Business
/C O R R E C T I O N -- ICZOOM/
In the news release, ICZOOM Details Accelerated Growth and Steady Market Expansion Strategy, issued 18-Sep-2023 by ICZOOM over PR Newswire, we are advised by
About this update from Iczoom Group Inc.
[{"type":"text","content":"In the news release, ICZOOM Details Accelerated Growth and Steady Market Expansion Strategy, issued 18-Sep-2023 by ICZOOM over PR Newswire, we are advised by the company that in the company boilerplate, ICZOOM Group Inc.'s stock ticker should read \"IZM\" rather than \"ICZ\" as originally issued inadvertently. The complete, corrected release follows:\n\nICZOOM Details Accelerated Growth and Steady Market Expansion Strategy\n\n\nHighly Scalable, Asset-Light Business at the Epicenter of the Global Semiconductor Market Driving Growth and Profitability\nHONG KONG, Sept. 20, 2023 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the \"Company\" or \"ICZOOM\"), a B2B electronic component products e-commerce platform, today provided details on the Company's accelerated growth and steady market expansion strategy, as the Company leverages its strengthened balance sheet and fortified global brand following its successful listing on Nasdaq earlier this year.\n\nMr. Lei Xia, who founded ICZOOM 11 years ago and serves as its Chief Executive Officer, commented, \"We built ICZOOM's core platform at the epicenter of the semiconductor industry's explosive global market growth. Our first-mover advantage and success in establishing our B2B e-Commerce platform is clearly evident in our profitability and $290.4 million in revenue for the fiscal year 2022. By focusing on serving the historically underserved small and medium-sized enterprises in China's large and growing electronic component market, we have created a differentiated business model that is both highly scalable and asset-light, as our customer base and the number of electronic components both continue to grow.\"\nFor ICZOOM, going public was not the end but a new starting point. Mr. Xia added, \"From the first day of the Company's establishment to the present, our goal has not changed - to provide a robust e-Commerce platform for small and medium-sized microelectronics companies to help them purchase electronic components, reduce procurement costs, and improve procurement efficiency.\"\nMr. Xia noted, \"We are firmly positioned for accelerated growth and steady market expansion as we continue to execute our business strategy, with plans to prudently leverage our strengthened balance sheet in support of the extensive growth opportunities in front of the company. We are benefiting from hig...