BAODING, China, April 29, 2020 /PRNewswire/ -- IT Tech
Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or "the
Company"), a leading manufacturer and distributor of diversified
paper products in North China,
today announced that it launched its production line of non-medical
single-use face masks as planned, following completion of raw
materials preparation, trial run of the equipment and the sample
products inspection.
The Company currently has two sets of mask production equipment
that produces approximately 100,000 single-use face masks per day.
The mask production equipment is all automated and the strict
operational procedures and guidance have been applied to
ensure that each
product complies with
government requirements and regulations as to provide protection from COVID-19. All masks
from raw material to finished products are produced in a seamless
process and are packed for delivery after sterilization. The sample
products have been licensed with Non-Medical Facial Masks
Production Permit, Xingtai City Level. The Company has received
orders from different organizations and is distributing the
products to drugstores and supermarkets in Hebei Province. The Company anticipates the
gross margin of its face mask products will be around 40%.
According to the statistics from National Development and Reform
Commission, however the daily output of both medical and
non-medical masks has reached over 100 million at February 29, 2020, there are still huge gap
between the supply and demand due to large population based on
ongoing resumption of production, work and school. It is expected
that minimum 530 million face masks per day will be needed for 530
million workers from manufacturing and service industries only in
China. Given the market trend, the
Company built the dust proof workshop in 20 days and equipped the
production line.
Mr. Zhenyong Liu, the CEO and Chairman of the Company
commented, "Our high-standard dust proof workshop producing masks
in Xingtai City, will effectively mitigate face mask shortage
during this crucial stage that businesses and schools in
Hebei Province are reopening. The
capacity of 80 masks per minute with 24 hours operation will enable
us supply approximately 100,000 masks per day to the market, which
we believe will provide sufficient material support to protect
workers returning to work and students resuming classes in the
region of Hebei Province."
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products in
North China. Using recycled paper
as its primary raw material (with the exception of its tissue paper
products), ITP produces and distributes three categories of paper
products: corrugating medium paper, offset printing paper and
tissue paper products. With production based in Baoding and Xingtai
in North China's Hebei Province, ITP is located strategically
close to the Beijing and
Tianjin region, home to a growing
base of industrial and manufacturing activities and one of the
largest markets for paper products consumption in the country. ITP
has been listed on the NYSE MKT since December 2009.
Safe Harbor Statements
This press release may contain forward-looking statements.
These forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including risks outlined in
the Company's public filings with the Securities and Exchange
Commission, including the Company's latest annual report on Form
10-K. All information provided in this press release speaks as of
the date hereof. Except as otherwise required by law, the Company
undertakes no obligation to update or revise its forward-looking
statements.
For more information, please contact:
At the Company Email:
ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.