UTime Initiates Financial and Legal Due Diligence on Bowen Therapeutics

SHENZHEN, China, Aug. 29, 2024 /PRNewswire/ -- UTime Limited (NASDAQ: WTO) ("UTime" or the "Company"), which continues to build on its strengths in the global healthcare sector, has announced that it has commenced a comprehensive financial and legal due diligence on Bowen Therapeutics Inc ("Bowen Therapeutics"), which it intends to acquire. The move marks an important step in UTime's expansion of its presence in the field of innovative medical products, with the aim of strengthening its market position and advancing the future of medical technology.

Bowen Therapeutics, is expected to become a key part of UTime's expansion strategy. Bowen Therapeutics has enjoyed a strong reputation in the medical technology sector since its inception. Its unique research and development capabilities and innovative technologies are widely recognized in the industry. In particular, its progress in the development of monkeypox vaccine has contributed a number of breakthrough technologies to global healthcare. UTime intends to leverage the proposed acquisition to integrate Bowen Therapeutics's advanced technologies and research and development capabilities in order to facilitate the Company's technological innovation and market expansion in the healthcare sector.

The financial and legal due diligence on Bowen Therapeutics is a critical step necessary for UTime to secure its investment and build a solid foundation of information to support its acquisition decision. The due diligence process will cover a wide range of aspects of Bowen Therapeutics's business and operations and involve in-depth investigations and analysis. Specifically, in terms of financial due diligence, UTime will focus on Bowen Therapeutics's financial statements, assets and liabilities, and cash flow position. In addition, UTime will scrutinize the tax records and accounting systems of Bowen Therapeutics to ensure compliance with international financial reporting standards. Legal due diligence, on the other hand, focuses on reviewing Bowen Therapeutics's legal affairs, including, but not limited to, corporate governance structure, legality of contracts, intellectual property rights, and the existence of any pending litigation or regulatory violations. This process is critical to prevent potential legal risks.

Due diligence is a complex and exhaustive process that involves numerous aspects. As the due diligence process progresses, UTime will be able to gain a comprehensive understanding of Bowen Therapeutics's business and operations, assess potential risks and opportunities, and make decisions that are consistent with the Company's long-term growth strategy.

About UTime Limited

UTime Limited, established in 2008, provides cost-effective mobile devices to consumers globally and helps low-income individuals from established markets, including the United States, and emerging markets, such as India and countries in South Asia and Africa, have better access to updated mobile technology. Since 2024, UTime has been committed to transforming health and wellness through innovative medical wearable technologies. By leveraging cutting-edge research and strategic partnerships, UTime aims to provide effective solutions for disease prevention and health management on a global scale. For more information, visit the Company's website at http://www.utimeworld.com/.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed in the "Risk Factors" section of the Company' annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on July 30, 2024. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:
Eaky Tan
eaky@westock.com