SHISHI, China, April 21, 2020 /PRNewswire/ -- KBS Fashion Group
Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading
fully-integrated casual menswear company in China, announced today that its wholly-owned
subsidiary Anhui Kai Xin Apparel Company Limited ("Kai Xin") is partnering with three face mask
manufacturers in China to
distribute non-medical disposable face masks amid the rapidly
evolving COVID-19 pandemic. Anhui Yikang Medical Technology Co.,
Ltd., Taihu Fubeikang Sanitary Material Co., Ltd., and Taihu Mingya
Labor Insurance Technology Co., Ltd. are mainly engaged in the
production of non-medical disposable face masks with a total daily
production capacity of approximately 3 million pieces. According to
the partnership arrangement, these three companies will use
Kai Xin's excess production
facilities to manufacture face masks, while Kai Xin will take advantage of its expansive
distribution channels to promote sales of products.
We started generating additional revenue from
renting out facilities for mask manufacturing at the beginning of
March.
Mr. Keyan Yan, Chief Executive Officer of the Company
commented: "The apparel industry is facing enormous challenges due
to the global COVID-19 outbreak. Business has been shut down in
China for months to contain the
virus, resulting in our company's sales to decline. As operations
resume gradually in China, we have
been working on creative solutions to use our production capacity
and existing resources to grow potential businesses. Starting in
March, we established a partnership with Anhui local face mask companies to initiate
face mask exporting by using our vendors and overseas sales
channels. We believe that leasing our production facilities to our
partners to make face masks will help us generate additional
revenues. Meanwhile, the management team is making progress to
enhance product offerings and improve our sales strategy to drive
long-term growth opportunities for our
shareholders".
About KBS Fashion Group Limited
Headquartered in Shishi, China,
KBS Fashion Group Limited, through its subsidiaries, is engaged in
the business of designing, manufacturing, selling and distributing
its own casual menswear brand, KBS, through a network of
30 KBS branded stores (as of Dec
31, 2019) and over a number of multi-brand stores. To
learn more about the Company, please visit its corporate website
at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of KBS Fashion Group Limited,
and its subsidiary companies. All statements, other than statements
of historical fact included herein, are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
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SOURCE KBS Fashion Group Limited