Zhongchao Inc. Renews Partnership with Johnson & Johnson (China)

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Feb 23, 2023, 08:00 ET

SHANGHAI, Feb. 23, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services to patients with oncology and other major diseases, today announced the renewal of the partnership between Zhongchao Medical Technology (Shanghai) Co., Ltd. ("Zhongchao Shanghai"), of which Zhongchao consolidates the operations and financial results through a series of contractual arrangements and Johnson & Johnson (China) Investment Limited ("J&J"). The renewed partnership is expected to further strengthen two parities' cooperation in the global advanced field of innovative medical and health.

As the first Fortune 500 company to position the Chinese market as a "global innovation engine," J&J is committed to providing innovative comprehensive medical solutions for Chinese patients and medical and health professionals, the vision of which is also shared with Zhongchao. Zhongchao Shanghai and its subsidiaries are equipped with independent research and development ability of innovative medical education solutions such as Practical Improvement (PI), Community of Practice Share (COPS), medical doctrines, AI knowledge maps, and educational technology modules such as thinking training. Zhongchao Shanghai has developed professional and rich medical content production capabilities and stringent quality control processes. Pursuant to the cooperation agreement, Zhongchao Shanghai will provide digital education, multimedia courseware production, medical editing, and related design services for J&J in mainland China.

Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "we are thrilled to announce the extension of our cooperation with J&J since 2017, following our last renewal in 2020. We remain committed to deepening our cooperation with J&J in the field of serving patients' health, with the aim of providing the best comprehensive diagnostic and therapeutic solutions based on the benefits of patients and consumers. The MDMOOC platform provides year-round online professional medical training and education services for medical workers to improve their diagnostic and therapeutic capabilities, increase the accessibility and affordability of medical and health services, and promote the popularization of quality medical resources. Together with J&J, we intend to combine our respective expertise and resources to address the challenges in the healthcare market and deliver innovative medical solutions to patients. Meanwhile, we look forward to continuing our efforts to advance digital medical education in the healthcare related markets."

About Zhongchao Inc.

Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It conducts operations in China through the contractual arrangements between its wholly owned subsidiary and PRC operating entities. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.

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 professional training and educational 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, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. 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.

For more information, please contact:

At the Company: Pei Xu, CFO
Email: [email protected]
Phone: +86 13901629242

Investor Relations: Sherry Zheng
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386

SOURCE Zhongchao Inc.