Newly Formed Joint Venture Among Companies Aims to Pioneer
Next-Gen E-Cigarette Age-Verification Technology While Prioritizing
Safety, User Experiences and Value-Add Features and Control
LOS
ANGELES, Feb.
22 2024 /PRNewswire/ -- Ispire Technology
Inc. ("Ispire" or the "Company") (NASDAQ: ISPR), an innovator in vaping
technology and precision dosing, announced the Company has
partnered with – Touchpoint World Wide Inc. D/B/A Berify
("Berify"), a cutting-edge platform specializing in linking
physical products to the digital world, digital engagement, and
brand protection, and Chemular International Inc. ("Chemular"), a
multi-disciplinary regulatory consulting firm – to form of a
joint venture (the "Joint Venture"). Distinguished as the first of
its kind, the Joint Venture will look to expedite innovation in the
e-cigarette technology space, including the development of secure,
user-friendly solutions for age verification and age-gating
nicotine vapor devices.
Leveraging Berify's multi-patented technology, Chemular's
regulatory consulting and PMTA knowhow and Ispire's hardware
expertise, the joint venture will look to introduce an
industry-standard age-verification solution for vapor devices as
well as the submission of PMTA applications that incorporate
cutting-edge technologies across the U.S. e-cigarette market such
as:
- Next-generation e-cigarette hardware with a user-friendly
point-of-use age-verification and geo fencing capability that
eliminates use of hardware in certain designated areas such as
schools and sensitive areas;
- E-cigarettes with end-to-end a range of dynamic features such
as authentication, direct to consumer engagements and exclusive
offerings all built on the foundations of blockchain
technology;
- A real-time biometric identity platform for user access
controls, creating added security and reliability that deters
counterfeiting.
"By combining our collective expertise in hardware, blockchain
and regulatory consulting, we aim to set a new standard for age
verification, security and overall quality in the e-cigarette
space," said Ispire Technology Co-Chief Executive Officer
Michael Wang. "Our hope is that this
JV will be a large step forward in innovative device control,
safety, counterfeit prevention and enhanced user experiences that
increase overall market and consumer satisfaction."
"The U.S. market is ripe for technological disruption that
addresses age-verification, safety and counterfeit issues," said
Berify Founder and Chief Executive Officer Dan Kang. "Our mission is also to create smart
products that generate a new level of consumer satisfaction. We
plan to achieve this by leveraging our blockchain authentication,
tokenized rewards and creating true decentralization while
keeping companies in-control of their products and data."
Kevin Burd, the Chief Executive
Officer of Chemular, added, "our commitment is not only to create
next-gen vapor devices, but also to elevate market education. This
venture includes additional partnerships that will bring together
biometric identity and access control, ensure the solution is
embedded into vapor devices during manufacturing and provide
safety, security and privacy for consumers. It is also a testament
to our dedication to positively shaping the future of vape hardware
innovation."
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 visit www.ispiretechnology.com or follow
Ispire on Instagram, LinkedIn, Facebook, Twitter
and YouTube.
About Berify
Berify is a cutting-edge platform specializing in linking
physical products to the digital world, digital engagement, and
brand protection. With a suite of patented technologies, Berify
offers a blend of security, interoperability and engagement in the
consumer-brand relationship. Berify brands can protect their
reputation, own their data, gain valuable consumer insights,
incentivize desired behaviors and differentiate themselves in the
competitive market.
About Chemular
Founded in 2015 by experts in nicotine and U.S. FDA
compliance, Chemular provides analytical, behavioral,
toxicological, clinical, and overall project management. Its
expertise spans all aspects of the PMTA and MRTP process. Chemular
has successfully submitted PMTAs on over 200 products. It has a
highly focused regulatory consulting group dedicated to the tobacco
space and brings a world class team of tobacco-specific
toxicologists, chemists, clinical trial experts in addition to
project managers and other various subject matter experts to assist
companies with their FDA and other regulatory needs.
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: whether the Joint Venture may be
successful in achieving its goals as currently contemplated, with
different terms, or at all, the Joint Venture's ability to innovate
in the e-cigarette technology space or develop age gating or
age verification technologies for nicotine vaping devices, 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.
For more information, kindly contact:
IR Contacts:
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.