IT Tech Packaging, Inc. Officially Obtains FDA Approval for Surgical Mask Products

Rhea-AI Summary

IT Tech Packaging, Inc. (NYSE AMERICAN: ITP) has received approval from the local Food and Drug Administration (FDA) in Hebei, China, to produce single-use surgical masks. The company has completed the necessary preparations and testing for its production line, which is expected to operate continuously with an annual capacity of 45 million masks. This new initiative positions the company to meet increasing demand for anti-pandemic equipment as COVID-19 measures normalize, potentially leading to significant financial benefits.

Positive

• FDA approval for surgical mask production enhances business portfolio.
• Annual production capacity of 45 million masks positions the company for strong revenue potential.

Negative

• None.

BAODING, China, May 26, 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 the Company has officially obtained approval for surgical mask products from local Food and Drug Administration (FDA) in China Hebei province. IT Tech Packaging has also shown the result in public for the required period of time and is now eligible to produce (aseptic) single-use surgical and surgical masks.

The Company has completed all preparation and testing works at the mask production line, which is expected to be operated non-stop with an annual estimated production capacity of 45 million pieces of masks, potentially creating promising financial returns.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "As anti-Covid-19 becomes normalized efforts, the Company is actively trying to fulfill its enterprise responsibility to launch surgical mask production. We will work closely and supply to our partners along the supply chain and help our government prepare and store anti-pandemic equipment in order to contribute our part to prevent any potential spread of the Covid-19 pandemic."

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 MKT since December 2009. For more information, please visit: http://www.itpackaging.cn/ .

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
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com

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SOURCE IT Tech Packaging, Inc.

FAQ

What is the recent FDA approval granted to IT Tech Packaging (ITP)?

IT Tech Packaging has obtained FDA approval for the production of single-use surgical masks in Hebei, China.

What is the expected production capacity for IT Tech Packaging's surgical masks?

The company expects to produce 45 million surgical masks annually.

How does the FDA approval impact IT Tech Packaging's market potential?

The approval allows IT Tech Packaging to tap into the growing demand for surgical masks, enhancing its market presence and revenue potential.

When was the FDA approval for surgical masks announced by IT Tech Packaging?

The FDA approval was announced on May 26, 2021.