Award of Multiple ISO Certifications Are Important Steps in
the Company's Global Gross-Margin Expansion Strategy
LOS
ANGELES, Jan. 4, 2024 /PRNewswire/ -- Ispire
Technology Inc. ("Ispire" or the "Company") (NASDAQ: ISPR), a leader in the development
and commercialization of vaping technology and precision dosing,
announced that its subsidiary, Ispire Malaysia Sdn Bhd, received
ISO9001: 2015 Quality Management System, ISO14001: 2015
Environmental Management System, ISO13485: 2016 Quality Management
System Medical Device certifications for its 31,000 sq ft
manufacturing facility in Malaysia. Ispire is a leader in vaping
technology, research and development and design and innovation that
is forging the worldwide industry standard for vaporized products.
The Company offers a complete line of cartridges, pod systems,
disposables and batteries.
"Earning three ISO certifications at our Malaysian manufacturing
facility is a testament to our team's ability to quickly bring the
facility up to some of the highest standards in the industry,
allowing us to expand our gross margins, geopolitically
derisk our production and service other businesses who need
manufacturing for their vape hardware," said Ispire Technology
Co-Chief Executive Officer Michael
Wang. "Currently, our Malaysian manufacturing facility has
already received initial orders and is quickly moving into
production readiness. As the facility ramps up production, our
gross margin is expected to increase due to the lack of a tariff
when assembling products in Malaysia and then shipping them to the U.S.
This is in contrast to the 25% tariff incurred when shipping
finished products from China.
Additionally, by owning the factory, we also expect to be able to
realize a profit on product assembly, which was formerly outsourced
to a third party. We anticipate that these efficiency improvements
will help drive gross-margin growth across the Company's full
array of high-quality vaping products."
ISO (International Organization for Standardization) certifications
play a crucial role in the manufacturing industry by setting
international standards for quality, safety, efficiency and other
aspects of operations. ISO certifications help Ispire's
manufacturing facilities improve their processes, reduce errors and
enhance product quality, leading to higher customer satisfaction.
By adhering to these standards, Ispire Malaysia's manufacturing
facility will be able to streamline its operations, reduce waste
and optimize resource utilization, leading to improved productivity
and cost savings for the Company. Since ISO certifications are also
recognized globally and indicate that Ispire Malaysia's
manufacturing facility meets specific standards and guidelines, the
certifications also have the potential to make it easier for the
Company to access global markets.
Wang concluded, "We want to leverage third-party factories as well
as our own manufacturing to ensure we have an uninterrupted global
supply chain. Having our own factory infrastructure in Malaysia is expected to allow us to maximize
gross margin on key high-volume products. By consistently
delivering high-quality vaping products and services aligned with
ISO standards, we expect that this will also increase customer
satisfaction and loyalty, leading to repeat business and positive
word-of-mouth recommendations."
About Ispire Technology Inc.
Ispire is engaged in the
research and development, design, commercialization, sales,
marketing, and distribution of branded e-cigarettes and cannabis
vaping products. The Company's operating subsidiaries own or
license more than 200 patents received or filed globally. Ispire's
tobacco products are marketed under the Aspire brand name and are
sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global
distribution network. The Company's cannabis products are marketed
under the Ispire brand name primarily on an original design
manufacturer (ODM) basis to other cannabis vapor companies. Ispire
sells its cannabis vaping hardware only in the U.S., and it
recently commenced its marketing activities in Canada
and Europe. For more information,
visit www.ispiretechnology.com or follow Ispire on
Instagram, LinkedIn, Facebook, Twitter and YouTube.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended ("Securities Act") as well as
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995, as amended,
that are intended to be covered by the safe harbor created by those
sections. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "would," "could," "seek," "intend," "plan," "goal,"
"project," "estimate," "anticipate," "strategy," "future," "likely"
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements include, but are not limited to, risks and uncertainties
including those regarding: the Company's ability to collect its
accounts receivable in a timely manner, the Company's business
strategies, the ability of the Company to market to the Ispire
ONE™, Ispire ONE™'s success if meeting its goals, the ability of
its customers to derive the anticipated benefits of the Ispire ONE™
and the success of their products on the markets; the Ispire ONE™
proving to be safe, and the risk and uncertainties described in
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Cautionary Note on
Forward-Looking Statements" and the additional risk described in
Ispire's Annual Report on Form 10-K for the year ended June
30, 2023 and any subsequent filings which Ispire makes with the
U.S. Securities and Exchange Commission. You should not rely upon
forward-looking statements as predictions of future events. The
forward-looking statements made in the press release relate only to
events or information as of the date on which the statements are
made in the press release. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events except as required by law. You should read
this press release with the understanding that our actual future
results may be materially different from what we expect.
IR Contacts:
For more information, kindly contact:
Investor Relations
Sherry Zheng
718.213.7386
ir@ispiretechnology.com
KCSA Strategic Communications
212.896.1233
ispire@kcsa.com
PR Contact:
Ellen Mellody
570.209.2947
EMellody@kcsa.com
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SOURCE Ispire Technology Inc.