BOQI International Medical Forms New Subsidiary, BOYI Technology, To Generate Revenue In Healthcare Technology Industry
New York, Feb. 11, 2020 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced the formation and business plan of its new wholly-owned subsidiary, BOYI Technology, a healthcare technology company focused on developing and marketing Telehealth software, eProcurement platform and supply-chain-management software (SCMS) for the healthcare industry.The formation of BOYI Technology is in line with BOQI International Medical’s member-centric O2O business model, while also meeting the increasing market demand for Telehealth software and healthcare SCMS. BOYI Technology will be based in Dalian, China, with initial product availability expected in the second quarter of the calendar year 2020. BOYI Technology plans to develop and market four specific software in 2020: eProcurement platform, SCMS, Telemedicine software and Chronic Care Management(CCM) system.The eProcurement platform is for clinics and pharmacies to help them digitalize procurement and increase efficiencies. The platform will be connected to the ERP system of upstream pharmaceutical companies, reducing users’ operating costs and automating order processing.The SCMS is for pharmaceutical companies, hospitals clinics and pharmacies to keep tighter control of internal inventories, internal production, distribution, sales, and the inventories of their vendors. The SCMS is expected to classify medicines by therapeutic use, find medicines with overlapping effects and low gross profit margins, and optimize inventory management.The Telemedicine software is for medical specialists and individual users. Users can enjoy one-to-one online consultation services provided by nearby medical specialists. When a referral is needed, the patient can make an online appointment and share all medical records, prescriptions, and test results with the higher-level healthcare provider.The CCM system is mainly for elderly customers with chronic disease. The system will record health data (blood glucose, blood pressure, blood lipids, oxygen levels, etc.) uploaded by wearable equipment, which will provide clinical decision support for physicians.“The online business has always been a critical component of our growth strategy,” said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. “During the outbreak of the coronavirus, we are accelerating the development of Telehealth software and the supply chain management systems to meet the immediate needs of our customers. We believe that our online business will play an important role in generating revenue this year as travel restrictions may be widening.”About BOQI International Medical Inc.BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry. The company is now transforming from a provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to a medical and health service provider. BOQI International Medical Inc. offers a broad range of consumer-directed health products and related services, including medical, pharmacy and behavioral health plans, chronic disease management services, and health information technology products and services. BOQI International Medical Inc. is community-based and locally focused, engaging consumers with more affordable, accessible, simple and seamless care they need when and where they need it.Safe Harbor StatementThe statements contained herein that are not historical facts are considered “forward-looking statements.” Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: BIMI@dgipl.com
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: BIMI@dgipl.com
