Jiuzi Holdings Signs Sales Cooperation Contract with Brilliance Xinri

Pursuant to the Agreement, Zhejiang Jiuzi will establish a franchise store in Hangzhou City, Zhejiang Province, exclusively for the promotion and sales of the Brilliance Xinri EVs, subject to Brilliance Xinri's review and approval within 30 days upon the store's being set ready for operation.

Brilliance Xinri will offer training and cover training-related expenses for the franchise store's sales crew.

Zhejiang Jiuzi is entitled to distribute Brilliance Xinri EVs via the franchise store exclusively in Hangzhou City. Specifically, Zhejiang Jiuzi will first order 24 units of Brilliance Xinri EVs and will keep a monthly SKU (stock keeping unit) of 24 Brilliance Xinri EVs during the term of the cooperation.

The franchise store will target sales of 20 Brilliance Xinri EV units of per month, as per the Agreement.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "Zhejiang Jiuzi is honored to have the opportunity to work with Brilliance Xinri. Following our cooperation with Zhejiang Youxing New Energy Co., Ltd., which is the sole nationwide distributor of Chongqing Ruichi Automobile Industry Co., Ltd. last week, this  represents an additional solid recognition of our services and sales approach that have been very well received by our customers."

"Brilliance Xinri is a joint venture between Brilliance Auto Group Holding Co., Ltd. and Xinri (Wuxi) Development Co., Ltd. It has started to develop and manufacture new energy vehicles since as early as 2018, and been rapidly growing ever since. It is fantastic to be able to learn from Brilliance Xinri's high standard of business ethics, their dynamic sales approach, and marketing techniques that are known to optimally serve the customers' changing needs."