HONG KONG, May 16, 2018 /PRNewswire/ -- Union Bridge Holdings Limited (OTCQB: UGHL) ("Union Bridge" or the "Company"), through its subsidiary Phoenix Creation Global Limited ("Phoenix"), has signed a Memorandum of Understanding ("MOU") with Beijing Yi Du Bai Shan Management Limited ("Yi Du") regarding development and operation of senior healthcare facilities in Beijing, China.
Yi Du, which was established in 2016, manages 11 home care centers in Beijing that provide care and services to seniors living at home and one senior skilled nursing facility that provides around 40 beds for the elderly in Beijing, with five other home care centers under construction. Yi Du plans to construct and manage 20 and 50 additional home care centers in Beijing in 2018 and 2019 respectively, subject to obtaining necessary government approvals. Subject to satisfactory due diligence and negotiation and execution of definitive agreements, Phoenix intends to acquire 85% of the shares of Yi Du.
Mr. Joseph Ho, Chief Executive Officer of Union Bridge, said, "Through the acquisition of a controlling interest in Yi Du, with its home care centers in Beijing, where the regulations are more mature and clearer than other cities in China, we would have an experienced team of professionals in the home care industry, which would help us to further expand that business in China in the future."
The Company also announced that it would not be further pursuing a transaction with Beijing Yi Yue Chong-En Elderly Care Investment Management Limited with respect to senior day care satellite centers under the previously announced MOU signed with them in February 2018.
Forward Looking Statements
This Press Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "would," "expect," "plan," "project," "anticipate," "estimate," "believe," or "think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include:
- Our due diligence review of Yi Du and the various facilities may not be acceptable to us.
- We may not be able to successfully negotiate definitive agreements for the acquisition.
- We may not be able to obtain necessary financing for the acquisition on economic terms.
- Yi Du may not be able to obtain all necessary government permits for future facilities.
- Yi Du may not be able to successfully operate the existing facilities or manage the development, construction and operation of future facilities.
Investors should carefully consider these risks and review the risk factor disclosure and other information, including the Company's financial statements and the notes thereto, set forth in the reports and other documents the Company files with the SEC available at www.sec.gov.
The Company assumes no duty to update or revise its forward-looking statements based on changes in plans or expectations or otherwise.
CONTACT: Jim Chim, +852-2468-3039, email@example.com
SOURCE Union Bridge Holdings Limited