EZGO Announces Strategic Cooperation with China Railway Construction Property Management

Rhea-AI Summary

EZGO Technologies Ltd. (Nasdaq: EZGO) announced a strategic cooperation with China Railway Construction Property Management Co., Ltd. to enhance intelligent property management services in China. The agreement, effective for five years, aims to improve safety in high-rise buildings following recent fire safety regulations. EZGO will provide smart products, including unmanned patrol vehicles and charging piles, tailored to specific community needs. This partnership underscores EZGO's commitment to innovation and quality in the electric vehicle sector.

Positive

• Strategic partnership with China Railway Construction Property Management to enhance intelligent property management.
• Opportunity to leverage advanced technology and management resources to improve safety in communities.
• Five-year cooperation term that may lead to additional business lines and contracts.

Negative

• None.

CHANGZHOU, China, Sept. 15, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a manufacturer of two- and three-wheeled electric vehicles in China, today announced it entered into a strategic cooperation agreement with China Railway Construction Property Management Co., Ltd. ("CRCPM"), whereby EZGO and CRCPM plan to jointly develop and promote all-round intelligent property management services aiming to increase safety and security measures for residents of densely populated high-rise buildings and neighborhoods.

On June 21, 2021, the Ministry of Emergency Management of China issued the Regulations on Fire Safety Management of High-Rise Civil Buildings (the "Regulations"), effective on August 1, 2021. The Regulations prohibit parking or charging of electric bicycles in public halls, evacuation walkways, stairwells, and safety exits of high-rise civil buildings. The Regulations also encourage the establishment of centralized storage and charging areas for electric bicycles in high-rise residential communities.

Pursuant to the Regulations and the industry's overall efforts to improve general safety, EZGO and CRCPM have entered into this strategic cooperation agreement to leverage the technology advantages of EZGO and the management resources of CRCPM, with a goal of developing a comprehensive offering of intelligent property management service solutions. EZGO will provide products and related services such as unmanned patrol vehicles and smart charging piles , based on the needs of the specific communities under CRCPM management. The term of the cooperation agreement is five years, and the two parties plan to sign landing contracts based on specific cooperation for different business lines.

CRCPM is a mid- to high-end property management company serving clients across China. It has first-level qualifications for national property management and primarily engages in the management of mid- to high-end residential and commercial properties. CRCPM is a wholly owned subsidiary of China Railway Real Estate Group, which is a wholly owned subsidiary of China Railway Construction Corporation, a state-owned enterprise of China .

Management Commentary

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "We are excited to partner with CRCPM, which lays the foundation for our participation in large-scale intelligent property management services. We believe this cooperation with a major state-owned company is a testament to our commitment to quality and innovation and will open up opportunities for additional applications and scenarios of the Company's existing product offerings, providing a powerful boost to our strategy of developing diversified, intelligent services. Together with CRCPM, we anticipate approaching the joint development of these intelligent community property management service offerings with the utmost attention to superior quality and look forward to helping drive progress in safety and security standards in our communities."

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and two E-bicycle brands, "Dilang" and "Cenbird", EZGO has established a business model centered on the manufacturing and sale of two- and three-wheeled electric vehicles, complemented by the E-bicycle charging pile business. For additional information, please visit EZGO's website at www.ezgotech.com.cn. Investors can visit the "Investor Relations" section of EZGO's website at www.ezgotech.com.cn/Investor.

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 short-distance transportation solutions 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:

At the Company: 
Shawn Wen 
Email: ir@ez-go.com.cn
Phone: (+86) 13502829216 

Investor Relations:
Carolyne Sohn
The Equity Group Inc.
Email: csohn@equityny.com
Phone: (415) 568-2255

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SOURCE EZGO Technologies Ltd.

FAQ

What is the significance of EZGO's partnership with CRCPM?

EZGO's partnership with CRCPM aims to enhance safety and security in high-rise buildings through intelligent property management services.

How does the recent fire safety regulation impact EZGO's business?

The new fire safety regulations in China necessitate improved safety measures, creating an opportunity for EZGO to provide effective solutions through its partnership with CRCPM.

What products will EZGO provide under the new agreement?

EZGO will supply unmanned patrol vehicles and smart charging piles as part of its intelligent property management solutions under the agreement with CRCPM.

What is the duration of EZGO's cooperation agreement with CRCPM?

The cooperation agreement between EZGO and CRCPM is set for five years.