MingZhu Logistics Enters into Non-binding MOU to Acquire CheYi Network

SHENZHEN, China, July 6, 2021 /PRNewswire/ -- MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services to businesses, today announced it has entered into a non-binding memorandum of understanding ("MOU") to acquire controlling equity interest of Zhejiang CheYi Network Technology Co., Ltd. ("CheYi Network"), an integrated online car-hailing and driver management services company. The acquisition offers MingZhu's customers additional platform enhancements, and directly fits with MingZhu's acquisition strategy, which includes adding financially accretive, best-of-breed companies and products.

CheYi Network was established in December 2015 as a comprehensive automobile service platform, providing a full range of services to the automotive industry.  CheYi Network has built an integrated business platform with more than 6,000 vehicles and drivers for ride hailing services under management.  Its vehicles and drivers provide services to major mobility technology platforms, such as SAIC Mobility and T3 Mobility.

Completion of the proposed acquisition transaction is subject to further due diligence by the parties and negotiation and execution of definitive documents, including a share exchange or similar agreements, and the determination of a definitive price and other related documentation to complete the transaction. The MOU is non-binding and there is no assurance that the transaction will be completed on the terms described above or at all.

Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu Logistics Holdings Limited, commented, "We are very excited to reach an agreement with the CheYi Network team.  The company has done an excellent job building out an integrated platform featuring all the support and services drivers need.  We view this business as a perfect fit for us and think it will serve as a centerpiece of our diversification strategy, which we plan to actively invest in and build upon.  We believe that by infusing additional working capital and leveraging our operating expertise we can help to scale up the business even faster.  This in turn will help to accelerate our growth strategy for many years to come based on the popularity and widespread reliance upon shared transportation services."

About MingZhu Logistics Holdings Limited (NASDAQ: YGMZ)

Founded in 2002, NASDAQ listed, Shenzhen, China based, MingZhu is 4A-grade trucking services provider, offering both network density and broad geographic coverage to meet customers' diverse transportation needs. The Company operates two major regional terminals with both self-own fleets of tractors and trailers and subcontractors' fleets. More information about MingZhu can be found at: www.szygmz.com/en/

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 trucking services 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.

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SOURCE MingZhu Logistics Holdings Limited