MDJM Acquires Fernie Castle Hotel to Initiate the Expansion Strategy to European Market
TIANJIN, China, Aug. 23, 2022 /PRNewswire/ -- MDJM LTD (Nasdaq: MDJH) (the "Company" or "MDJM"), an integrated real estate services company in China, today announced that its wholly owned subsidiary in United Kingdom, MD Local Global Limited ("MD UK"), entered into an Offer to Sell (the "Agreement") with Braveheart Hotels Limited ("Braveheart"), a United Kingdom company, pursuant to which MD UK agreed to purchase Fernie Castle Hotel from Braveheart. The Company believes that the purchase of this hotel, with its historical and cultural value, will be an important initiative for the Company's business transformation and expansion to specialty hotels, tourism and cultural markets in Europe.
Fernie Castle Hotel, located in the heart of Fife, Scotland, is situated in 17 acres of woodlands with its own lochan. Fernie Castle has hundreds of years of history and was passed to the Fernies in the 15th century. The castle consists of an altered 16th century L-plan tower house and has been renovated and expanded multiple times to cater to the expectation of today's visitors while preserving characteristics of the past. The Company intends to position the castle as the headquarters for its business in iconic assets and plans to maximize the castle's unique historical and cultural value through branding and other strategic initiatives.
"We are exceptionally pleased to announce the acquisition of Fernie Castle Hotel, which is a milestone of our strategic implementation of business transformation and international expansion. We believe physical assets play an important role in preserving value against inflation and that, by the time we make considerable progress in the strategic layout of our new business in the European market, our international expansion may become a key growth point. We expect to have stronger execution for our upgraded strategic business plan, discovering and operating more assets with unique historical and cultural value in the future," said Mr. Siping Xu, Chairman and Chief Executive Officer of MDJM.
About MDJM LTD
MDJM provides primary real estate agency services, and as-needed real estate consulting and independent training services. Through its subsidiaries, the Company expects to focus on international expansion for the development of real estate-related hospitality, butler services and more. For more information regarding the Company, please visit http://ir.mdjmjh.com.
Forward-Looking Statements
This announcement contains forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. In addition, there is uncertainty about the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company's operations. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. 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 investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's annual report on Form 20-F and its other filings with the Securities and Exchange Commission.
Investor Contact:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE MDJM LTD
