IT Tech Packaging, Inc. Completes Equipment Bidding Process for Its Biomass Cogeneration Project

Rhea-AI Summary

IT Tech Packaging, Inc. (NYSE American: ITP) has completed the bidding process for a 75 t/h biomass boiler as part of its biomass cogeneration project, awarding the bid to Tai Shan Group Co., Ltd., a leading manufacturer. The company is set to begin installation of the boilers and is preparing to participate in further bidding for urban central heating projects. Founded in 1996, ITP specializes in diversified paper products, leveraging recycled materials and operating close to major markets in North China.

Positive

• Completion of the 75 t/h biomass boiler procurement process.
• Awarding the bid to Tai Shan Group Co., Ltd., a reputable manufacturer.
• Upcoming participation in urban central heating projects.

Negative

• None.

BAODING, China, Feb. 10, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced that it has completed the 75 t/h biomass boiler procurement bidding process for its biomass cogeneration project and Tai Shan Group Co., Ltd., a top manufacturer in the industry, has won the bid. Installation of the boilers will be commenced next as the Company will soon participate in the bidding process for urban central heating projects.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:
At the Company Email:
ir@itpackaging.cn
Tel: +86 0312 8698215

Investor Relations:

Janice Wang
+86-138-1176-8559
+1-908-510-2351
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-completes-equipment-bidding-process-for-its-biomass-cogeneration-project-301225684.html

SOURCE IT Tech Packaging, Inc.

FAQ

What recent announcement did IT Tech Packaging (ITP) make regarding its biomass project?

IT Tech Packaging announced the completion of the procurement bidding process for a 75 t/h biomass boiler, awarding the contract to Tai Shan Group Co., Ltd.

Who won the bidding for IT Tech Packaging's biomass boiler?

The bid for the biomass boiler was won by Tai Shan Group Co., Ltd.

What is the next step for IT Tech Packaging after the boiler procurement?

IT Tech Packaging will begin the installation of the boilers and participate in upcoming bids for urban central heating projects.

When did IT Tech Packaging, Inc. get listed on NYSE American?

IT Tech Packaging was listed on the NYSE American in December 2009.