YANGZHOU, China, Feb. 21, 2023 /PRNewswire/ -- Meihua International Medical Technologies Co., Ltd. ("MHUA" or the "Company") (NASDAQ: MHUA), a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China, today announced the Company, via its subsidiary company Hainan Guoxie Medical Technology Co. ("Hainan Guoxie"), has entered into cooperation agreement (the "Qionghai Agreement") with Qionghai City of Hainan Province to build technology park project. Hainan Guoxie also entered into cooperation agreement (the "Hope City Agreement") with Hainan Free Trade Port Boao Hope City ("Hope City") to build MHUA a medical research and development center in the Hope City.
Pursuant to the Qionghai Agreement, Hainan Guoxie plans to invest in the construction of a medical industrial park in Hainan Province for the will be focused on the development of minimally invasive interventional medical devices, new materials and surgical robotics technologies. Hainan Guoxie and Qionghai City government reached preliminary agreement to bid for the usage of nearly 574,080 sq ft of land around Hope City for the construction of a Contract Development and Manufacturing Organization (CDMO) medical industrial park. The Company anticipates making a more detailed public announcement of the land use right purchase information in about one month's time.
Pursuant to the Hope City Agreement, the planned MHUA medical R&D center will carry out the research and development of stem cell to human targeted therapies and rehabilitation training projects.
Presently, Hope City is the only special medical parkin China, which was approved by China State Council in 2013 and offers a series of special policies such as "licensed medical treatment, licensed research, licensed operation and licensed international medical technology exchange," and is a key project for the construction of the Hainan Free Trade Port. At present, there are 20 medical institutions involved in more than 10 projects under construction or planned in the pipeline, with 51 medical academicians forming the expert advisory team. In addition, Hope City has established cooperation with 30 of the top international pharmaceutical and medical devices enterprises, serving as one of the main channels for the importation of innovative products into China. The volume of licensed medicines and medical devices imported has exceeded 200 categories, effectively facilitating the advancement of medical technology, devices and medicine development in China to catch up with the international market.
MHUA's project is highly valued by the local government of Hope City, who recently paid a special visit to the Company's headquarters. Mr. Liu Yongjun, chairman of MHUA, commented: "Hainan has many advantageous conditions as China's national free trade port, which will provide many convenience for MHUA's products exporting to foreign markets, new product research and development, and taxation, among other things. It is a great honor for us that Qionghai City and Hope City selected the Company as one of the contracted companies to promote medical industry projects locally. MHUA will strive to improve the level of intelligence, information technology, digitalization and innovation, and accelerate the transformation and upgrade of our business, in order to promote the Company's high-quality development and create sustainable value for our shareholders."
About Meihua International Medical Technologies Co., Ltd.
Meihua International Medical Technologies is a reputable manufacturer and provider of Class I, II and III disposable medical devices with operating subsidiaries in China. The Company manufactures and sells Class I disposable medical devices, such as eye drop bottles, medicine bottles and anal bags, and Class II and III disposable medical devices, such as identification tape, gynecological examination kits, inspection kits, surgical kits, medical brushes, medical dressing, masks, disposable infusion pumps, electronic pumps and puncture kits, which products are sold under its own brands and also sourced and distributed from other manufacturers. The Company has received international "CE" certification and ISO 13485 system certification and has also registered with the FDA (registration number: 3006554788) for more than 20 products. The Company has served hospitals, pharmacies, medical institutions and medical equipment companies for over 30 years, providing more than 800 types of products for domestic sales, as well as 120 products which are exported to more than 30 countries internationally across Europe, North America, South America, Asia, Africa and Oceania. For more information, please visit www.meihuamed.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's ability to achieve its goals and strategies, and its ability to fully execute on the planned agreement, the Company's future business development and plans of future business development, including its ability to successfully develop robotic assisted surgery systems and obtain licensure and certification for such systems, financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions in China, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission ("SEC"). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, including under the section entitled "Risk Factors" in its annual report on Form 20-F, as filed with the SEC on July 29, 2022, as well as its current reports on Form 6-K and other filings, all of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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