Tantech Expands Export Sales of Midibus to Nigeria

LISHUI, China, July 13, 2023 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that its subsidiary, Shangchi Automobile Co., Ltd., has signed a new sales contract to export 60 midibuses to Nigeria. This is following previous export sales of midibuses to Nigeria in 2022.

The most recent sale is the largest export order of midibuses to Nigeria since 2023, which includes 50 narrow-body midibuses measuring 5.4 meters long featuring 16 fabric seats, and 10 wide-body midibuses measuring 5.4 meters long featuring 17 fabric seats. Tantech increased export deals reflected the Company's growing reputation in overseas markets. This significant milestone is a testament to the hard work, dedication, and exceptional abilities of the Company. This achievement not only demonstrates the Company's strong market presence but also validates the value and quality of the products. It reinforces the Company's position as an important player in this area and underscores our commitment to delivering exceptional products to our customers.

Mr. Wangfeng Yan, CEO of Tantech, commented, "I would like to extend my heartfelt thanks to our valued customers for their trust and continued partnership. Their unwavering support has been instrumental in our success, and we remain committed to exceeding their expectations and delivering unparalleled value. This sale is not just a momentary triumph; it signifies a sustainable growth trajectory for our company. It motivates us to continue pushing boundaries, exploring new opportunities, and striving for excellence in all that we do. I am proud of what we have achieved together, and I have full confidence that our company will continue to achieve even greater milestones in the future. Let's build on this success, leverage our strengths, and embrace innovation as we embark on an exciting journey toward further growth and prosperity. Together, we will shape a brighter future for our company and create lasting value for all stakeholders."

About Tantech Holdings Ltd

For the last two decades, Tantech has been a leading high-tech enterprise pioneering and specializing in the manufacture, research and development of products based on bamboo charcoals with a well-established domestic and international sales and distribution network. Tantech expanded into the clean vehicle industry in 2017 through acquiring 70% share of Shangchi Automobile. In November 2020, Tantech established two additional subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to produce and market electric vehicles, including automatic high-speed street sweepers and others. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. Tantech has recently expanded its operation into international markets. In May and July 2022, the Company established wholly-owned subsidiaries, EPakia Inc. and EPakia Canada Inc., in the United States and Canada to develop biodegradable packaging business in the North American and other international markets. The Company is fully ISO 90000 and ISO 14000 certified and has received numerous national, provincial and local honors, awards and certifications for its products and scientific research efforts. For more information, please visit: http://ir.tantech.cn.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as expressly required by applicable laws.

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