Addentax Group Corp. Launches Strategic Negotiations with Xianglilai for Advanced Lithium Battery Integration in Logistics and Autonomous New Energy Vehicles

Rhea-AI Summary

Addentax Group Corp. is in preliminary discussions with Xianglilai Technology Co., Ltd for a potential collaboration in lithium battery technology. This collaboration aims to enhance Addentax's logistics operations and promote sustainability. Xianglilai's battery sharing services align with the global trend toward sustainability and complement Addentax's commitment to advancing battery technology for autonomous new energy vehicles.

Positive

• Potential collaboration in lithium battery technology to enhance logistics operations and promote sustainability

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• None.

SHENZHEN, China, Sept. 5, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management, and subleasing, has initiated preliminary discussions with Xianglilai Technology Co., Ltd ("Xianglilai"), a Chinese company involved in lithium battery research & development ("R&D"), manufacturing, and operations. These discussions align with Addentax's commitment to its recent venture with Auto City (Shenzhen) Autonomous Driving Co., Ltd. Dated on or around June 6, 2023, focused on artificial intelligence ("AI") cloud-based Level 4 ("L4") Autopilot R&D.

Xianglilai is recognized as an "Internet-of-Things + Internet + New Energy" technology company, with core activities encompassing lithium battery R&D, manufacturing, and operations. The company holds a substantial portfolio of over 100 patents within China and maintains strategic partnerships with industry leaders.

Through this potential collaboration, Addentax aims to enhance its logistics operations with advanced lithium battery technology, promoting sustainability and efficiency. Xianglilai's battery sharing services, available in many major Chinese cities, ensure timely deliveries with fully charged batteries, aligning perfectly with the global trend toward sustainability. Moreover, this potential partnership also complements Addentax's commitment to advancing battery technology for autonomous new energy vehicles.

About Addentax Group Corp. Corp.

Addentax Group Corp. Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. For more information about the Company, please visit the website: https://www.addentax.com/.

Caution Concerning Forward Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. These forward-looking statements are based on information currently available to Addentax and its current plans or expectations and are subject to a number of known and unknown uncertainties, risks and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These and other important factors are described in detail in the "Risk Factors" section of Addentax's Annual Report on Form 10-K for the year ended March 31, 2023. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:
Public Relations Contact:
Addentax Group Corp.
Phone: + (86) 755 86961 405
cyseah@zgyingxi.com

Investor Relations Contact: 
Sherry Zheng
Weitian Group LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com

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SOURCE Addentax Group Corp.