MingZhu Logistics Enters Share Purchase Agreement to Acquire Alliance Liquor

SHENZHEN, China, May 26, 2023 /PRNewswire/ -- MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ:YGMZ), an elite provider of logistics and transportation services to businesses, today announced it has entered into a Share Purchase Agreement (the "SPA") to acquire 100% equity of Alliance Liquor Investment (BVI) Limited ("Alliance Liquor"), which operates its liquor distribution business through its variable interest entity Xiamen Alliance Liquor Industry Group Co., Ltd. (formerly known as Guizhou Minzusheng Liquor Co., Ltd.) in China. The transaction is subject to the conditions that are customary for transactions of this type. The Company and Alliance Liquor had previously announced that they entered into a non-binding memorandum of understanding on February 21, 2023, with the plan to further invest in and jointly develop a commercial liquor distribution business across China.