Zhongchao Inc.'s China Operating Entity, Chongqing Xinjiang Pharmaceutical Co., Ltd. Obtained Pharmaceutical Trade and Medical Device Operation Licenses, Ready to Enter Into Pharmaceuticals Circulation Market

SHANGHAI, Nov. 3, 2022 /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 that one of the China operating entities of which the Company consolidates the financial results with through certain contractual arrangements, Chongqing Xinjiang Pharmaceutical Co., Ltd. ("Xinjiang Pharmaceutical") has obtained a series of pharmaceutical related licenses, which lay a solid foundation for Zhongchao to develop pharmaceutical services and expand to the pharmaceutical market. The Company believes that the operation of Xinjiang Pharmaceutical will further strengthen the upgraded "Medical-Pharmaceutical-Patient" model.

Since the beginning of 2022, embracing the development opportunity of a series of investment promotion of pharmaceutical industry initiated by the Chongqing government, Xinjiang Pharmaceutical has been able to develop rapidly. Xinjiang Pharmaceutical has obtained Pharmaceutical Trade License, Medical Device Trade License, Qualification Certificate for Drug Information Service over the Internet and other related licenses. Xinjiang Pharmaceutical plans to engage in pharmaceutical import and export trade, OME (original equipment manufacturer) production, medical consumables operation, and pharmaceutical internet services, aiming to continuously expand the industry chain and supply chain of the pharmaceutical market in China. Meanwhile, it remains committed to becoming a competitive technology-based pharmaceutical service enterprise.

Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "The rapid development of Xinjiang Pharmaceutical will further promote our strategy of providing pharmaceutical services for patients with oncology or other major diseases. Over the past ten years, Zhongchao has accumulated abundant resources of medical education and platform and established long-term and stable strategic partnerships with many domestic and foreign pharmaceutical companies. We intend to integrate the high-quality resources we own to create a pharmaceutical services system covering the whole industry chain. We aim to not only improve the drug accessibility and affordability for patients but bring in greater social economic benefits."

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 21-3220-5987

Investor Relations:

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

SOURCE Zhongchao Inc.