Business
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)
SHENZHEN, China, Sept. 15, 2023 (GLOBE NEWSWIRE) -- United Time Technology Co. Ltd, an entity controlled via contractual agreement by UTime Ltd. (NASDAQ:WTO;
About this update from Utime Limited
[{"type":"text","content":"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/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. The...