State-of-the-Art Facility to Boost Production
of Premium Vaporizers, Cartridges, Pod Systems, Disposables and
Batteries for Global Vapor Industry
LOS
ANGELES, Feb. 5, 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 the opening of its new
ISO- and GMP-certified 31,000 sq. ft. manufacturing facility in
Malaysia, which is poised to help
expedite market entry for businesses seeking to enhance their
cannabis and nicotine product lines.
Located in Senai, Ispire's facility recently secured
certifications including: ISO9001:2015 Quality Management System;
ISO14001:2015 Environmental Management System; and ISO13485:2016
Quality Management System Medical Device. Adhering to strict
guidelines and standards, the Malaysian facility also encompasses a
robust GMP-certified infrastructure, featuring a Quality Management
System (QMS), Standard Operating Procedures (SOPs), Material
Control and Traceability, Quality Control and Testing, Validation
and Qualification, Cleanrooms, Environmental Monitoring, Compliance
with Regulatory Requirements and Risk Management Protocols. In
addition, the leadership at Ispire has committed to a continuous
improvement strategy through regular audits, assessments and
feedback mechanisms to optimize and enhance the facility.
"The inauguration of our ISO- and GMP-certified vapor device
facility in Malaysia marks a
significant milestone in our Company's journey," said Ispire
Technology Co-Chief Executive Officer Michael Wang. "As the global vapor industry
expands, our customers require a responsible and cost-effective
partner to scale their operations, ensuring the production of safe,
consistent and high-quality products. This facility adheres to
established standards and reflects the dedication of our team in
establishing a manufacturing facility that sets the worldwide
industry standard for vaporized products."
Wang continued, "As we progress towards full production
capacity, our owned-and-operated, ISO- and GMP-certified factory
will enable us to realize profits from product assembly, a process
that we previously outsourced. The absence of tariffs incurred
during the assembly of products in Malaysia – in contrast to the 25% tariff from
shipping finished products from China – is also expected to improve our gross
margin and drive operational efficiencies that contribute to the
overall growth."
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
View original
content:https://www.prnewswire.com/news-releases/ispire-technology-inc-announces-opening-of-new-iso--and-gmp-certified-malaysia-manufacturing-facility-302052712.html
SOURCE Ispire Technology Inc.