SHENZHEN, China, Sept. 15, 2023 (GLOBE NEWSWIRE) -- 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/.
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.
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