Bon Natural Life Limited Provides Update on Its Expansion Project
Bon Natural Life Limited (Nasdaq: BON) announced a delay in the initial production target for its new Yumen Plant from Q4 2022 to May 2023. The construction, which began in July 2021, faced challenges due to strict COVID-19 protocols, logistic disruptions, and labor shortages. Despite completing the building structure in May 2022, interior outfitting and equipment installation were hindered. CEO Richard Hu expressed confidence in the plant's potential to enhance production of fragrance compounds and bioactive food ingredients amid ongoing pandemic-related uncertainties.
- Completion of building structure in May 2022 indicates progress on the Yumen Plant.
- Potential for increased production of fragrance compounds and bioactive food ingredients once operational.
- Delay of production target from Q4 2022 to May 2023 due to external factors.
- Challenges from COVID-19 protocols and logistic disruptions affecting project timeline.
XI'AN, China, Sept. 30, 2022 /PRNewswire/ -- Bon Natural Life Limited (Nasdaq: BON) ("BON" or the "Company"), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced that there will be a delay to the initial production target of Q4 2022 for its third production site – Yumen Plant to May 2023.
BON has completed the building structure of the facility in May 2022 as scheduled and expected to commence around September this year. However, against the backdrop of the strict COVID-19 control protocol and prevention policies in China, the lingering logistic disruption, material and labor shortage, and domestic travel restriction have caused delay in Yumen Plant's interior outfitting, site inspection, and equipment installation.
"Since we broke ground in July 2021, we at BON have worked tirelessly to advance our production expansion project." Commented Richard Hu, CEO and Chairman of BON, "We expect that Yumen Factory will commence around May 2023 to deliver near term production of fragrance compounds and bioactive food ingredients. In addition to above external factors beyond our control, possible tighter COVID-19 control protocol in winter time and the lunar New Year holiday in January are factored in the estimate of obtaining the required regulatory approval of our third production plant. We are currently working closely with local authorities to accelerate the construction progress, and we believe that Yumen Plant will mark a significant milestone in our growth in due course during this challenging environment."
About Bon Natural Life Limited
The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers. For additional information, please visit the Company's website at www.bnlus.com.
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. 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; the growth of the natural, health and personal care market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve 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.
For more information, please contact:
Maggie Zhang | Impact IR | Sophie Zhang | Impact IR |
Phone: (646) 893-8916 | Phone: (917) 830-5219 |
Email: maggie.zhang@irimpact.com | Email: sophie.zhang@irimpact.com |
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SOURCE Bon Natural Life Limited
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