ATIF Holdings Limited Announces a One Million Dollar Consulting Service Agreement with Heilongjiang WKG Advertising Co., Ltd., Marking Revenues Up to $2.8 Million in June 2020
Shenzhen, China, June 23, 2020 (GLOBE NEWSWIRE) -- ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting services and multimedia services in Asia, today announced that the Company, through Qianhai Asia Time (Shenzhen) International Financial Services Co., Ltd. (“ATIF Shenzhen”), the Company’s variable interest entity in China, entered into a consulting service agreement (the “Agreement”), dated June 17, 2020, to act as a business advisor for Heilongjiang WKG Advertising Co., Ltd., (“WKG”), a comprehensive media company for sports event planning, operation and promotion. The Agreement was signed in anticipation of WKG’ entrance into the U.S. capital market.
Pursuant to the Agreement, ATIF Shenzhen agreed to provide consulting services including business consulting, capital market advising for business planning and strategy development, and investor and public relations services. As consideration, WKG agreed to pay ATIF Shenzhen a fixed consulting fee of US$1 million, to be paid in installments and subject to certain conditions.
Mr. Jun Liu, CEO and Director of ATIF, commented, “We are excited to sign the Agreement with WKG, which is also our 3rd consulting service agreement signed this month. China’s sports demand and consumption patterns have changed in recent years as the rapid development of the economy, the gradual popularization of sports as well as the continued favor of national policies and capital market. We believe that the sports industry will surely be filled with golden opportunities.”
Mr. Liu further commented, “WKG focuses on innovation and diversification of China's sports industry and has made important contributions to the internationalization of China's sports industry. ATIF, as WKG's business advisor, will definitely undertake the important task, providing professional and comprehensive guidance to help WKG successfully enter into the U.S. capital market and fulfill its mission of stimulating the development of China's sports industry.”