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Transaction expected to fuel the Company's growth in the U.S. food market
NEW YORK, Feb. 9, 2023 /PRNewswire/ -- AnPac Bio-Medical Science Co., Ltd. (the "Company") (NASDAQ:ANPC), 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 that on February 7, 2023, the Company through a subsidiary, Fresh2 Technology Inc., has entered into a definitive stock purchase agreement (the "SPA") to acquire Fresh2 Ecommerce Inc ("Fresh2 Ecommerce"), a business-to-business e-commerce platform focused on connecting Asian food suppliers and supermarkets in the U.S. Fresh2 Ecommerce provides an online direct selling platform for food suppliers such as food companies, manufacturers, agents, importers, and wholesalers to supermarkets. This acquisition is a critical initiative for the Company's business strategy of entering into the U.S. food market by initiating and developing a new e-commerce platform.
Pursuant to the SPA, the Company agreed to purchase 100% of the issued and outstanding equity interest of Fresh2 Ecommerce in consideration of $2,100,000, payable in the form of 5,440,420 newly issued Class A ordinary shares of the Company (or 272,021 American Depositary Shares or "ADSs"). The closing of the transaction is expected to take place in the first quarter of 2023.
Mr. Haohan Xu, the Co-CEO of the Company, commented, "We are thrilled to announce our entry into an agreement to acquire Fresh2 Ecommerce, which we expect will advance our development of a B2B e-commerce platform in the U.S. focused on Asian food products. Previously, cross-border businesses from Asia mainly sold products through e-commerce platforms such as Amazon, Shopify, and TikTok. However, market data indicates that 87% of retail sales take place offline in the U.S. To address this opportunity, we plan to further develop Fresh2 Ecommerce's food distribution platform to connect suppliers of Asian food with supermarket operators in the U.S. and to provide supermarket operators with direct access to suppliers' product information. Fresh2 Ecommerce is also expected to help supermarket operators to identify the source of products which will enable them to select their food suppliers more efficiently. In addition, we intend to develop smart warehousing and distribution centers that will allow Fresh2 Ecommerce to provide one-stop fulfillment services from food sources to last-mile delivery. We believe the acquisition of Fresh2 Ecommerce is an integral part of our business strategy to serve both restaurant owners and supermarket operators. Looking forward, we are committed to building a B2B e-commerce platform and food supply chain network for Asian food products in the U.S., connecting food suppliers and commercial customers and creating an internet ecosystem for the Asian food industry."
Posted In: ANPC
