Shenzhen, China, June 23, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting services and multimedia services in Asia, today announced that the Company, through Qianhai Asia Time (Shenzhen) International Financial Services Co., Ltd. (“ATIF Shenzhen”), the Company’s variable interest entity in China, entered into a consulting service agreement (the “Agreement”), dated June 17, 2020, to act as a business advisor for Heilongjiang WKG Advertising Co., Ltd., (“WKG”), a comprehensive media company for sports event planning, operation and promotion. The Agreement was signed in anticipation of WKG’ entrance into the U.S. capital market.
Pursuant to the Agreement, ATIF Shenzhen agreed to provide consulting services including business consulting, capital market advising for business planning and strategy development, and investor and public relations services. As consideration, WKG agreed to pay ATIF Shenzhen a fixed consulting fee of US$1 million, to be paid in installments and subject to certain conditions.
Mr. Jun Liu, CEO and Director of ATIF, commented, “We are excited to sign the Agreement with WKG, which is also our 3rd consulting service agreement signed this month. China’s sports demand and consumption patterns have changed in recent years as the rapid development of the economy, the gradual popularization of sports as well as the continued favor of national policies and capital market. We believe that the sports industry will surely be filled with golden opportunities.”
Mr. Liu further commented, “WKG focuses on innovation and diversification of China's sports industry and has made important contributions to the internationalization of China's sports industry. ATIF, as WKG's business advisor, will definitely undertake the important task, providing professional and comprehensive guidance to help WKG successfully enter into the U.S. capital market and fulfill its mission of stimulating the development of China's sports industry.”
About ATIF Holdings Limited
Headquartered in Shenzhen, China, ATIF Holdings Limited (“ATIF”) is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and produce related advertising materials. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. For more information, please visit https://ir.atifchina.com/.
About Heilongjiang WKG Advertising Co., Ltd.
Heilongjiang WKG Advertising Co., Ltd. (WKG) a comprehensive media company for sports event planning, operation and promotion. WKG operates its own comprehensive fighting event-"WKG Comprehensive Fighting Tournament", committing to providing sports fans with wonderful world comprehensive fighting sports shows. In addition, WKG has established long-term strategic partnerships with over 200 TV stations and Internet media company to broadcast sports events around the world. In 2016, WKG co-host "WKG & M-1 World Comprehensive Fighting Tournament" with M-1 Global Holdings, the member of the World Fighting Association and one of the world’s top event originator.
Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients, and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. 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 you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.
For more information, please contact Investor Relations at:
Ascent Investor Relations LLC
Tina Xiao, President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com