HANGZHOU, China, Feb. 23, 2022 /PRNewswire/ -- Jiuzi Holdings,
Inc. (NASDAQ: JZXN; the "Company"), a new energy vehicles
franchisor and retailer under the brand name "Jiuzi" in
China, today announced that, on
January 6, 2021, the Company, through
its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles
Co., Ltd. ("Zhejiang Jiuzi"), has entered into an one-year
strategic cooperation agreement (the "Agreement") with Jiangsu
Jemmell New Energy Vehicle Industry Co., Ltd. ("Jemmell"), a
leading Chinese electric vehicle maker and battery assembler.
Pursuant to the Agreement, Zhejiang Jiuzi is granted
non-exclusive right to sell the "LINGBOX" series electric vehicles
produced by Jemmell during 2022-2023. Zhejiang Jiuzi plans to
purchase up to 5,000 vehicles from both mass-production models and
customized models from Jemmell. In return, Jemmell will offer
preferential sales policies to Zhejiang Jiuzi customers, who will
also comply with sales restrictions to avoid competition against
Jemmell outlined in the Agreement, including to avoid promotion
activities for LINGBOX cars via the same sales channels or regions
covered by Jemmell. Nonetheless, Zhejiang Jiuzi is allowed to sell
customized models via its own sales channels, which mostly involve
delivery to clients' doorstep through cooperation with relevant
transport service platforms.
The two parties will also work proactively to propose new
initiatives to implement their respective strategic plans, fulfill
business goals, and achieve win-win business results. Zhejiang
Jiuzi and Jemmell will support each other's business development,
protect each other's brand image and seek to expand scope of
collaboration.
Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "We
expect this cooperation with Jemmell to serve as the blueprint for
us to continue to accelerate our sales growth in China. Our collaboration has a great deal of
upside and could potentially bring about RMB60 million sales to our company and create
great values for shareholders. We expect this to be another
important growth driver for our business."
"By leveraging Jemmell's brand recognition among customers and
relationships with the electric vehicle industry, we can more
quickly build the Jiuzi brand to both distribute electric vehicles
and accelerate growth in sales and profitability. We are very
excited about this strategically important step ahead of us and
will remain focused on building upon the sales and customer
momentum we have established in the past."
About Jiangsu Jemmell New Energy Vehicle Industry Co.,
Ltd.
Founded in 2018, Jiangsu Jemmell New Energy Vehicle Industry
Co., Ltd. had a first-phase investment totaling RMB2.7 billion that covers a construction area of
nearly 250,000 square meters, and built an annual production line
of 50,000 new energy vehicles. It has complete set of automobile
mold manufacturing and stamping, welding, painting, assembly units
for major automobile production processes, as well as new energy
battery assembly "PACK" factory. Jemmell also has an independent
product testing line and vehicle and parts laboratory. The company
is engaged in the research and development, production and sales of
new energy vehicles and accessories, new energy vehicle leasing,
and auto parts sales. It has 1,500 employees, including 240
automotive R&D professionals. For more information, please
visit http://www.jemmell.com/.
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017,
franchises and operates retail stores under the brand name "Jiuzi"
to sell New Energy Vehicles ("NEVs") in third-fourth tier cities in
China. The Company mainly sells
battery-operated electric vehicles, and sources NEVs through more
than twenty NEV manufacturers. It has 31 operating franchise stores
and one company-owned store. For more information, visit the
Company's website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs, including the expectation that the Offering
will be successfully completed. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to" or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)
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SOURCE Jiuzi Holdings, Inc.