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Addentax Group Corp. (Nasdaq: ATXG) is a diversified investment holding company based in Shenzhen, China. The company operates in several segments including garment manufacturing, logistics services, and property management and subleasing. Garment Manufacturing involves producing apparel for wholesalers, while Logistics Services offers comprehensive delivery and express services across 79 cities in 7 provinces and 2 municipalities in China. The Property Management and Subleasing segment focuses on providing services to clothing wholesalers and retailers, as well as distributing epidemic prevention supplies.
Recent Achievements: Addentax has made significant strides in its AI initiatives. On June 30, 2023, the company launched a collaborative initiative with Games-as-a-Service ("GaaS") firms for the development of AI Online Operational Tools. This project has generated enthusiasm among venture capital firms in the United States and Europe, highlighting its potential in the online gaming landscape.
Additionally, Addentax is negotiating a partnership with an online gaming enterprise in the United States, which would integrate the company's AI tools into the gaming ecosystem. The prototype of these tools is set to launch in September 2023, promising real-time content updates and profitability enhancements.
Current Projects: The company is expanding its AI capabilities through a collaboration with Xi'an University for AI-based content extraction and creation. This partnership aims to enhance the company's Games-as-a-Service offerings. Another collaboration involves Xianglilai Technology for lithium battery technology to enhance logistics operations with sustainable energy solutions.
Financial Condition and Partnerships: Addentax recently entered into Private Placement Agreements with two investors, raising $646,800. The company has also signed Memorandums of Understanding (MOUs) with several firms including Zhongjiu Yihe for brand supply chain development, Tamir for AI and blockchain tools in tourism services, and Regina Miracle International for activewear production.
These collaborations underscore Addentax's commitment to innovation and diversification across various sectors, including AI, logistics, and garment manufacturing. The company's strategic initiatives position it well for future growth, aiming to deliver enduring value to its shareholders.
For more information, please visit Addentax Group Corp.
Addentax Group Corp. announced entering into Private Placement Agreements with two independent investors, resulting in $646,800 gross proceeds from the sale of 660,000 shares of common stock at $0.98 per share. The agreements include standard terms and conditions.
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