Hong Kong, Oct. 16, 2018 /PRNewswire/ -- Union Bridge Holdings Limited (UGHL) (the "Company"), through its agent Union Glory Gold Holdings, has signed a non-binding Beijing Elderly Satellites Cooperative Development Proposal ("Proposal") with Caroline Holding Group Co., Ltd. of China ("Caroline") regarding cooperation on opportunities in developing satellite centers that provide home care services and community activities for the elderly and rehabilitation institutions for the elderly in Beijing. Through the cooperative proposal, our Beijing subsidiary - Beijing Yihua Elderly Service Limited ("Yihua") will be jointly owned by us and Caroline in a ratio of 70% and 30% respectively. Caroline would contribute the entitlement of the government project "Research and Application of Common Technology for the Aged Services" (part of the household pension management software and programme), obtain necessary government approvals for the facilities and provide management services. Caroline expects total investment in the venture over 2 years will not be less than RMB 50 million for at least 100 elderly satellite centers and 20 rehabilitation facilities by the end of 2020. We will be responsible for arranging the necessary financing.
Caroline, which was established in 2012, is one of the leading professional organizations for the allocation and operation management of old-age health resources in China. Since its establishment, the company has been focusing on providing the most humanized and contemporary care services for the elderly in the Chinese community. The company reforms traditional elderly care concepts by introducing a comprehensive wellness-oriented chain system including world-class elderly satellite centers and health facilities. These facilities provide advanced rehabilitation equipment, wellness food products and supplements, and are managed by experienced professionals supported by well-trained skilled nursing staff. Home care and community care services are also available to cater for elderly with special needs. The mission is to enrich elderly persons' life with an integrated system of age rehabilitation, leisure residence, enjoyable learning, wellness tourism and logistics support.
Mr. Joseph Ho, Chief Executive Officer of UGHL, said, "We are very pleased to be able to partner with Caroline Holding Group to develop elderly satellites and rehabilitation institutions in Beijing. We will tap into Caroline's network, expertise and experiences in elderly care services in China. We strongly believe that cooperation with Caroline will complement each other".
Forward Looking Statements
This Press 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. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "plan," "project," "anticipate," "estimate," "believe," or "think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include:
- We may not be able to successfully negotiate definitive agreements for the transactions with Caroline.
- We may not be able to obtain necessary financing for the venture on economic terms.
- Caroline may not be able to obtain all necessary government permits for future facilities.
- Caroline may not be able to successfully operate the existing facilities or manage the development, construction and operation of future facilities.
Investors should carefully consider these risks and review the risk factor disclosure and other information, including the Company's financial statements and the notes thereto, set forth in the reports and other documents the Company files with the SEC available at www.sec.gov.
We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.
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