Beijing, June 17, 2024 (GLOBE NEWSWIRE) — Shineco Inc. (“Shineco” or the “Company”; NASDAQ: SISI), a producer of innovative diagnostic medical products and related medical devices announced today that on June 14, 2024, its 51% owned subsidiary, Shangkang Life Science and Technology (Jiangsu) Co., Ltd. (“Shangkang Life Science”) entered into a Strategic Cooperation Framework Agreement (“the Agreement”) with Turing Video (Shenzhen) Co., Ltd (“Turing Video”) to jointly develop a series of smart medical products and introduce their biotechnology and other innovative health solutions to the healthcare market.
Shangkang Life Science, a joint venture established by Shangkang Life Science and Yangzhou Kangling Medical Co., Ltd., specializes in the development, production, and sales of medical devices such as bone hyperplasia, rheumatism treatment devices and electro-acupuncture devices. Turing Video focuses on the development and sales of smart security, remote video, and remote care products for the elderly and the infants. Turing Video has more than 40 patents related to its products and has developed AI products for the elderly, including 60GHz vital sign monitors and 60GHz smart fall monitors, and AI infant care products. Turing Video has customers in more than 20 countries, including China, Australia, Singapore and those in the Americas and Europe.
Shangkang Life Science plans to use biotechnology to develop a system that combines miniature biosensors that can detect and regulate human physiological indicators such as blood sugar and blood pressure and Turing Video’s smart series of camera equipment to monitor the health status of the elderly in real-time. This jointly developed system would be designed to identify abnormal health conditions in the elderly and in the case of an emergency, it would emit an automatic alarm signal to care providers to ensure that the elderly receive timely treatment. Also, this high-tech system is also expected to be capable of providing health management plans to the elderly by conducting data analysis through AI algorithms.
Shangkang Life Science also plans to use biotechnology to develop new medical equipment for the elderly. Shangkang Life Science plans to develop electro-acupuncture devices that are capable of releasing specific biomolecules with the goal of enhancing the therapeutic effect of these devices to accelerate the rehabilitation and recovery of elderly patients.
The Company believes that the Agreement will enhance the market competitiveness of Shangkang Life Science’s current array of specialized medical products. Furthermore, it is expected that both parties will cooperate in upgrading their products to develop and optimize the high-tech diagnostic system with the aim of creating a strong and sustainable market presence.
As China’s society ages, the Company believes that the traditional model of geriatric care faces many challenges. According to a newsletter released by the Chinese Government on January 17, 2024, the market scale of China’s ‘silver economy’ is expected to reach RMB 30.0 trillion (US$ 4.1 trillion) by 2035. The Company believes that with the cooperation of the two companies in the areas of biotechnology and AI, their new smart products designed for the geriatric healthcare industry has great market potential.
Jennifer Zhan, CEO of Shineco, said, “We are very optimistic about the cooperation between Shangkang Life Science and Turing Video. We believe that our joint efforts will not only enrich our product line but also integrate the two companies’ core competencies through the introduction of biotechnology.”
“We are confident that our efforts will result in the development of life-saving and life-enhancing smart products for China’s growing elderly population. We plan to pursue an array of opportunities in the field of intelligent health care so that more elderly people can longer fuller lives and benefit from the development of new medical devices and technologies.”
About Shineco, Inc.
Shineco Inc. (“Shineco” or the “Company”) aims to ‘care for a healthy life and improve the quality of life’, by providing safe, efficient and high-quality health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. For more information about Shineco, please visit www.biosisi.com/.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Forward-looking statements should not be relied upon because they are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Examples of forward-looking statements include, among others, statements we make regarding the innovativeness and market position of our products and services, our competitive strengths, and our expectation that the healthy meals replacement joint venture will be a competitive products in its field. You are cautioned not to rely on any forward-looking statements. Actual results may differ materially from historical results or those indicated by the forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the Company’s ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the ability to obtain all necessary regulatory approvals in the jurisdictions where it intends to market and sell its products the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulations, economic conditions, the impact of the COVID-19 pandemic, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in its filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based only on information currently available to us and speak only as of the date of this press release, and Shineco assumes no obligation to update any forward-looking statements except as required by the applicable rules and regulations.
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Shineco,Inc.
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David J. Rudnick
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