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BDL primarily focuses on manufacturing traditional medical devices. The Company expects the sale price for BDL will be approximately RMB10 million. The transaction signifies Lianluo Smart’s transformation to an asset-light smart medical device business from the asset-heavy traditional medical service business. Prior to selling BDL, the Company’s sleep diagnosis and smart medical service related assets will be transferred to another of the Company’s wholly-owned subsidiaries, Lianluo Connection Medical Wearable Device Technology (Beijing) Co., Ltd. (“LCL”). As part of the Company’s strategy moving forward, LCL will concentrate on business development of the smart medical device market and acquisition of complementary smart medical devices and ecosystem platforms.
Mr. Ping Chen, CEO of Lianluo Smart stated, “We are pleased to announce this transaction as a significant step forward to complete our business transformation, as this sale also allows Lianluo Smart to be more focused on development and properly allocate our resources on its strength—smart service and products. In addition, the transaction will significantly reduce the amortization of fixed assets and intangible assets, as well as the personnel and labor costs of related product lines. We remain focused on driving revenues from smart medical wearable devices and will keep our investors apprised of the progress of this transaction.”