WENZHOU, China, April 8, 2020
/PRNewswire/ -- ZK International Group Co.,
Ltd. (ZKIN) ("ZK International" or the "Company"), a
designer, engineer, manufacturer, and supplier of patented
high-performance stainless steel and carbon steel pipe products
primarily used for water and gas supplies, announced today an
update regarding the impact of COVID-19 (the "coronavirus") on its
operations.
After longer than usual shutdowns that spanned much of February
due to Chinese New Year holidays and subsequently
coronavirus-induced government mandated lockdown order, the
production at the Company's manufacturing facilities in Wenzhou
City has resumed since early March and has been running at full
capacity. The Company experienced increased backlog of orders
during the shutdown period and now expects gradual easing of the
backlog as its production returns to full capacity.
Additionally, ZK International announced that, despite that the
Company took a slight hit as fallout from the coronavirus outbreak,
which has disrupted not only the production but also its product
flow starting from early February, the Company expects to report
flat revenues for the first half of fiscal year 2020 (six months
ended March 31, 2020).
Mr. Jiancong
Huang, the Company's CEO and Chairman stated, "Even with the
slow-down in the last two months, we have managed to get our
manufacturing facilities completely up to speed and operate at full
capacity. We look forward to another productive year, as we have
built new relationships and have begun to explore new strategic
opportunities that could solidify the future growth of the
Company."
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer,
engineer, manufacturer, and supplier of patented high-performance
stainless steel and carbon steel pipe products primarily used for
sophisticated water and gas pipeline systems. The Company owns 33
patents, 21 trademarks, 2 Technical Achievement Awards, and 10
National and Industry Standard Awards. ZK International is Quality
Management System Certified (ISO9001), Environmental Management
System Certified (ISO1401), and a National Industrial Stainless
Steel Production Licensee that is focused on supplying steel piping
for the multi-billion dollar industries of Gas and Water
sectors. ZK has supplied stainless steel pipelines for over
2,000 projects, including the Beijing National Airport, the
Beijing 2008 Summer Olympics
facilities(including the "Water Cube", and "Bird's Nest").
Focusing on producing superior quality and durability of its steel
piping, ZK International is providing a solution for the delivery
of high quality, highly sustainable, environmentally sound drinking
water to both China's domestic market and international
markets such as Europe, East Asia, and Southeast
Asia.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company
on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. Without limiting the generality of the
foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "intend," "could," "estimate" or "continue" or the
negative or other variations thereof or comparable terminology are
intended to identify forward-looking statements. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. These forward-looking statements are
not guarantee of future performance and are subject to certain
risks, uncertainties, and assumptions that are difficult to predict
and many of which are beyond the control of ZK International.
Actual results may differ from those projected in the
forward-looking statements due to risks and uncertainties, as well
as other risk factors that are included in the Company's filings
with the U.S. Securities and Exchange Commission. Although ZK
International believes that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove inaccurate and, therefore, there can be no assurance
that the results contemplated in forward-looking statements will be
realized. In light of the significant uncertainties inherent
in the forward-looking information included herein, the inclusion
of such information should not be regarded as a representation by
ZK International or any other person that their objectives or plans
will be achieved. ZK International does not undertake any
obligation to revise the forward-looking statements contained
herein to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
Investor Contact:
Tony
Tian, CFA
Weitian Group LLC
Phone: +1 (732) 910-9692
Email: ttian@weitianco.com
View original
content:http://www.prnewswire.com/news-releases/zk-international-group-co-ltd-provides-update-on-covid-19-coronavirus-and-pre-announces-revenues-for-the-first-half-of-fiscal-year-2020-301037425.html
SOURCE ZK International Group Co., Ltd.