AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection and with plans to enter into the operation of a business-to-business (“B2B”) e-commerce food platform focused on the sale of Asian-sourced food products, has signed a definitive agreement to acquire Fresh2 Ecommerce Inc. The agreement was made through AnPac subsidiary Fresh2 Technology Inc. and is expected to fuel the company’s growth in the U.S. food space. A B2B e-commerce platform, Fresh2 Ecommerce focuses on connecting Asian food suppliers with supermarkets in the United States, providing an online direct-selling platform for food suppliers to supply food to supermarkets. Based on the agreement, AnPac and its subsidiary will purchase 100% of the issued and outstanding equity interest of Fresh2 Ecommerce; the transaction is expected to close in Q1 2023.

“We are thrilled to announce our entry into an agreement to acquire Fresh2 Ecommerce, which we expect will advance our development of a B2B e-commerce platform in the U.S. focused on Asian food products,” said AnPac Bio-Medical Science co-CEO Haohan Xu in the press release. “Previously, cross-border businesses from Asia mainly sold products through e-commerce platforms such as Amazon, Shopify and TikTok. However, market data indicates that 87% of retail sales take place offline in the U.S. To address this opportunity, we plan to further develop Fresh2 Ecommerce’s food distribution platform to connect suppliers of Asian food with supermarket operators in the U.S. and to provide supermarket operators with direct access to suppliers’ product information. . . . We believe the acquisition of Fresh2 Ecommerce is an integral part of our business strategy to serve both restaurant owners and supermarket operators. Looking forward, we are committed to building a B2B e-commerce platform and food supply chain network for Asian food products in the U.S., connecting food suppliers and commercial customers and creating an internet ecosystem for the Asian food industry.”

To view the full press release, visit https://ibn.fm/9MVOK

About AnPac Bio-Medical Science Co. Ltd.

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of June 30, 2022. With two certified clinical laboratories in China and one CLIA- and CAP-accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer-screening and detection tests, including Cancer Differentiation Analysis (“CDA”), biochemical, immunological and genomics tests. The company intends to enter the business-to-business e-commerce food business with the formation of its wholly owned subsidiary Fresh2 Technology Inc. and the acquisition of Fresh2 Ecommerce Inc. For more information about the company, visit www.AnPacBio.com.

NOTE TO INVESTORS: The latest news and updates relating to ANPC are available in the company’s newsroom at https://ibn.fm/ANPC

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