SHANGHAI, April 21, 2023 /PRNewswire/ -- Greencity Acquisition Corporation (the "Company" or "Greencity") (NASDAQ:GRCY) today announced that on April 21, 2023 the Company signed a non-binding letter of intent ("LOI") with Bopai Construction Technology (Shanghai) Co., Ltd. (the "Bopai"), a company headquartered in China. Bopai has retained its own US legal counsel and PCAOB qualified independent public accounting firm to conduct the preparation for the potential business combination transaction with the Company. The Company plans to enter into the definitive business combination agreement (the "DA") with Bopai upon the completion of due diligence on Bopai to Company's satisfactory and Bopai's delivery of its audited financial statements as required for the potential initial proxy statement/registration statement filing.

About Bopai Construction Technology (Shanghai) Co., Ltd

Bopai is a scientific and technological innovation-oriented enterprise dedicated to "Construction Industry 4.0". Under the wave of industrialization and informatization in the construction industry, the Bopai is committed to the building automation industry. Through the world's leading 3D architectural printing as the entry point and guarantee, the industrial production method employed by Bopai is used to carry out intelligent and green production of buildings. Popai owns 43 patents and its research and development programs are backed by first-class universities to ensure continuous technology innovation.

Bopai has the most complete 3D printing technology in the industry, including 3D concrete printing and 3D rammed earth printing, and provides supporting solutions for housing construction, including structural columns, ring beams, floor slabs, cloth reinforcement, water and electricity and others.

About Greencity Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on businesses that have a connection to the Asian market.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements". Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the U.S. Securities and exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

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SOURCE GREENCITY ACQUISITION CORPORATION

Greencity Acquisition Corporation Signed LOI with a Chinese 3D printing Company