NEW
YORK and SHENZHEN,
China, May 31, 2024 /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 agreed to acquire Oxylus
Global Inc ("Oxylus")., as part of its continued aggressive
business diversification and growth acceleration strategy. The
closing of the all-stock acquisition is subject to customary
closing conditions, including regulatory approvals, and is expected
to be completed by the end of calendar year 2024.
The Company noted the latest phase of its business
diversification and growth acceleration strategy targets globally
leading, transformational technologies, which it believes will
serve as important building blocks in the ongoing modernization of
the traditional logistics industry into a high-performance
satellite and AI-based services platform, including intelligent
logistics networks, precious metal exchanges and securitization to
enable fintech services.
Oxylus has budgeted capital expenditures and investments to
acquire and partner with, including but not limited to, technology
and intellectual properties including satellite-based communication
and IoT infrastructure, big data and artificial
intelligence-powered laser communications platform physical
internet platform, industrial financial platform, and technology
and energy metal exchanges.
Mr. Jinlong Yang, Chairman and
Chief Executive Officer of MingZhu, commented, "Oxylus is fast
becoming an industry leader with a proven track record, which is a
testament to its strong vision, leadership, culture and execution.
We are confident the addition of Oxylus's robust and successful
platform will accelerate our growth, while significantly expanding
our future opportunities. We expect the acquisition will create
significant value over the long-term for all shareholders."
"The speed at which AI and new technologies are transforming
industries globally is unprecedented. This is impacting virtually
all facets of the global economy, from mining and procuring raw
materials to manufacturing, distribution, sales and consumption.
Companies that adopt and integrate these powerful new platforms and
technologies can gain a critical competitive advantage through
increased operating efficiencies, higher return on invested capital
and increased success. Our management team realized the
significance to both our long-term business and the evolving
support our customers would need in this new world. We are fully
committed to an aggressive business diversification and growth
acceleration. We believe this path best positions the Company for
long-term success."
About Oxylus Global Inc.
Oxylus is a digital asset
infrastructure service company deploying and operating the world's
first virtual Starlink and space-based supercomputing and optical
communications network. Oxylus's open and
decentralized artificial intelligence computing
supports customers worldwide through its AI-enabled, global
satellite network, with multiple company-owned and operated
satellite launch sites in strategically located geographies. With
planned headquarters in Zug, Switzerland, Oxylus has regional offices and
staff in Shanghai, Seoul and New
York
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). The
potential acquisition involves substantial risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements including but not limited
to statements about the potential benefits of the potential
acquisition; the anticipated timing of closing of the potential
acquisition (including failure to obtain necessary regulatory
approvals) and the possibility that the potential acquisition does
not close; risks related to the ability to realize the anticipated
benefits of the potential acquisition, including the possibility
that the expected benefits from the proposed transaction will not
be realized or will not be realized within the expected time
period; the risk that the businesses will not be integrated
successfully; disruption from the potential acquisition making it
more difficult to maintain business and operational relationships;
negative effects of announcing the potential acquisition or the
consummation of the potential acquisition on the market price of
our common stock or operating results; costs associated with the
potential acquisition; unknown liabilities; and the risk of
litigation and/or regulatory actions related to the potential
acquisition. 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-agrees-to-acquire-oxylus-global-company-targeting-continued-aggressive-diversification-and-growth-acceleration-strategy-302160883.html
SOURCE MingZhu Logistics Holdings Limited