ZHUHAI, China, March 30, 2022 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the "Company"), a provider of multi-industry technology solutions, announced that Powerbridge Smart Monitoring Platform ("Powerbridge SMP") was selected by Zhuhai City Science and Technology Innovation Bureau to be the prime choice of procurement for Border Trade Zones, Trade Ports, Free Trade Zones, International Express Courier Centers, and Bonded Warehouses.
The concepts of "Smart Customs, Smart Connectivity and "Embedded Supervision" were proposed by the Chinese Customs to solve the issues of customs management, disconnected information, inefficient operations, and insufficient business coordination. Powerbridge SMP incorporates the most updated technologies including Beidou Navigation System, AR, IoT and AI, which enables smart monitoring and control, embedded management and automatic clearance of goods at a variety of cross-country borders where highly regulated trading and operations take place. Since deployed at several ports in Guangxi Province, Powerbridge SMP has generated more than 2.4 million US dollars in revenue.
The deployment of Powerbridge SMP has brought significant results for the Company's customers. The recorded duration of vehicle clearance has been reduced by 37% and the volume of imported goods from border areas has increased by 46.7%. Meanwhile, the efficiency of customs inspection has improved by 40% while the labor requirement has reduced by 50%. As such, Powerbridge SMP has gained competitive advantages in the market and generated strong interest in the industry. The Powerbridge SMP is expected to bring additional revenue of more than 15 million US dollars within the next two to three years.
Stewart Lor, President of Powerbridge commented "Powerbridge has always been committed to providing platform applications and digital services covering smart ports, smart customs and digital cross-border trade for government agencies and enterprise customers. We have been offering our customers complete solutions, proposing a more efficient way of intelligent surveillance and operations and seamless inspection as well. At the same time, we have been devoting ourselves to ensuring effective operations of customs clearance of goods throughout the entire process for all the border trade participants."
About Powerbridge Technologies
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a provider of multi-industry technology solutions: software applications and services for the global trade industry, IoT platform services as well as intelligent fixtures and devices for smart city operations, supply chain platforms and social livestreaming services for the retail industry, metaverse and smart solutions for the travel and leisure industry, as well as cryptomining and digital asset operations. For more information, visit www.powerbridge.com/ir/.
Safe Harbor Statement
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; specifically, the Company's statements regarding listing on the NASDAQ Capital Market and the IPO are 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 goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; 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 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, 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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