Los Angeles, California, Oct. 28, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company” or “ATIF”), a company providing business consulting and multimedia services in Asia, today announced the Company entered into a consulting service agreement (the “Agreement”), dated Oct 23, 2020, to serve as a business advisor for Lendmerit Inc. (“Lendmerit”), a leading California-based financial lender providing integrated loan services nationwide. The Agreement was signed in anticipation of Lendmerit to enter into the U.S. capital market.
Pursuant to the Agreement, ATIF agreed to provide Lendmerit with services including business consulting such as business planning and strategies development, capital market advisory for fund raising, and investor and public relations services. As consideration, Lendmerit agreed to pay the Company a fixed consulting fee of US$1 million which will be paid in installments subject to certain conditions.
Mr. Pishan Chi, Chief Executive Officer of the Company, commented, “We are proud that we have signed service agreements with Lendmerit, McSen Realty Corp. and Promise Logistics Corp. respectively, within a week. We are diversifying our services following the recent wave of Chinese companies going public in the U.S. We look forward to seeing our clients achieving great progress and strong growth in 2021 and beyond, as they access to U.S. capital market, which we believe will drive their business growth. Lendmerit has a promising future because Lendmerit is one of the first batch of financial institutions to start Chinese loan business, and has built up a strong network and prestige. We are honored to serve as Lendmerit’s financial advisor to assist Lendmerit with its growth strategies of up-listing its securities to the U.S. exchanges.”
About Lendmerit Inc.
Lendmerit Inc. was founded in April 2015 and is recognized as a California-based financial lender who holds the financial lending license to offer simple process and fast funding solution to qualified clients. The main business of Lendmerit Inc. includes unsecured loans for international students, personal credit/mortgage loans, and business emergency loans. After five-year development, Lendmerit Inc.'s has provided solutions for tens of thousands of residents and international students throughout the United States. In 2018, Lendmerit Inc. launched a financial services platform Finway to provide unsecured credit loan services, targeting high-consumption international students with middle and high-end backgrounds. Moreover, Lendmerit Inc. also helps international students establish their credit history through credit loans. Up to now, Lendmerit Inc. has provided services for over 1,000 international students.
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 operates an internet-based financial consulting service platform IPOEX.com, which provides prestige membership services including online capital market information, pre-IPO education and matchmaking services between SMEs and financing institutions. 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 to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.
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 guarantee 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.