Wenzhou, China, November 10, 2021 (GLOBE NEWSWIRE) - Huadi International Group Co., Ltd. ("HUDI" or "Company") (NASDAQ: HUDI), a leading industrial stainless steel seamless pipe development company Manufacturer and manufacturer and tube products in China, today announced that the company signed a strategic cooperation framework agreement ("Agreement") with Zhejiang Lanneng Gas Equipment Co., Ltd. ("Lanneng") on October 28, 2021 to jointly develop and produce Stainless steel pipes for high-pressure hydrogen storage tanks.
According to the agreement, the two parties will make use of their respective resource advantages to develop a plan for manufacturing stainless steel pipes for high-pressure hydrogen storage tanks. Then, HUDI will be responsible for the production of stainless steel lining pipes and deliver qualified lining pipes to Lanneng according to the manufacturing plan. Lanneng will complete the production of high-pressure hydrogen storage tanks wrapped in carbon fiber.
The chairman of the company, Mr. Wang Di, commented: “We are very pleased to cooperate with Blue Energy under the framework of this cooperation agreement. Our cooperation goal is to develop and produce hydrogen storage tanks that can be used in new energy vehicles. In recent years, we have seen When the market has changed significantly from traditional fuel vehicles to electric vehicles and other new energy vehicles. I believe that new energy vehicles will become the next super hot field because they have stronger endurance and supply capabilities than fuel vehicles. We actively focus on China As for fuel tank technology, the future will show our business prospects in the automotive industry. We believe that new energy vehicles are the future trend.
"I believe that our strong R&D capabilities will enable us to rapidly develop new products and further enrich our product portfolio. Our R&D capabilities and operational development strategies constitute the main driving force for the company’s business growth and will continue to be strengthened in the future. In order to realize our long-term development plan in the new energy automobile industry, this is an area worth exploring." Mr. Wang added.
About Zhejiang Lanneng Gas Equipment Co., Ltd.
Zhejiang Lanneng Gas Equipment Co., Ltd. was established in 2009 and is headquartered in Shangyu Economic and Technological Development Zone, Hangzhou City, Zhejiang Province. The main shareholders are Shanghai Shenneng Nengchuang Energy Development Co., Ltd., Henan Keyuan Industrial Investment Fund Partnership, and Shaoxing Shangyu Hangzhou Bay Construction Development Group Co., Ltd. It is a company that integrates R&D, manufacturing, sales, service and system integration.
About Huadi International Group Co., Ltd.
Huadi International Group Co., Ltd. is a leading manufacturer of industrial stainless steel seamless pipe products, with extensive distribution facilities and networks in more than 20 provinces in China. It also occupies an important position in the international steel pipe industry, with a complete range of products, exported to more than 20 countries and regions including the United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, the United Arab Emirates, and Canada. Its products are widely used in oil and gas transportation, chemicals, food processing, medical equipment, aerospace, boilers, water conservancy construction, electric power, automobiles, shipbuilding, papermaking, machinery and other industries. For more company information, please visit: http://www.huadi.cc.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events or performance, as well as basic assumptions and other statements that state historical facts. It is important when the company uses words such as "may", "will", "intend", "should", "believe", "anticipate", "anticipate", "project", "estimate" or similar expressions that have nothing to do with history Yes, it is making forward-looking statements. Specifically, the company's statements regarding the NASDAQ Capital Market transaction and the completion of the initial public offering are forward-looking statements. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that may cause actual results to differ materially from the company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainty and risks, including but not limited to the following: the company's goals and strategies; the company's future business development; financial status and operating performance; demand and acceptance of products and services; reputation and brand; competition And the impact of pricing; technological changes; government regulations; fluctuations in China’s general economic and commercial conditions, and any potential or related assumptions contained in the company’s report to the US Securities and Exchange Commission. For these reasons, including reminding investors not to rely too much on any forward-looking statements in this press release. Other factors are discussed in the company's filing with the US Securities and Exchange Commission, which is available on www.sec.gov. The company assumes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that occur after the date of this agreement.
For more information, please contact:
Investor Relations Company: Janice Wang EverGreen Consulting Inc. Email: IR@changqingconsulting.com Tel: 1 571-464-9470 (United States) 86 13811768559 (China)
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