SHENZHEN, China, May 2, 2023
/PRNewswire/ -- Addentax Group Corp. ("Addentax" or the
"Company") (Nasdaq: ATXG), an integrated service provider focusing
on garment manufacturing, logistics service, property management
and subleasing, and epidemic prevention supplies, today announced
that its intentions to collaborate with Zhejiang Jinsuo Holding
Group Co., Ltd. ("Jinsuo") and Zhejiang Weicheng Textile Co., Ltd.
("Weicheng") to reinforce the digital transformations in the
textile industry and jointly explore the development in artificial
intelligent ("AI").
During the meeting the Company held on April 28, 2023 with Jinsuo, both companies agreed
to enhance textile productions by developing AI-driven robots to
automate labor-intensive tasks, including but not limited to
material handling and cutting, etc., to improve precision and
accuracy, to increase productivity, and to reduce errors.
During the meeting the Company held on April 29, 2023 with Weicheng, both companies
outlined plans to outlined plans to develop an AI-based analytics
system for predicting demands, optimizing production schedules and
managing inventory levels in real-time. The system is anticipated
to proactively identify and mitigate supply chain risks by
addressing potential issues early on.
Addentax intends to sign a memorandum of understanding with each
of Jinsuo and Weicheng upon finalizing the scope and terms of the
collaboration by May 2023.
About Addentax Group Corp.
Addentax Group Corp. is an integrated service provider focusing
on garment manufacturing, logistics service, property management
and subleasing, and epidemic prevention supplies. Its garment
manufacturing business consists of sales made principally to
wholesaler located in China. The
logistics business consists of delivery and courier services
covering 79 cities in seven provinces and two municipalities in
China. The property management and
subleasing business provides shops subleasing and property
management services for garment wholesalers and retailers in
garment market. The epidemic prevention supplies business consists
of manufacturing and distribution of epidemic prevention products
and resale of epidemic prevention supplies purchased from third
parties in both domestic and overseas markets. For more
information, visit the Company's website at
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.