WTO UTime Limited

Jiuzi Holdings Inc. (NASDAQ: JZXN; the "Company" or “JZXN”), an emerging new energy vehicle (NEV) dealership group operating under the brand name "Jiuzi" in China, today provided updates on its business operations. Shenzhen Jiuzi XinNeng Holding Group Co., Ltd. (“Jiuzi”) a  subsidiary of the Company entered into a strategic partnership agreement with United Time Technology Co Ltd (“United Time”), an entity controlled via contractual arrangement by UTime Ltd. (NASDAQ: WTO) on September 12, 2023, pursuant to which Jiuzi may procure up to 10,000 smart electric vehicle (EV) chargers and the parties shall cooperate to install them in third and fourth tier cities in China by 2027. 

The strategic partnership agreement serves as a binding framework pursuant to which United Time shall supply and service the EV chargers upon Jiuzi’s request according to the terms of the purchase agreement and Jiuzi shall identify the location for the EV chargers.  The parties agreed to collaborate on the promotion and marketing of the EV chargers. The parties have also agreed on the forms of the purchase agreement although the per unit purchase price (which shall include installation, repair and service fees) will be negotiated at the time of the purchase.  The parties expect to deploy the stations in third and fourth-tier cities, providing convenient, fast, efficient and cost-effective charging solutions for electric vehicle users in such regions. According to the Company's strategic business plan, it plans to procure up to 1,000 new smart EV chargers from United Time in 2024. Assuming a per unit price of RMB 50,000 ($US6,850), Jiuzi is expected to invest up to US$7 Million (RMB51 Million) to procure and operate all 1,000 EV chargers. Assuming the operating results during such period is satisfactory and the Company is able to secure financing at satisfactory terms, the Company plans to deploy an additional 9,000 smart EV chargers in China's third and fourth-tier cities through the fourth quarter of 2027 for approximately US$61 Million (RMB450 Million) assuming the average per unit purchase price is RMB50,000. According to the Company’s projections, the annual revenue is estimated to reach approximately $10.9Million (RMB80 Million) if all 1,000 smart EV chargers are installed and fully operational.

The Company has accumulated substantive experience in the EV chargers area through its operations of the franchise and self-owned EV retail stores in the third-tier cities and is well-positioned to build upon the existing network to identify new regional markets for EV chargers. Thanks to the current experienced management team in the NEV industry, the Company expects to provide end-users with a fast and cost-efficient EV charging experience. The Company plans to focus on the procurement and deployment of smart EV chargers, leveraging its strengths in project management and service delivery to ensure the smooth implementation of  this exciting EV charging business.

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They 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, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Specifically, forward-looking statements may include statements related to the following matters of the Company:

• Ability to implement its business plan;
• Changes in the Company’s product and service market; and
• Expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, 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. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review the “Risk Factor” section of the Company’s registration statement and last annual report on form 20-F and in other filings made by the Company with the U.S. Securities and Exchange Commission since the filing of such 20-F as these factors may affect its future results. These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

• Local government's policies and regulatory oversight of smart EV chargers and our other operations;
• The Company’s smart EV charger business is still under planning and development, with many uncertainties in the future direction and integration of its EV retail business segment;
• Failure to manage the newly launched smart EV charger business effectively;
• Failure to access a large quantity of power at reasonable costs could significantly increase the Company’s operating expenses and adversely affect our smart EV charger business;
• Failure to negotiate a favorable purchase price with United Time;
• Any significant or prolonged failure in the smart EV chargers that the Company plans to operate, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation; and
• Other risks and uncertainties indicated in the Company’s SEC reports or documents filed or to be filed with the SEC by the Company.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

For more information, please contact:

Kim He 

Email: kim@jzxn.com