LAS VEGAS, Oct. 31, 2019 /PRNewswire/ -- Ionix Technology, Inc. (OTCQB: IINX), ("Ionix Technology", "IINX" or "the Company"), a business aggregator in photoelectric display and smart energy fields, today announced its subsidiary Changchun Fangguan Electronics Technology Co., Ltd. ("Changchun Fangguan") reported unaudited revenue of $ 9.93 million for the first quarter of the fiscal year 2020, an 79% increase from $ 5.55 million last quarter.
"The significant revenue increase of Changchun Fangguan was mainly attributed to the expansion of sales channels and our continuous investment in technology," said Mr. Jialin Liang, director of IINX and general manager of Changchun Fangguan. "In 2019, the domestic ETC road traffic intelligent equipment and the bank U shield display were upgraded, the market demand for display screens continued to grow. Thanks to our technical strength and high quality of products, Changchun Fangguan received more production orders than the industry average."
"Since the reorganization in January, the company has increased its investment in technology innovation. In the first half of 2019, we invested over $ 302,000 in research and development. As of October 11, 2019, Changchun Fangguan received five new patents from the National Intellectual Property Administration in the photoelectric display field this year," Mr. Liang continued.
"The impressive performance of Changchun Fangguan in the first quarter laid a good foundation for our business development in the fiscal year 2020. We are confident that we have the right strategy and the right team to continue to drive growth and build shareholder value," said Mr. Cheng Li, Chairman of Ionix Technology.
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About Ionix Technology, Inc.
Ionix Technology, Inc. is a holding company that is principally engaged in the photoelectric display and smart energy industries. The company has five operating subsidiaries: Changchun Fangguan Electronics Technology Co., Ltd, a company which has been focusing on R&D, manufacturing and marketing LCM and LCD. Changchun Fangguan Photoelectric Display Technology Co., Ltd, a company which specializes in developing, designing, and selling TN and STN LCD, STN, CSTN, and TFT LCD modules as well as other related products; Shenzhen Baileqi Electronic Technology Co., Ltd, a company which specializes in LCD slicing, filling, researching and designing, and selling of LCD Modules (LCM) and PCBs; Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged in the marketing and selling of intelligent electronic devices; and Dalian Shizhe New Energy Technology Co., Ltd., a company engaged in the new energy support service, and operating the photovoltaic power generation, electric vehicles and charging piles with corresponding operation and maintenance and three dimensional parking. Currently, IINX has embarked on the layout of industrialization and marketization of front end materials and back end modules of liquid crystal displays and applications of flexible folding display technology by taking Fangguan Electronics as production bases, to seize the market share of OLED high technology.
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Safe Harbor Statement
This news release contains "forward-looking statements" as that term is defined in the United States Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Ionix Technology assumes no obligation to update the forward-looking statements. Although Ionix Technology believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Ionix Technology's annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.
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