SHENZHEN, China, June 6, 2023
/PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company")
(Nasdaq: ATXG), an integrated service provider focusing on garment
manufacturing, logistics services, property management and
subleasing, and epidemic prevention supplies, today announced that
on June 5, 2023 it entered into a
strategic cooperation agreement (the "Agreement") with Auto City
(Shenzhen) Autonomous Driving Co.,
Ltd. ("Auto City"), a Shenzhen
based company specializing in artificial intelligence ("AI") cloud
based Level 4 ("L4") Autopilot research and development
("R&D"), manufacturing and application, and digital city full
industry chain solutions. This strategic cooperation marks a
pivotal step for Addentax as it seeks to expand its business
footprint and diversify its revenue streams.
Pursuant to the Agreement, the two parties will work together on
the development autonomous driving technology project, including
but not limited to marketing, research and development, production,
and application of new energy autonomous clean vehicles, as well as
R&D and applications of automatic charging and battery
technology. Additionally, Addentax and Auto City are in
deliberations with other industry frontrunners in the new energy
vehicle, electric vehicle ("EV") battery and autopilot arenas to
foster technology and application partnerships. The shared
objective of the parties is to drive project developments and
applications of leading-edge autonomous driving technology and new
energy battery technology initially in the Guangdong Province first.
Auto City is a cutting-edge technology company focusing on the
R&D, production, and application of advanced autonomous
vehicles. It boasts deep-rooted involvement in the digital city
service sector, reinforced by an AI intelligence management
platform. Auto City addresses the traditional city service
industry's challenges head-on, fostering safer, smarter, and
environmentally-friendly digital city solutions. Auto City's elite
R&D team comprises alumni from prestigious universities such as
Massachusetts Institute of Technology,
University of California, Berkeley,
Stanford University, Tsinghua
University and The Chinese University of Hong
Kong, while its key management team consists of luminaries
from leading autopilot companies, EV corporation founders, and
experienced industry stalwarts.
Addentax has expressed a prospective interest in becoming a
major shareholder in Auto City. The parties plan to intensify its
collaborations, focusing on the further evolution of L4 Autopilot
technology, R&D of new energy clean vehicles, and associated
auto charging/battery technology research and applications.
Addentax is excited to announce this cooperation. The
cooperation with Auto City represents an exciting chapter for
Addentax. This strategic cooperation marks a pivotal step for
Addentax as it seeks to expand its business footprint and diversify
its revenue streams into AI autopilot, electric vehicle and EV
battery areas. In line with its strategic goal to consolidate and
grow its existing business portfolio, Addentax is eager to seize
opportunities in emerging industries to strengthen its revenue
streams. With Auto City's expertise in the autonomous driving
field, Addentax anticipates that this partnership will catalyze its
expansion and further elevate shareholders' value.
About Addentax Group Corp.
Addentax Group Corp. is an integrated service provider
specializing in garment manufacturing, logistics services, property
management, subleasing, and epidemic prevention supplies. Its
apparel manufacturing business includes sales to wholesalers and is
based in China. The logistics
business, which includes delivery and express services, covers 79
cities in 7 provinces and 2 municipalities in China. The property management and subleasing
business provides relevant services to clothing wholesalers and
retailers in the apparel market. The epidemic prevention
supplies business includes
manufacturing and distributing quarantine products, as well as
reselling supplies purchased from the third parties in domestic and
overseas markets. More information please visit the website:
https://www.addentax.com/.
Safe Harbor Statement
All statements other than statements of historical fact in
this announcement are forward-looking statements in nature within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks and uncertainties and 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. Words or phrases
such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions are
intended to identify such forward-looking statements. The Company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or 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, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to consider risk
factors, including those described in the Company's filings with
the SEC, that may affect the Company's future results. All
forward-looking statements attributable to the Company and its
subsidiaries or persons acting on their behalf are expressly
qualified in their entirety by these risk factors. The
forward-looking events discussed in this press release and other
statements made from time to time by us or our representatives, may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties, and assumptions about us. We
are not obligated to publicly update or revise any forward-looking
statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives might not occur.
Company Contact:
Addentax Group Corp
Phone: + (86) 755 86961 405
Investor Relations Contact:
Sherry Zheng
Weitian Group LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com
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SOURCE Addentax Group Corp.