IRVINE, Calif., Aug. 18, 2022 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF) (the "Company," "ATIF" or "We"), a holding company providing business and financial consulting services in Asia and North America, is pleased to announce that it has signed a definitive agreement for US$800,000 to provide IPO advisory services to Massimo Motor Sports, LLC ("Massimo"), which manufactures all-terrain vehicles (ATVs) and utility task vehicles (UTVs) in Garland, Texas.
Massimo Motor Sports is based in a 325,000 square foot factory in the heart of the Dallas/Ft Worth area, with vast product lines that include a wide selection of farm and ranch tested utility UTV's, recreational ATV's, and Americana style mini-bikes. Massimo's wholly owned subsidiary, Massimo Electric features a diverse product line of E-Scooters, E-Bikes, E-Koolers, solar panels, and EV charging stations. Massimo's affiliate company, Massimo Marine, features a wide selection of luxury boats and recreational boating supplies.
Massimo's most recent financial report (unaudited) shows that it achieved revenues of US$81.2 million in fiscal year 2021, an increase of 63.2% from fiscal year 2020 revenues of US$49.8 million; Net income in fiscal year 2021 was US$5.4 million, compared to fiscal year 2020 net income of US$8.1 million.
Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, "We are pleased to announce this engagement with Massimo, a proven innovator in the UTV and ATV markets. David and his team have established an impressive reputation in the industry for quality products with great customer service at reasonable prices. I look forward to seeing Massimo's growth and expansion plans come to fruition as a public company in this fast-growing sector."
"Following an extensive search process which yielded several highly qualified firms, we are excited to begin working with a world class organization like ATIF to build our listing team and help us attain our goal of being a publicly-traded company," commented David Shan, Founder and Chief Executive Officer of Massimo Motor Sports, LLC. "Going public is a massive undertaking that requires an experienced team of consultants with proven track records of success, particularly when navigating challenging capital markets. We are excited to take this important step with ATIF, which will facilitate us in securing important growth capital, while gaining additional exposure and access to retail and institutional investors in the United States and abroad."
About ATIF Holdings Limited
ATIF Holdings Limited ("ATIF") is a holding group with business consulting, asset management, and investment businesses, with offices in Los Angeles, California, Hong Kong, and Shenzhen, China. ATIF mainly provides IPO Advisory Services to small and medium-sized enterprises in Asia and North America. ATIF has advised several enterprises in China in their plans to become publicly listed in the United States. ATIF was awarded the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia Award," the highest award in Hong Kong's financial and securities industry. For more information, please visit https://ir.atifchina.com/.
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Forward-Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: whether companies for which the Company provides IPO advisory services will be go public, and if they go public, that they will be successful, that Massimo's unaudited revenues and net income for 2021 and 2020 will not be subject to material adjustment, future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients, complete projects for clients, and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development and launch of its NFT collection; the possibility that the Company may not succeed in developing its NFT platform and business due to, among other things, changes in the business environment, competition, changes in governmental regulation, or other economic and policy factors; the ability of the Company to continue compliance with the development of applicable regulatory regulations in connection with blockchain, digital assets and the NFT industry; the possibility that the Company's ongoing NFT services may be adversely affected by other economic, business, and/or competitive factors; and other factors listed in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.
This press release is neither an offer to sell nor a solicitation of an offer to buy any security.
Media contact:
ATIF Holdings Limited
Anna Huang
Email: anna@atifchina.com
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