NEW YORK, Oct. 28, 2019 /PRNewswire/ -- Greenland
Technologies Holding Corporation, formerly known as Greenland
Acquisition Corporation (the "Company" or "Greenland") (Nasdaq: GLAC) announces that its operating
subsidiary in China, Zhejiang
Zhongchai Machinery ("Zhongchai") has recently completed moving out
of its leased facility and into a newly-constructed modern
manufacturing facility in Shaoxing, China. This new facility
is owned by Zhongchai and boasts an annual production capacity of
200,000 sets of transmission systems, as compared to 80,000 sets in
the previous facility, a 150% increase. Additionally, this new
facility features high precision and high efficient manufacturing
capability.
Peter Zuguang Wang, the Chairman of the Company, remarked, "This
move will increase our production capability significantly and
enable us to deliver more highly competitive products to the market
and to produce robotic cargo carriers in the near future."
About Greenland
Greenland Technologies Holding Corporation is a British Virgin Islands company. It is a
developer and manufacturer of traditional transmission products for
material handling machineries and a developer of a robotic cargo
carrier prototype expected to be available for commercial use in
the near future in China.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Greenland, including
those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K and
Definitive Proxy Statement on Schedule 14A filed with the SEC.
Copies are available on the SEC's website, www.sec.gov. Words such
as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Greenland's
expectations with respect to future performance and anticipated
financial impacts of the business transaction.
Greenland undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as may be required by
law.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control and may be difficult to predict. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Greenland,;
difficulties in maintaining and managing continued growth;
restrictions on the ability to make dividend payments;, general
economic conditions; geopolitical events and regulatory changes;
and the failure to maintain the listing of Greenland's securities on the Nasdaq Stock
Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Greenland's filings with the
SEC. Readers are cautioned not to place undue reliance upon any
forward-looking statements in this press release, which speak only
as of the date made. The Company does not undertake or accept any
obligation or undertaking to publicly update or revise any
forward-looking statements in this press release to reflect any
change in their expectations or any change in events, conditions or
circumstances on which any such statement is based, except as may
be required by law. Nothing contained herein constitutes or will be
deemed to constitute a forecast, projection or estimate of the
future financial performance of the Company following the closing
of the Business Combination or otherwise.
Company Contact:
Greenland Technologies Holding Corporation
Jing Jin
+86 182-6810-4220
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SOURCE Greenland Technologies Holding Corporation
