Thursday, February 16, 2023
AnPac Bio-Medical Science Co., Ltd., a company with operations in the United States and China focused on early cancer screening and detection and plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, announced the closing of the acquisition of GISN (HK) LIMITED ("GISN"), a technical solution and outsourcing consulting services provider focused on the digital, internet and Web 3 business transformation for start-ups and traditional enterprises. This acquisition is a critical initiative for the Company to improve the efficiency of its e-commerce operations.
GISN is a highly qualified service provider with extensive experience in providing technical support for enterprises wishing to transform from a traditional operating model to a digital operating model. GISN provides customized technical solutions for Web3 and payment fields and comprehensive management from design, R&D, testing, operating and maintenance. With a solid track record, GISN has developed a smart restaurant internet platform that integrates service modules of cross-currency payment, ERP and marketing on a SaaS basis. GISN is committed to providing secure, highly efficient and low-cost services to its customers.
The acquisition is pursuant to a stock purchase agreement the Company entered into on January 28, 2023, whereby it agreed to purchase 100% of the issued and outstanding equity interest of GISN in consideration of $1,700,000, payable in the form of newly issued Class A ordinary shares of the Company.
Mr. Haohan Xu, the Co-CEO of the Company, commented, "We are pleased to announce closing of this acquisition and expect to see the positive impact of GISN's expertise on the development of our e-commerce business. This transaction is the result of a deliberate and thoughtful process. We evaluated the transaction against our standalone prospects in the current macroeconomic climate and determined that the compelling capabilities of GISN will enhance our Company's prospects. Leveraging on the competitive strengths of GISN, we believe that we are well-positioned to enter and expand our e-commerce business efficiently. We believe this transaction will create long-term values for our shareholders."