milestone events. The initial closing of the transaction is
expected to take place in the in the second quarter of 2023.
Mr. Haohan Xu, the Co-CEO of the
Company commented, "We believe this acquisition will expand the
scope of our operations meaningfully and bring significant value to
our shareholders. We are in the process of acquiring some
business-to-business e-commerce food businesses. The acquisition of
the SLV project will potentially give the Company an opportunity to
use the 500 acres of undeveloped land to build low costs smart food
warehouse and distribution centers. We also plan to build and sell
residential properties with great profit potential, thanks to the
favorable terms granted by the local land authorities and use the
profits generated from the sale of these residential properties to
fund the construction of the smart food warehouse and distribution
centers."
About SLV Windfall Group LLC
SLV Windfall Group LLC, a Delaware limited liability
company headquartered in South
Carolina, currently owns a few dozens of buildable lots,
approximately 500 acres of undeveloped land for future development
projects, and has secured the exclusive right to purchase on
favorable terms from the local land authorities over 2,000
buildable lot, located in the Savannah Lakes Village of McCormick
County in South Carolina. The
Savannah Lakes Village is a lakefront community spread over 4,300
acres and wrapped around a massive 71,000-acre waterside and
forest. The community has been well developed for more than 30
years, with 90 miles of finished roads and all types of public
infrastructure, including water supply, sewers, cable and
high-speed internet. The fully constructed infrastructure and
utilities are currently estimated to have a value of $350 million.
About AnPac Bio-Medical
Science Co., Ltd.
AnPac Bio-Medical Science Co., Ltd.is a biotechnology company
focused on early cancer screening and detection, with 155 issued
patents as of June 30, 2022. With two
certified clinical laboratories in China and one CLIA and CAP accredited clinical
laboratory in the United States,
AnPac Bio performs a suite of cancer screening and detection tests,
including CDA (Cancer Differentiation Analysis), bio-chemical,
immunological, and genomics tests. The Company plans to enter the
business-to-business e-commerce food business with the acquisition
of Fresh2 Ecommerce Inc.
For more information, please
visit: https://www.Anpacbio.com.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-917-609-0333 (U.S.)
Email: tina.xiao@ascent-ir.com
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995
and are relating to the Company's future financial and operating
performance. The Company has attempted to identify forward-looking
statements by terminologies including "believes," "estimates,"
"anticipates," "expects," "plans," "projects," "intends,"
"potential," "target," "aim," "predict," "outlook," "seek," "goal"
"objective," "assume," "contemplate," "continue," "positioned,"
"forecast," "likely," "may," "could," "might," "will," "should,"
"approximately" or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are based on current expectations, assumptions and
uncertainties involving judgments about, among other things, future
economic, competitive and market conditions and future business
decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control.
These statements also involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results to be materially different from those expressed or implied
by any forward-looking statement. Known and unknown risks,
uncertainties and other factors include, but are not limited to,
our ability to comply with Nasdaq Listing Rules including maintain
our listing on the Nasdaq Capital Market, the implementation of our
business model and growth strategies; trends and competition in the
cancer screening and detection market; our expectations regarding
demand for and market acceptance of our cancer screening and
detection tests and our ability to expand our customer base; our
ability to obtain and maintain intellectual property protections
for our CDA technology and our continued research and development
to keep pace with technology developments; our ability to obtain
and maintain regulatory approvals from the NMPA, the FDA and the
relevant U.S. states and have our laboratories certified or
accredited by authorities including the CLIA; our future business
development, financial condition and results of operations and our
ability to obtain financing cost-effectively; potential changes of
government regulations; general economic and business conditions in
China and elsewhere; our ability
to hire and maintain key personnel; our relationship with our major
business partners and customers; and the duration of the
coronavirus outbreaks and their potential adverse impact on the
economic conditions and financial markets and our business and
financial performance, such as resulting from reduced commercial
activities due to quarantines and travel restrictions instituted by
China, the U.S. and many other
countries around the world to contain the spread of the virus.
Additionally, all forward-looking statements are subject to the
"Risk Factors" detailed from time to time in the Company's most
recent Annual Report on Form 20-F and other filings with the
U.S. Securities and Exchange Commission. Because of these and other
risks, uncertainties and assumptions, undue reliance should not be
placed on these forward-looking statements. In addition, these
statements speak only as of the date of this press release and,
except as may be required by law, the Company undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
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SOURCE AnPac Bio-Medical Science Co., Ltd.