SHENZHEN, China, Feb. 21,
2023 /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 Guizhou Alliance Liquor Management Co.,
Ltd. (formerly known as Guizhou Minzusheng Liquor Co.,
Ltd., hereafter "Alliance Liquor"), a China-based distributor of
Baijiu. The companies plan to further invest in and develop a
commercial liquor distribution business across China.
The acquisition is part of Mingzhu's previously announced
strategic plan, under which the Company announced its intention to
expand into the commercial liquor distribution market given the
synergies and adjacency to its existing business. This initially
included cooperating with a China-based distributor of Baijiu and other
spirits to enhance its commercial liquor distribution business
across China, subject to final
agreement. The Company was also evaluating distribution of its own
series of Premium Chinese Baijiu, along with a broader portfolio
consisting of spirits from other third party producers, which it
currently plans to brand as the Alliance of Baijiu.
Alliance 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.
Under the agreement, once the acquisition is completed, Alliance
Liquor will develop its own Baijiu brand and high-end liquor
customization OBM (Original Brand Manufacturer) services.
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu, commented, "With the reopening
of the economy and business returning to a more normal pace,
traditions and customs have returned. With larger gatherings and
celebrations once again commonplace staples like Baijiu are now
highly sought after. These trends reinforce our positive view of
the Chinese spirits market and ability to leverage our market
position, which we have been building for over 2 years. The
industry has never appeared heathier, with incomes increasing and
expenditures on Baijiu and other spirits continuing to grow."
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
Baijiu market and its long-term relationships, we think we can
capture additional revenue opportunities and market share. We
continue to evaluate other 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.
View original
content:https://www.prnewswire.com/news-releases/mingzhu-logistics-to-acquire-alliance-liquor-301751711.html
SOURCE MingZhu Logistics Holdings Limited
