BAODING, China, March 10, 2020 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company have resumed 70% of its full capacity of production as of March 5, 2020, following the strict measures put in place for the control and prevention of the Covid-19 spread. The Company expects to resume the rest of the production in the next couple days.
To meet the increasing public demand for household tissue paper, the Company immediately made its sufficient inventories available to increase its paper products supply after the outbreak of Covid-19. In addition, the Company donated tissue paper products and epidemic prevention products to support quarantine officers and healthcare personnel battling against Covid-19 in the region where the Company situated.
Mr. Zhenyong Liu, the CEO and Chairman of the Company, commented," As the epidemic is almost controlled over the country, our productions and operations are back on track at full speed. We deeply express our respect and gratitude to the quarantine officers and healthcare personnel fighting against the Covid-19, and believe that the epidemic has limited impact on our business due to efficient and active control and prevention measures taken by Chinese government. Despite a challenging start of the 2020, we still believe that our business such as corrugated medium paper production will be steadily improved as it benefits from the Guidance On Speeding Up The Transformation and Development Of China's Packaging Industry issued by the Ministry of Commerce of the Ministry of Industry and Information Technology (MITT), according to which China will be the largest packaging consumption and manufacture market with a leading growth rate above the global average level."
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.
Safe Harbor Statements
This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.
For more information, please contact:
At the Company Email:
ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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