BEIJING, May 3, 2018 /PRNewswire/ -- China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS) ("CIFS" or the "Company"), a leading financial advisory services company, today announced that Fu Hui (Shenzhen) Commercial Factoring Co., Ltd. ("Fu Hui"), a wholly owned subsidiary of the Company, signed a revolving factoring credit facility (the "Facility") agreement with Sino Pharma Business Factoring Co., Ltd. ('Sino Pharma BF"), one of the leading factoring services providers serving the healthcare industry and a subsidiary of China National Pharmaceutical Group Corporation ("Sino Pharma") . The Facility has a one-year term with the option for multiple-year extensions and allows Sino Pharma BF to receive a RMB 100 million (approximately $15.7 million) revolving factoring credit line from CIFS. The Facility is backed by accounts receivable from Grade A hospitals with Class II or above rankings.
Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS, commented, "We are excited about the opportunity to team up with Sino Pharma BF to advance our supply chain financing business which we launched in October 2017 and view as one of strategic priorities. We look forward to this relationship to bear fruit and contribute significantly to our financial performance in 2018 and beyond."
About Sino Pharma Business Factoring Co., Ltd.
Established in February 2015 as a joint venture between two leading state-owned enterprises –Sino Pharma and China Life, Sino Pharma Business Factoring Co., Ltd. ("Sino Pharma BF") provides business factoring and supply chain financing solutions primarily in the health care industry.
About China Internet Nationwide Financial Services Inc.
Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial Services Inc. provides financial advisory services, including commercial payment advisory, intermediary bank loan advisory, and international corporate financing advisory, to meet the financing and capital needs of its clients, comprised largely of small-to-medium sized enterprises. Beijing Anytrust Science & Technology Co., Ltd. ("Anytrust") is a wholly owned subsidiary of CIFS focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China. For more information about the CIFS and Anytrust, please visit www.cifsp.com or www.anytrust.cn.
Forward Looking Statements
This news 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. 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 actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
China Internet Nationwide Financial Services Inc.
Phone: +86 10 8587 8166
Tony Tian, CFA
Weitian Group LLC
Phone: +1 732 910 9692
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