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XI'AN, China, Nov. 9, 2021 /PRNewswire/-- Bon Natural Life Limited (Nasdaq: BON) ("BON" or the "Company"), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced it has removed its variable interest entity ("VIE") structure and has become the sole shareholder of its operating entities in China.
Effective November 1, 2021, the Company reorganized its corporate subsidiary structure in China. As a result of the restructuring, the Company no longer operates through a VIE structure and is now the indirect sole shareholder of Xi'an App-Chem. Xi'an App-Chem is now wholly-owned by the Company's two Wholly Foreign-Owned Enterprises ("WOFE") – Xi'an Cell and Molecule Information and Technology Co., Ltd. ("Xi'an CMIT") and Xi'an Youpincui Biotechnology Co., Ltd. ("Xi'an Youpincui"). Each of the WOFEs are in turn wholly-owned by Tea Essence, the Company's direct wholly-owned subsidiary in Hong Kong.
"We don't expect that the removal of the VIE structure will have any material impact on our operational results or financial performance." commented Richard (Yongwei) Hu, Chairman and CEO of Bon Natural Life Limited, "In the meantime, this reorganization demonstrates our dedication and commitment to corporate governance and will help strengthen the organization in advance of key upcoming milestones. We will continue to identify and implement best practices at both business and compliance levels to better position ourselves to benefit our shareholders."
About Bon Natural Life Limited
The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company's website at www.bnlus.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the natural, health and personal care market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
In the United States:
Maggie Zhang Impact IR
Sophie Zhang Impact IR
Phone: (646) 893-8916
SOURCE Bon Natural Life Limited