UTime Ltd. Announces Strategic Partnership Agreement to Supply up to 10,000 Smart Electric Vehicle (EV) Chargers to Subsidiary of Jiuzi Holdings Inc. (NASDAQ: JZXN)
September 15 2023 - 9:28AM
United Time Technology Co. Ltd, an entity controlled via
contractual agreement by UTime Ltd. (NASDAQ:WTO; the "Company" or
“WTO”) signed a strategic partnership agreement on September 12,
2023 to design, assemble and supply up to 10,000 new smart EV
chargers to Shenzhen Jiuzi XinNeng Holding Group Co., Ltd.
(“Jiuzi”), an indirect subsidiary of Jiuzi Holdings, Inc. (NASDAQ:
JZXN) from 2024 to 2027. The parties aim to deploy the chargers to
provide more convenient and efficient charging solutions for
electric vehicle users in third and fourth-tier cities in China.
This cooperation is expected to leverage the advantages of both
parties in technology, service and marketing to inject new impetus
into the sustainable development of the electric vehicle industry
chain and create greater value for investors, partners and
customers.
According to the agreement, WTO will undertake
the design and OEM production of up to 10,000 new smart EV chargers
with a total price of approximately $68.5 million. WTO strives to
provide the market with a series of high-quality, smart chargers.
The 10,000 EV chargers are expected to be built and delivered in
phases from 2024 to 2027.
This cooperation marks an important step for WTO
in the field of smart EV charger production. CEO Hengcong Qiu
commented, "WTO has been committed to create a more intelligent and
convenient charging ecosystem for users. This strategic cooperation
agreement does not only showcase the company's core technology
capabilities, but is also extremely important for WTO's business
development and future
growth." About
UTime Ltd.
UTime Ltd. established in 2008, it committed to
providing cost-effective mobile devices to consumers globally and
to helping low-income individuals from established markets,
including the United States and emerging markets such as India and
other countries in South Asia and Africa have better access to
updated mobile technology. Since July 2023, we have added smart
electric vehicle chargers into our product lines in response to the
global demand for energy conservation and carbon reduction. For
more information, visit the Company’s website at
http://www.utimeworld.com/.
Forward-Looking Statements
All statements other than statements of
historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties. They are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs, including the expectation that the Offering will be
completed. Investors can identify these forward-looking statements
by words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions.
Specifically, forward-looking statements may
include statements related to the following matters of the
Company:
-
Ability to implement its business plan;
-
Changes in the Company’s product and service market; and
-
Expansion plans and opportunities.
These forward-looking statements are based on
information available as of the date of this press release and our
management's current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent events, circumstances, or changes
in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct. The Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review the
“Risk Factor” section of the Company’s registration statement and
last annual report on form 20-F and in other filings made by the
Company with the U.S. Securities and Exchange Commission since the
filing of such 20-F as these factors may affect its future results.
These risk factors and those identified elsewhere in this press
release, among others, could cause actual results to differ
materially from historical performance and include, but are not
limited to:
-
Local government's policies and regulatory oversight of smart EV
chargers;
- The
Company’s smart EV charger design and production business is still
under planning and development, with many uncertainties in the
future direction and integration of its mobile technology business
segment;
-
Failure to manage the newly launched smart EV charger design and
production effectively;
-
failure to source sufficient parts or complete the assembling
process according to the purchase agreement with Jiuzi;
-
failure to negotiate favorable purchase price with Jiuzi;
- other risks and uncertainties indicated in the Company’s SEC
reports or documents filed or to be filed with the SEC by the
Company.
Accordingly, forward-looking statements should
not be relied upon as representing our views as of any subsequent
date, and you should not place undue reliance on these
forward-looking statements in deciding whether to invest in our
securities. We do not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
For more information, please
contact:PREmail:
pr@westock.com
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