SHENZHEN, China, July 6, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics service, property management, and subleasing, has announced a significant strategic collaboration with GW Reader Sdn Bhd ("GW Reader"), a global pan-entertainment platform with a focus on online text publishing, web novel translations, and an online writing platform. This partnership marks a major milestone for both companies as they join forces to enhance their respective offerings and drive innovation within the global content industry.
On June 30, 2023, Addentax has formed a cooperation leading certain Games-as-a-Service ("GaaS") firms to launch a project focusing on the development of Artificial Intelligence ("AI") Online Operational Tools (the "AI project"), GW Reader's AI technology and expertise come into play. GW Reader aim to unlock new opportunities and enhance the capabilities of the AI project through the utilization of its AI algorithms.
While GW Reader's core expertise lies in the online content industry, their AI algorithms have the potential to transform various aspects of Addentax's operations. By utilizing GW Reader's AI algorithms, Addentax can streamline its garment manufacturing processes. These algorithms can optimize production planning, improve quality control, and automate certain aspects of the manufacturing workflow. This will result in increased operational efficiency, reduced production costs, and improved overall output.
GW Reader's AI algorithms can also be leveraged to optimize Addentax's logistics services. These algorithms can enhance demand forecasting, route optimization, and inventory management, leading to faster order processing, improved supply chain efficiency, and reduced transportation costs.
Simultaneously, the integration of GW Reader's AI algorithms can bring efficiency to Addentax's property management and subleasing operations. By automating tasks such as tenant screening, lease agreement management, and maintenance scheduling, the algorithms can streamline operations, improve tenant experiences, and optimize occupancy rates.
"We are excited to collaborate with GW Reader and harness their AI technology to transform our operations," stated Mr. Hong Zhida, Chairman and CEO of Addentax. "By leveraging the power of AI, we anticipate significant advancements in operational efficiency, enabling us to better serve our clients and maintain our leadership position in the industry."
The collaboration between Addentax and GW Reader highlights the shared commitment of both companies to harness the potential of technology and drive growth in their respective industries. With the integration of GW Reader's AI technology, Addentax is positioned to achieve operational optimization, creating enduring value for its stakeholders.
About Addentax Group Corp. (NASDAQ: ATXG)
Addentax is an integrated service provider specializing in garment manufacturing, logistics services, property management, and subleasing. Its apparel manufacturing business includes sales to wholesalers and is based in China. The logistics business, which includes delivery and express services, covers 79 cities in 7 provinces and 2 municipalities in China. The property management and subleasing business provides relevant services to clothing wholesalers and retailers in the apparel market. The epidemic prevention supplies business includes manufacturing and distributing quarantine products, as well as reselling supplies purchased from the third parties in domestic and overseas markets. More information please visit the website: https://www.addentax.com/.
Safe Harbor Statement
All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. 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 consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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Addentax Group Corp. Corp.
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