E-Home Household Services Holdings Limited Announces Half-Year Results Ended December 31, 2022

FUZHOU, China, May 26, 2023 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of integrated household services in China, today announced its financial results for the six months ended December 31, 2022.

Financial Highlight

• Total revenues were $38.88 million for the six months ended December 31, 2022, 14.1% increase compared with December 31, 2021.
• Cash and cash equivalents were $62.47 million and $54.84 million as of December 31, 2022 and June 30, 2022, respectively.
• Added Sales of pharmaceutical products, which added $1,380,344 in new revenue.
• Added Educational consulting services, with revenue of $647,442.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "The past half year has posed great challenges as COVID-19-caused country-wide lockdown adversely affected our business. In particular the pandemic outbreak during October and December 2022 in Fuzhou and other cities of Fujian province, where most of our business are based, has greatly disturbed normal operation of our business. As a result, our total revenue was affected but still reached $38.88 million for the six months ended December 31, 2022."

"We remain confident in our ability to improve earnings going forward as not only our fundamentals remain strong, we are implementing an expansionary strategic plan in Sales of pharmaceutical products and Educational consulting services. The company also expects these businesses to perform favourably in 2023."

Recent Development

On June 14, 2022 and December 20, 2022, the Company and its wholly owned subsidiary, E-Home Hong Kong, entered into equity transfer agreements with Zhongrun, a limited liability company established in China and Ms. Ling Chen, pursuant to which Ms. Chen agreed to transfer 55% and 20% of the equity interests in Zhongrun to E-Home Hong Kong. Zhongrun is a leading operator of pharmaceutical and personal care products in China.

On August 2, 2022, E-Home Household Service Holdings Limited (the "Company") and the Company's wholly owned Hong Kong subsidiary, E-Home Household Service Holdings Limited ("E-Home Hong Kong") entered into an equity transfer agreement with Fujian Chuangying Business Science and Technology Co., Ltd., a limited liability company formed in China ("Chuangying") and Mr. Jianying Lin, the sole shareholder of Chuangying, pursuant to which Mr. Lin agreed to transfer 100% of the equity interests in Chuangying and 10% of the equity interests in each of Fuzhou Funeng Enterprise Management Consulting Co., Ltd. and Fujian Weizhixing Technology Co., Ltd. (the "Chuangying's Subsidiaries," which are 90% owned by Chuangying) held by him to E-Home Hong Kong. Chuangying is an excellent company for comprehensive corporate services and training.

About E-Home Household Service Holdings Limited

Established in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its website and WeChat platform "e-home", provides integrated household services, including 1) installation and maintenance of home appliances and smart homes; 2) Housekeeping, nanny, confinement nurse and cleaning services; 3) Internet elderly care + home-based elderly care; 4) Hospital care; 5) Nanny delivery platform.

After years of development, the Company has formed two main services and four auxiliary services targeting at individual consumers (ToC) and business clients (ToB). 1) The ToC business focuses on nanny, confinement nurse, home-based elderly care and cleaning, and family comprehensive service supplemented by other housekeeping services. At present, it has successfully connected with metaverse technology to realize metaverse-based customer service as well as training of domestic workers. The ToB business focuses on public cleaning and cleaning robotic equipment. Four auxiliary services include 1) docking and application of metaverse technology to housekeeping and cleaning industries; 2) online and offline sales of medicine and health food (including nannies and nursing workers); 3) training on nannies and nursing workers to engage in health care in physical stores; 4) human resources (flexible employment).

E-Home has become a modern enterprise of comprehensive service for family life. The Company always adheres to the business philosophy of "solving every issue of customers with heart", and to the code of conduct of "doing everything well with heart". The Company aims to set the benchmark of the household service industry. For more information, visit the Company's website at http://www.ej111.com/ir.html.

Forward-Looking Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.

SOURCE E-Home Household Service Holdings Limited