Company Expects to Supply More Than 33 million
Units in Fiscal Year 2025
LOS
ANGELES, June 4, 2024 /PRNewswire/ --
Ispire Technology Inc. ("Ispire" or the "Company") (NASDAQ:
ISPR), a leader in the development and commercialization of vaping
technology and precision dosing, announced its wholly-owned
subsidiary, Aspire Science and Technology Limited, has secured an
original design manufacture (ODM) relationship with a leading
global e-cigarette brand (the "Customer").
The Company has begun receiving monthly purchase orders for 3
million units per-month, which are expected to remain consistent
over the next 12 months at a value of over $100 million in annual top-line revenue to
Ispire. The first order will be shipped in July 2024. Ispire expects the relationship to
grow significantly in the following years as the Customer continues
to place purchase orders with the Company.
"This Customer's confidence in our ODM business highlights our
focus on technology and manufacturing expertise," said Ispire
Co-Chief Executive Officer Michael
Wang. "This supply agreement highlights the scale of
production and quality that Ispire is capable of, showing that we
are recognized as a global leader in e-cigarette device design and
manufacturing. Entering into the international e-cigarette ODM
space with a partner of this caliber further solidifies our
approach to global nicotine strategy."
For more information visit
https://ispiretechnology.com/.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design,
commercialization, sales, marketing and distribution of branded
e-cigarettes and cannabis vaping products. The Company's operating
subsidiaries own or license more than 400 patents worldwide.
Ispire's branded e-cigarette products are marketed under the Aspire
name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global
distribution network. The Company also engages in original design
manufacture (ODM) relationships with e-cigarette brands and
retailers worldwide. The Company's cannabis products are marketed
under the Ispire brand name primarily on an ODM basis to other
cannabis vapor companies. Ispire sells its cannabis vaping hardware
in the US, Europe and South Africa, it also has commenced marketing
activities and customer engagement in Canada and Latin
America. For more information,
visit www.ispiretechnology.com or follow Ispire on
Instagram, LinkedIn, Facebook, Twitter and YouTube.
Forward Looking Statements
This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended ("Securities Act") as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "would," "could," "seek," "intend," "plan," "goal,"
"project," "estimate," "anticipate," "strategy," "future," "likely"
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements include, but are not limited to, risks and uncertainties
including those regarding: the Company's ability to collect its
accounts receivable in a timely manner, the Company's business
strategies, the ability of the Company to market to the Ispire
ONE™, Ispire ONE's success if meeting its goals, the ability of its
customers to derive the anticipated benefits of the Ispire ONE™ and
the success of their products on the markets; the Ispire ONE™
proving to be safe, and the risk and uncertainties described in
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Cautionary Note on
Forward-Looking Statements" and the additional risk described in
Ispire's Annual Report on Form 10-K for the year ended June
30, 2023 and any subsequent filings which Ispire makes with the
U.S. Securities and Exchange Commission. You should not rely upon
forward-looking statements as predictions of future events. The
forward-looking statements made in the press release relate only to
events or information as of the date on which the statements are
made in the press release. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events except as required by law. You should read
this press release with the understanding that our actual future
results may be materially different from what we expect.
IR Contacts:
For more information, kindly contact:
Investor Relations
Sherry Zheng
718.213.7386
ir@ispiretechnology.com
KCSA Strategic Communications
Phil Carlson
212.896.1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570.209.2947
EMellody@kcsa.com
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SOURCE Ispire Technology Inc.